Taking risks, safely…is that even possible?
Technically no, since the definition of ‘risk’ is ‘exposing oneself to harm or danger’. However, in this instance I am using the word rather loosely and in regards to business. Perhaps the more appropriate term would be ‘taking chances’ – but that doesn’t quite cover it in my opinion.
I mean, taking a chance feels (to me at least) that I’m taking my chances on whether or not I will get my preferred outcome. I’m simply throwing caution to the wind! Whereas taking a risk feels more deliberate. I know the outcome could be good or bad, but I am choosing to make that gamble regardless. Whichever term you want to use, it still puts you in a situation where there’s much uncertainty and that can be scary. One thing is to know the difference between smaller risks and bigger ones…and when/how to take either on.
A recent big risk for me was last January, when I decided to officially launch my online business. I didn’t have any experience selling online and had to invest a good amount of money for hardware, software, a website, services, subscriptions etc., just to get started. I wanted my business to be as professional as possible. The year ended off at a loss for me, but that’s ok…I expected (and planned for) it. Honestly, there’s not much I would change either, since I learned an awful lot from my experiences.
As I head into my second year, the risks have been somewhat smaller, since I now have a bit more experience. But that doesn’t mean the initial risk has completely paid off or that there won’t be another ‘big’ risk to take going forward. I honestly have no idea.
I believe being prepared is a good thing. The biggest risk takers in life often put a lot of thought into their decision. They know the gamble they’re taking and yet at the same time, they are prepared for either outcome. Not everyone who takes risks has the luxury of being in that position but everyone does have the option of minimizing the risks as much as possible.
For example, when I started my online business I had an idea of what I wanted to do – just no idea how it would work out (or even if it would work at all). The thing I did have was a plan. You see, my situation is that I need to work from home. I won’t get into the personal reasons right now as to why, but working a 9 to 5 just isn’t possible for me…at least for the moment. I would have done that in a heart beat. No, I had to do something where I could have flexibility with my hours and since my freelance work lessened considerably during the pandemic, I decided an online business that I could do from home was the only possible option.
Before starting my business I spent months doing whatever I could to prepare myself. I researched, worked on my craft, learned as much as I could about the field I was going into and yes, put some money away to start the venture. It wasn’t much, but it was enough for me to get the initial things I needed to start. I knew there was a possibility that it wasn’t going to work out but I always acted as if it would. That mindset allowed me to think bigger and not be afraid to take some additional risks along the way.
All this led me to realize it isn’t about big goals for me, but the actions I take daily. Everyday I wake up and take care of the things I need to. Getting the kids off to school, cleaning the house, making calls etc. then I give myself a specific amount of time to do work on my online business. And to break that down, I spend a certain amount of time on my art, then shift gears and work on the business side of things. In no way am I saying I have it all down to a perfect science. What I’m saying is I have a routine…and I try like hell to stick with it.
I have a routine…and I try like hell to stick with it.
It also helps that I try to make smart decisions in other aspects of my life. Maybe for you that means living more simply and saving money whenever possible. In my first year of business I gave up a lot of things like getting my nails done, going to the salon and slowing down on the take out. These were little sacrifices I had to make but honestly, if there was one good thing that came from Covid, it’s that it taught me I could be content with less of all that. It allowed me to save money so when business is slow income wise, I have a backup. A backup plan is important and makes risk taking a little less…risky.
Here’s what I recommend for taking risks as safely as possible.
- Prepare yourself as much as possible.
- Save money when you can – you may need it for a rainy day.
- Get a routine, plan it out ahead if you need to…and stick to it!
- Remind yourself that no risk often means no reward.
- It’s ok to make mistakes and have failures…you can learn from them!
- Have a backup plan (ie; another possible venture idea, etc.)
- Act like things will work out. This mindset will allow you to stay open and positive.
Lastly, and probably most importantly, don’t rush success. — They say you should give any new business at least a year or two before you decide if it’s worth continuing. If you see success, that’s great! If not, it doesn’t mean you should close shop – just that you may need to change strategies.
So here I go on year two and I am still not sure how things will progress but I am damn sure I’m not going to give up without first putting every thing I have into it. After all, success isn’t just about the end game, it’s also the journey you take to get there.
Have a similar story you want to share? Feel free to jump in the comments.
Until then…
