Flea Market Project

To close out our section on basic risk management and to see some of the principles in context, let’s assume we are considering starting an out-door flea market.  I chose this topic because there are a reasonable number of inherent risks and many of the principles we have looked at can apply; but most of all because it is a business that we can accept as doable.  Indeed, I could say we were starting an auto manufacturing business or grocery store chain, but I think most of us cannot even imagine where to start much less the risks involved. The following links are some basics for starting a flea market.  These will at least give you a basic idea of what it would take.

• How to Start a Flea Market Business
• How to Open a Flea Market

Assume you have access to a 25,000 square foot lot on a reasonably busy street.  A parking space takes about 200 square feet so you could park about 40-50 cars and still have 15,000 square feet for booths.  

You will man your own booth but understand that you will also be the “land-lord” for the entire flea market.

The requirements for the project are as follows:

1.  A one-page summary description of your vision for the flea market, including but not limited to
   1. The type of items that will be offered.
   1. How many days per week it will operate. (It is limited to June, July, and August)
   1. Will there be food offerings?
   1. What will you charge to rent booth space, and what will you provide.
      1. Electricity?
      1. Tables?
      1. Shelters?
   1. Will you advertise?
2. A list of inherent risks that you can identify.
3. A “heat chart” to indicate probability and severity of these risks. (You have seen several of these in your readings and have seen how they are made in videos)
4. A chart indicating how you would treat each risk based on the four main treatments: accept, eliminate, mitigate, transfer and a description of why you chose this method and how you will carry it out.
5. Support your conclusions with evidence of your decision-making, using tools introduced in this course, eg, decision trees/charts or mathematical formulas.