When the time come to have my own business, there was a lot of ground to cover. While our main focus is on getting the place up and running, and operating it, there are other extremely important considerations to take into account.
For one, something called risk exposure can uproot and topple even the most otherwise sound business. Every business faces those little unexpected timebombs called risks.
A traveling carnival, for instance, has to take down equipment with lots of moving parts, load it on trucks that travel, and the unload the parts. Then, when they are open for business, customers are all over riding on the rides, or near potentially hazard things. Sure, trucks could get into accidents. Vandals could destroy property overnight while the carnival is in town. Even a fire could break out from some old electrical wiring.
The problem is doubled if it involves customers. The issues include that people need to be remunerated and business must resume as soon as possible. It is not always possible.
The idea is to determine best practices to approach and manage risk exposure. That’s the overarching idea behind solid risk management. Consider this overview as just the first stepping stone.