Advertising
Advertising

How To Take Risks (Without Betting Your Business)

How To Take Risks (Without Betting Your Business)

I’ll be the first to say that the uncertainty in business is messy.

Real messy.

Especially when you want the risks you do take to pay off — big! Most of the time, if we’re honest with ourselves . . . we don’t want to take any risks.

We just want to create things and have people buy our stuff. But it doesn’t work like that, does it?

Running your own business you’re most likely playing to win.

Advertising

Although we may not come out on top all of the time, we can limit our risks significantly.

Planning to grow your business includes stepping out on a whim and following your gut. Your next brilliant idea can have you betting on a losing hand, if you don’t do these 3 things to minimize your risk and increase your gains. It could be what stands between you and your extra thousand dollar payoff.

1. Create Mini Projects, Not New Businesses

Can you say shiny object syndrome? (Definition – The immediate need to create an entirely new business model after being inspired by a dream you had last night.)

Before you begin drafting a flow chart, changing website copy and creating a whole new advertising campaign, play with the idea. Some projects need to be left in the idea phase, and some need to be tinkered with before you can move forward with a solid plan of action.

The awesome thing about working for yourself is being able to toy with new ideas and play with how to implement them into your current business.

Advertising

Where we get carried away is when we abandon one thing to chase another.

Calling your new idea, a project you’re “beta-testing,”is an easier pill to swallow than a business fail.

2. Start With A Low-Cost Trial Run

Are people excited about your new idea?

The sure fire way to find out is to put it to the test! Before you build a brand new marketing budget, set up a landing page with the benefits of your “beta-test” service.

  • Share it with existing clients on your mailing lists.
  • Reach out to new prospects on social media.
  • Throw it out there to a Facebook group in which your target audience hangs out.
  • And have a call to action to either collect emails or purchase.

Getting emails or better yet, dollars, confirms there’s a need. Wherein you can create a full-blown service.

Advertising

Investing too soon without the thumbs up from your ideal client, is shooting your business in the foot and will leave you broke (in time and money).

With today’s technology, it’s fairly easy to try out new ideas quickly.

3. Hit-up Your Competitors

Reach out to those dominating the spaces you have an idea for.

This is to see what works, not to share your idea, of course. Find out if has been done before what the current struggles are. Just because someone else is doing it, doesn’t mean you shouldn’t.

It confirms they’ve found success and left a blueprint for you to acquire the same.

Advertising

I have been guilty of trying to be too different and falling flat on my face. My industry space does things a certain way for a reason; because it works! Take my hard lesson and arm yourself with the data that turns ideas to $$ profit.

Never stop tinkering with fresh new ideas and beta-test them. This keeps you ahead of the game and innovative in your industry space.

If someone had to told me not to start a hot new business venture because it was “easy to do.” I would have avoided the painstaking months spent pounding my head against a brick wall trying to launch a SAAS ( Software as a Service).

Not to mention megaphone announcing to my family and friends “I’m building a software company!” with no tangible results to show 6 months later.

Nothing is ever a loss though, we learn from our mistakes and failures, but if you can avoid them straight to the bank –do that.

What’s your next calculated risk?

More by this author

Illustration Shows Why The Eight-Hour Workday Is An Outdated Concept women leader How To Unlock “Her” Confidence: 7 Secrets That All Successful Women Leaders Know business risks How To Take Risks (Without Betting Your Business) bold women Bold And Bossy? 5 Reasons Why I’m Not An Apologetic Woman social circle 5 Ways To Upgrade YourSocial Circle on Your Journey to Success

Trending in Entrepreneur

1 How to Start a Small Business From the Ground Up That Thrives 2 How to Become an Entrepreneur (Advice from a Serial Entrepreneur) 3 How to Succeed in Business: 10 Skills Every Entrepreneur Needs 4 25 Important Investment Books Every Entrepreneur Needs to Read 5 How to Start a Startup Fast: 5 Essential Steps

Read Next

Advertising
Advertising
Advertising

Last Updated on September 23, 2020

Do What You Love and Love What You Do to Achieve More

Do What You Love and Love What You Do to Achieve More

Are you waking up each day looking for that perfect thing, activity, or job that will make your life work? Or, maybe you are looking for that perfect relationship. Once you “get” this new thing that will allow you to do what you love, you are sure that you will be happy forever.

In reality, life doesn’t work like that, and we would probably get bored if it did. There is likely no one thing, experience, or activity that will keep you feeling passionate and engaged all the time. What’s important is staying connected to what you love and continuing to grow in the process.

Here, we’ll talk about how to get started doing what you love and achieving more in life through the motivation it brings. Doing this doesn’t have to take a long time; it just takes determination and energy.

Most People Already Know Their Passion

So many people walk around in life “looking for” their passion. They look for it as if true passion is some mysterious thing that is difficult to find and runs away once you find it. However, the problem is rarely lack of passion.

Most of us already know what we love to do. We know what excites us, even if we haven’t done it for years. Instead, we focus on what we think we “must” do.

For example, maybe you love building model cars or painting pet portraits. Yet, each day you work a completely unrelated job and make no time for the activity you already know you love. The truth is you probably don’t need to find your passion; you just need to start doing what you already know you’re passionate about[1].

Advertising

No Activity Is Exciting All the Time

Even people who are living their dream lifestyle or working their dream job don’t love it all the time. Every job or lifestyle has parts of it that we won’t like.

Let’s say your dream is to become an actress, and you succeed. You may not enjoy the process of auditioning and facing rejection. You may experience moments of boredom when you practice your lines over and over again. But the overall experience is totally worth it.

Most of life is like that. Don’t set yourself up for disappointment by demanding that life be perfect all the time. If things were perfect and easy, you would ultimately stop learning and growing, and life would begin to lack even more meaning in that case.

Be grateful for both the good and bad moments as they are both entirely necessary if you genuinely want to do what you love and love what you do.

Doing What You Love May Not Be Easy

Living a life you love is unlikely to be easy. If it was, you would not grow very much as a person. And, if you think about a great book or movie, the growth of the main character is what matters most.

What if the challenges you meet along your path to living a life you love were designed to make you grow as a person? You may actually start looking forward to challenges instead of dreading them. An easy life hardly ever makes a compelling story.

Advertising

If you struggle to overcome challenges, try writing them down each time you encounter one. Then, write down three ways you could tackle it. Try one, and if it doesn’t work, try another. This way, you’ll learn what does and doesn’t work for you.

How to Do What You Love

There are many small steps you can take to ensure you are making time to do the things you love. Start with these, and you’ll likely find that you’re already on the right track.

1. Choose Your Priorities Wisely

Many people claim they want to do something, yet they don’t do it. The truth is they might not really want to do it in the first place[2].

We all end up following through on what matters most to us. We make decisions moment by moment about what we need to focus on. What we choose to do is what we deem most important in our lives.

If there is something you claim you want to do but you don’t do it, try asking yourself how much you really want it or where it’s currently placed on priority list. Are there other things you want more?

Be honest with yourself: what you currently do each day is a reflection of your priorities. Recognize that you can change your priorities at any time.

Advertising

Make a list of your priorities. Really take the time to think this through. Then, ask yourself if what you are doing each day reflects them. For example, if you believe your top priority is spending more time with your family, but you consistently take on extra hours at work, you’re not really prioritizing things in the way you think you are.

If this is happening, it’s time to make a change.

2. Do One Small Thing Each Day

As stated above, doing what you love doesn’t have to mean finding that perfect job that makes you want to jump out of bed in the morning. If you want to do what you love, start with one small thing each day.

Maybe you love reading a good book. Take ten minutes before bed to read.

Maybe you love swimming. Get a membership at the local YMCA, and go there for thirty minutes after work each day.

Dedicating even a short amount of time to something that brings you joy each day will improve your life overall. You may find that, over time, a career path related to what you love to do pops up. After doing the thing you love each day, you’ll be more than prepared to take it on when the opportunity arises.

Advertising

If you need help making time for your passions, check out this article to get started.

3. Prepare to Make Sacrifices

If you are an exceptionally busy person (aren’t we all?), you may have to make sacrifices in order to make space for the things you are passionate about. Maybe you take on less extra hours at the office or take thirty minutes away from another hobby in order to develop another that you enjoy.

Looking at your priority list will help you decide what can get put on the back burner and what can’t. Remember, do this thinking about what will help you feel good about how you’re spending your time. 

For example, if you love writing but rarely make time for it, consider getting up 30 minutes earlier than normal. Or instead of browsing your phone for 30 minutes before bed, you can write instead. There is always a way to find time for what you love.

Final Thoughts

If you love what you do, each day becomes a joyful adventure. If you don’t love what you are doing, life feels like a chore. The best way to achieve success is to design a life you love and live it every day.

Remember, doing something you love doesn’t have to include big gestures or time-consuming projects. Start small and grow from there.

More on How to Do What You Love

Featured photo credit: William Recinos via unsplash.com

Reference

Read Next