7-_-Identify-Risks-with-Responses-to-those-Risks_example (1)

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	Open a Gourmet Fudge Shop in Salt Lake City – Identify Risks with Responses to those Risks			Project Start:	2/1/19	Project End: 	2/1/20
	Risk (If this, then that)	Mitigation	Contingency	Low, Medium or High Impact	Low, Medium or High Possibility of Occurring	Overall Priority of the Risk (see Descriptive Risk Matrix below)
	1. If having a brick-and-mortar store may be too much of an up-front expense and risk, then I may need to scale back and simply sell my fudge wholesale to local bakeries and supermarkets to start. (Risk)	Make sure I carefully research the costs of a brick-and-mortar store before going forward and make sure I'm getting the best deal possible.	Come up with backup plan to make and sell fudge out of my home or by renting an industrial kitchen	High	Moderate	Moderate
	2. If I have too many demands from my regular job and life to really put in the time to have the fudge shop open a year from now, then I may need to come up with a longer-term plan (like open it two years from now). (Risk)	Make a schedule to plan out time during the week to work on the fudge shop.	Come up with backup timeline that extends for 18 months, and two years – adjust timeline and make sure nothing is contingent on achieving it by certain deadlines.	High	High	High
	3. If the graphic designer, interior designer or website designer that I find have a very heavy workload or have vacation, or the designs take longer than I think they will to execute, then I may need to allow more time for those things to be designed. (Risk)	Build in some time to start looking for these designers starting in March 2019, and devote an hour or so to this task every week.	Come up with backup plan to allow more time for designers to execute their work – perhaps designing a backup plan that will start earlier with each of these design phases	Moderate	High	High
	4. If the cost of a website and mailing materials is too high, then I may need to forego the online store for now. (Risk)	Make sure I carefully research the cost of a website and mailing materials and make sure I'm getting the best deal possible.	I will either put off the online store off until the brick-and-mortar store is making enough money, or open the online store and not the brick-and-mortar store, or selling fudge wholesale to local businesses, or a combination of all.	Moderate	Low	Low
	5. If I am running out of time, then I might hire a PR company to run the local advertising print and radio campaign, or online campaign. (Risk)	Make sure I'm clearing out enough of my schedule to do the marketing campaign. If some time opens up earlier in the year, start on the marketing plan earlier.	Come up with backup plan and name of PR company, and set aside money in budget to allow for this if needed.	Moderate	Moderate	Moderate
	6. If I can't find any/enough employees for my fudge shop in time, then I might need to work all/many of the shifts until I find someone. (Risk)	Make sure I'm clearing out enough of my schedule to find employees during the month it's allocated. If some time opens up in the month or two before that, start looking for employees earlier.	Clear out my schedule with the expectation that that might happen.	Moderate	Low 	Low
	7 . If I can find really good wholesale fudge ingredient prices, then I may be able to save money in my initial costs budget (Opportunity)	Carefullly research fudge ingredient prices and wholesale opportunities to save money.	Prepare to put that money saved into your budget somehow – once you find out if that is even possible.	Low 	Moderate	Low
			Risk Likelihood
			Low	Moderate	High
	Risk Impact	High	Moderate	Moderate	High
		Moderate	Low	Moderate	High
		Low	Low	Low	Moderate