RISK MANAGEMENT!

  RISK! RISK!!  RISK!!!

Have you thought of something to hold on to? Have you made that decision that seem to have been too difficult to make or impossible to take in the long run?
Now is the time move on, to move forward, to go beyond the normal distance you have been covering, its time to have a paradigm shift.

Do you want to start a business? Personal or MLM? Do you want to Do anything at all that will you stand out from the crowd? Now think out side the box and keep your head straight.

Let's assume you want go into restaurant business, what are the neccesary factors you should put in place and what are the risks you need to manage so as to ensure proper and smooth running of the business. Cash/capital , location, marget target, quality/quantity of food to cook, packaging, services, approach, responses, etc.

Capital could come from friends and family , loan agency, committee, club and or meeting mates. Whichever way the money comes, what are your effective ways of making use of the money made available to you? Have you listed the materials you need for the business such as pots, gas/stove cooker, utensils, etc. Now you need to start managing your risk from here, thereby ensuring the size of pot that could serve for cooking for the day, the size of your customers that it will serve and the volume of food it will yield at the end the cooking. Consider how many of this pots that you need to buy and the various purposes that they would be serving. Now what is the condition for the payback of the money? Is it monthly, annually or quarterly? How are you going to raise it as at when due? So you don't put yourself at the risk of embarrassment.

Location; who are the class of people you want to be eating your food? What are the things you should do to attract that class of people? Are they bankers, civil servants, market men/women, mechanic and spare parts sellers, students (secondary, tertiary) teachers/lecturers? Its your decision and choice to know who and where in other to manage the risk that could come in the future. Where will you be cooking and selling from? Do intend to cook at home and push your food in a truck or barrow? Do you intend to sell under the umbrella or are you going to put up a Batcher or are you going to rent a shop? These are risks to put under consideration before kicking off so you know if you are going to break even or not and as well accommodate other contingencies that may arise.

What quality of food do you intend to cook? Haven known your market target and the location to reach out to them, the quality of food to Cook comes to play a role. Whatever you give to the people the very first time in the cause of your business determines how you will continue because they say that first impression matters. Start little and see how things goes as the time goes on, what I mean is start cooking little by little and be taking statistics of the demand and the sales per day so that you would not go into wastage of food and resources ,

How is your packing like? Is there need for take away, what is your take away pack like? Does oit look attractive and presentable? If the food is eaten at insitu, how do serve your customers? What kind of plate do you use to serve them, how clean are they and other materials like cup, the table and chair plus the entire environment? Taking care of these earlier on would put you at less risk.

How do you approach your customers? Be polite and gentle and play the fool part because customers they say is always right. However friendliness matters in a in a every continuous and serious minded business. Always appreciate your customers whenever they patronise you because it takes a lot  of sweat to make money and to spend it.

Always manage your risk reasonably not to run into trouble. Risk is inevitable and must be expected at all times. Manage it wisely.