In the western United States, lies state of Wyoming. It is covered with hilly terrain and mountain ranges. A person considering running any business in Wyoming has to consider several factors including the legal implications of the business “as well as the economics”.
Legal aspects of acquiring, holding, and disposing of real property.
River rafting is an extreme sport whish is too challenging and extremely dangerous. A person trying to start of a business should consider it lucky if he /she will not be sued in court within the first few months of the business.
In the state of Wyoming, there exist real estate disclosure laws. When transacting property, the interest of the buyer and that of the seller must be both protected by the law. It is a civil case not to tell the buyer of any land issue involving the property the buyer wants to lease or buy. When considering title deeds the buyer should seek to know whether there area any unpaid mortgages from which the title deed was used as collateral.
Business use of insurance for various risks in river rafting
In a small business, many risks are involved in running of the business. Some of these costs can be predicted and dealt with, so insurance may not be appropriate. Like taxes, changes in customers doing river rafting, cost of the rafts, salaries if at all the firm would require services of other employees as well as over head costs.
The risks the firm cannot predict are the economic trends in the river rafting business, unexpected upsurge of competitors doing the same business as well as attitude and changes of consumer trends towards river rafting. Since the risks in this business would be real I would advice the firm not to consider insurance policies as a burden but instead take the following polices; Worker's Compensation Insurance; this is essential since the business will just starting and would comfortably handle the premiums for the few workers starting off the business. Since the mobile home-office will not be convenient, it would be advisable to take up business property insurance after and office block has been erected. The most simple but areas that need address of an insurance policy would be, cover against risk of accidents, fire, death by drowning, and other injuries that might be inflicted to the rafters by the ragging waters.
Environmental issues and regulations related to the site.
In Wyoming rafters must comply with rives conservation and aquatic life protection. “If there are some extreme rapid in the river course”, the firm will not be allowed to blast them since most environmentalist in the state of Wyoming and United States in general are against this. This is because most riparian ecosystems will be altered and might take years to regain their shape.
Advantages of running river rating in Jackson Hole.
Several river rafting companies have existed since 1967. If this firm decides to start rafting business here, there will be the advantages of publicity. The area is known for rafting activity, and customers might even land on the firm without knowing it. Also, due to availability of a flock of customers in other firms advertisement in terms of posters will work well for the firm.
The best incentive to attract customers to the business will be to offer relatively low rates for the rafters of low income, this way they will be able to access the services. Considering that Wyoming is a dry area and of low economic prowess, it will be easy to attract locals with low rates other than trying to compete with the already established firms like Dave Hansen.