Entrepreneur: Addressing Risks for Brick-and-Mortar Businesses
New brick-and-mortar business owners are advised to address risks associated with the physical premises, beyond common concerns like theft. These include potential hazards, maintenance responsibilities, and accessibility issues.
Opening a physical store involves numerous risks that entrepreneurs should consider before welcoming customers. While theft and poor customer reviews are common worries, it is crucial to identify the less apparent risks tied to the physical space itself.
Many new business owners focus on visible threats like shoplifting or a slow first month. However, risks related to the premises, such as slip-and-fall hazards, unclear maintenance responsibilities between landlords and tenants, accessibility issues, fire and security risks, insurance gaps, and weak incident-response procedures, are often overlooked.
Addressing these risks typically involves implementing simple, repeatable systems. Regular walkthroughs of the premises, clearly assigned responsibilities in lease agreements, safety checks, and testing of fire and security equipment are essential steps. Establishing a straightforward incident report template can also be beneficial.
Proactive risk management can save entrepreneurs from significant financial losses and reputational damage. Entrepreneur magazine emphasizes that most risks can be managed through systematic and forward-thinking preparation, ensuring a smoother launch and long-term success for the business.