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Farmers Market for a Diverse Community: Risk Factors
Introduction
There are several technology-related risks related to opening a farmers market. First, it is important to consider the security of the farmers market as a physical location. As a place where many products will be available for purchase, it is necessary to ensure proper protection against potential dangers. In the case of the open market, stalls and booths must be sufficient to secure the food from the elements. In a similar vein, theft, robberies, and potential customer misbehavior are all risks that must be taken into account ( Retail risk management: The top 6 threats, 2020). All of the aforementioned issues can significantly diminish the budget and the supply of products. Given the limited amount of money and products available for this effort, minimizing losses should come as a priority. Additional spending on hiring security is therefore expected.
Managerial
In regards to management, the regulation of supply and demand, as well as transportation considerations can present risks to the venture. To ensure that all of the products available to the residents are high-quality and fresh, management must decide on appropriate amounts of products, as well as deliver them on schedule. Management also comes into prominence when communicating with suppliers. This risk must be mitigated in the initial stages of the project, as proper management ensures the smooth operation of the entire farmers market.
Commercial
Commercially, price setting and competition are important risk factors to consider. Companies working in the same market can diminish profit returns and impede the goal of the project. Similarly, a high price for fresh produce can prevent the target audiences from buying healthy foods, which is another risk. Commercial considerations and calculations regarding food prices must be made pre-emptively, shaping the available supply and attracting the intended audience.
External Risk Factors
Externally, government regulations and the presence of local legislation may become an issue. The project must abide by proper food regulation laws, and provide the necessary certification and qualification. All suppliers and cooperators must also be chosen following NYC regulations on handling, preparing, growing, and packaging food (Department of Agriculture and Markets, n.d.). Optimally, locally-grown sustainable options are preferred.
References
Department of Agriculture and Markets. (n.d.). Food safety. Agriculture and Markets.
Retail risk management: The top 6 threats. (2020). Buy Small Business Insurance Online | Insureon.
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