My Dream Business and some Legal Issues may arise, and prepare a legal risk management plan - Essay Example

The rising fuel prices will greatly contribute to the future scope of this business. The business is planned to be located in Toronto, the largest city in Canada. For this business, I have planned to focus on private vehicle owners who are struggling to afford the mounting fuel prices. At the initial stages, a group of efficient marketing executives will be appointed to contact private vehicle owners and to take orders from advertisers. Once the business is established and popularized, it can be further operated online.

It is a low investment project, because it can be operated with fewer building facilities and equipments. Relatively, it would be easier to collect orders from vehicle owners than marketers/advertisers because vehicle owners do not have to take any financial risk. As advertisement is a necessity for every business, I do not try to target a particular market. However, I have planned to approach local marketers during the initial phases of my business. In addition, I have decided to focus a little more on low and middle income vehicle owners since high income groups are less likely to be willing to display ads on their luxury vehicles.

It is expected that some legal issues will raise certain challenges to the proposed business project at its initial stages of development. . The Legal Risk Management Plan Arguably, the increase in vehicle running kilometers can turn out to be the most serious legal risk for the business because this issue can worsen the level of greenhouse gas emissions caused by fuel burning in combustion engines. Since greenhouse gases cause a range of environmental issues like global warming and climate change, the Canadian government is less likely to encourage this new business venture.

In addition, overpopulation of vehicles also leads to other problems such as air pollution, sound pollution, increased road traffic, and increase in fuel consumption levels (Schwela, Zali, & Schwela, 1997). The above identified risks can be eliminated successfully if the organization frames an effective risk management plan. Referring to the legal risk management framework suggested by Dilanchian Lawyers & Consultants (2009), the planned business venture can eliminate legal risk elements effectively if it makes use of manuals, policies and procedures, ethics policies, and specific processes.

Instead of paying a fixed percent of fuel expenses, the organization can give the same amount in cash to vehicle owners. If this option is chosen, vehicle owners may spend this amount for some purposes other than fuel purchase. Another risk reduction policy is not to allow more than one member from a family to register with this facility. Reports say that many of the Canadian families or even individuals have more than one car (Natural Resources Canada, 2005). Therefore, the suggested policy can reduce emission and pollution issues to a great extent.

Even though both the options are likely to lessen