The Bronx is one of the New York City’s five boroughs, which are some of the most densely populated counties in the US. It is home to the Yankee stadium, the Bronx Zoo, the New York Botanical Garden and other famous places and attractions.
At present, the property rates here in the Bronx are less than the rates applicable in other NYC boroughs, which is a huge advantage for a businessman to set up his business in the Bronx. There are various companies which are booming here and offering several jobs to the residents of the Bronx.
The number of organizations in the Bronx also rose by 265 from 1990 to 2011, with the biggest development in the South Bronx. Most organizations in the region are small, but are now expanding their businesses. Most organizations are in the retail sector and real estate sectors.
There are few things which a new businessman should know for the survival of his business and to be prepared for any worst case scenario:
· Don’t just rely on FEMA
Businessmen don’t understand the working of FEMA. They think that FEMA will come and give them a check in case of an emergency or crisis, which is a myth. Mostly help comes as a low-interest loan that entrepreneurs must apply for by demonstrating their misfortunes.
This can be troublesome in the Bronx because people don’t keep records of their business. So make sure that you keep at least three years of tax returns as well as receipts for your hardware and stock.
· Backup your important documents
Don’t just stop with the tax returns and receipts, but also keep a record of other documents and licenses which you used consistently in running your business. Keep the copies online, as well as offsite in fireproof or waterproof boxes.
· Know your insurance policy
If an emergency occurs, your business will face losses, but if you have the right insurance, your losses can be minimized. Review your insurance policy now and ensure you know precisely what it covers. This is particularly valid in the Bronx, where numerous immigrant entrepreneurs may not see how protection strategies function in the U.S.
· Prepare your employees well
In a crisis, your employees are your best asset to help ensure that your entryways recover rapidly. So don’t overlook your staff’s personal needs. The better prepared your workforce is to face a large-scale disaster on their home front, they will be more prepared to pitch in at your company in the time of need.
· Partner with other organizations
Indeed, even if you have good employees to support you, you can still feel alone while going through a disaster. That is the reason you need to join a business organization in your community which will help you to overcome the disaster.
Use these tips to prepare yourself for any disaster while setting your business in the Bronx.