TOPIC:

CommuniStay

Description: CommuniStay is a social sharing economy business that connects travelers with local hosts for unique and authentic experiences. Our platform allows travelers to discover and book a variety of activities and tours offered by locals, such as food tours, city walks, and cultural experiences. Local hosts are vetted and verified, ensuring a safe and reliable experience for our users.

CommuniStay is different from its competitors because we focus on creating genuine connections between travelers and locals. Our platform emphasizes the importance of cultural exchange, promoting mutual respect, understanding, and appreciation. We provide opportunities for locals to share their culture and knowledge with travelers, while also supporting the local economy.

Competitors:

Airbnb Experiences: Although Airbnb offers experiences with local hosts, their platform is primarily focused on accommodation. CommuniStay on the other hand, focuses solely on experiences and activities with locals, providing a more specialized and unique service.

Viator: Viator offers a similar service, but they are more geared towards larger, commercial tours and activities. CommuniStay focuses on authentic and personalized experiences with local hosts, catering to a niche market.

ToursByLocals: ToursByLocals offers private tours with local guides, but their service is more expensive and exclusive. CommuniStay offers a more affordable and accessible option for travelers seeking to connect with locals and experience local culture.

QUESTIONS:

Create a Risk Management plan by identifying 5 major risks that need to be managed daily with this new business. For each risk answer the following questions:

1.) Why is this a risk?

2.) What type of risk is it?

3) What is the likelihood of the risk happening?

4 )What strategy does the company use to manage the risk?