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