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5 Ways to Start Your Own Business with Less Risk

make lemonade out of the risk lemons of starting a business | BIGG SuccessSo you want to start a business?

But you’re not really a risk taker. What can you do?

You might be surprised to know you’re not alone. The most successful entrepreneurs are excellent risk managers.

So today we’ll talk about 5 ways to start your own business with less risk.

Hear George & Mary-Lynn share the 5 ways to start your own business on The BIGG Success Show Podcast. Click a player to listen.


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Start your business part-time

Rather than quitting your job and starting a business, why not start part-time?

Even if it’s not your ideal business, start building a customer base while you still have your regular income.

Your business won’t be burdened with your full salary. You’ll be able to reinvest more so you may be able to grow faster upfront.

Before you know it, you’ll be able to quit your job and devote your full effort to your business.

Get a part-time job

Instead of relying only on your new business to pay all your bills, get a part-time job.

It adds stability to your stream of income. Maybe you can work for your existing employer part-time. Maybe you can get another part-time job to supplement the income from your business.

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Mary-Lynn FosterWe still do this. I host a daily talk show on a locally-owned radio station. It makes for a busy schedule, but I love radio!

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George KruegerIn addition to BIGG Success, I also teach entrepreneurship at our local university. I still thoroughly enjoy the interaction with my students.

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These part-time gigs relieve some of the pressure of owning a small business.

Tag team your startup

If you’re married, can you live on just your spouse’s salary? Or will your spouse’s income cover most of your bills so you can reinvest more profit in your business to make it grow faster.

After you get your business stabilized, maybe your spouse will get the entrepreneurial itch. Your income can help them get started in the same way they helped you.

Find a working partner

You don’t have to quit your job at all to own your own business. Partner up with someone who has the skills and the time for a startup business.

You invest capital. You may also work part-time in the business. As the business prospers, you may eventually leave your job and work in the business. Or you may repeat the process and build a portfolio of small businesses.

Sell your sizzle for a stake

You don’t have to be the entrepreneur to have a stake in a small business. Find an entrepreneur who needs your skills. Negotiate for a percentage of the business in addition to a salary.

There you go – 5 ways to start your own business with less risk.

But remember, you’ll never get to BIGG success if you don’t get started!

If you aren’t sure how to start your own business, shoot us an e-mail at bigginfo@biggsuccess.com or leave a voice message at 888.455.BIGG (2444). Maybe we can help.

Thanks so much for reading our post today. We sure would love to see you here again tomorrow!

Until then, here’s to your BIGG success!

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00718-071411.mp3

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The Two Sides of a Successful Small Business

yin-yangWe often encourage business owners to mentally step outside their business. You may find it helpful to look at your business through the lens of another industry.

For example, what if you thought of your business like the real estate business? Real estate has traditionally been one of the greatest creators of wealth.

Of course, there are many ways to make your money in real estate. We’ll use real estate development as our model because it’s the best analogy for start-up entrepreneurs and existing small business owners.

Listen to the audio version of this post. Click the player to hear Geore & Mary-Lynn on the BIGG Success Show podcast

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Development and management

The two sides of the business are development and property management.

The development side is about locating the property, preparing it for construction and actually building it.

The management side is about leasing the property and maintaining it.

Both sides are essential

It doesn’t do you any good to develop a site if you can’t find any tenants. Of course, without the building, you don’t have anything to show the tenants so it’s a moot point.

Wealth and income, today and tomorrow

Development creates wealth in the future.

Management creates income today.

The problem we see with so many small business owners is that they’re stuck on today. Management consumes all their time. They don’t do anything to create wealth tomorrow.

It’s hard to do. We’ve walked a thousand miles in those shows.

We’ve learned that you have to work presently in the future. You have to spend a certain amount of time as a developer. Otherwise, your business will stagnate.

Develop the habit of spending some time today on tomorrow:

  • Start small – maybe 15 minutes a day just thinking.
  • At some point, you’ll find a project – a new market to pursue, a new product or service to create, a new business to start or buy. You may need to find a little more time each day to develop it. That’s okay – you’ll know you’re setting yourself up for more income tomorrow.
  • Of course, don’t forget to keep your current customers happy. You’ll count on this income to help you keep building your business.

It’s the yin and yang of entrepreneuring. Doing two things at once leads to BIGG success!

Would you like some help developing the next phase of your business? E-mail us at bigginfo@biggsuccess.com or leave a voice message at 888.455.2444.

Direct link to The Bigg Success Show audio file:
http://traffic.libsyn.com/biggsuccess/00688-041211.mp3

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The Single Dumbest Thing a Start-Up Entrepreneur Can Say

competitionThere’s one thing start-up entrepreneurs should never think. If you find yourself thinking it, think again. And, whatever you do, don’t ever say it to a potential funder.

Yet a lot of new entrepreneurs do think this. Worse yet, they say it out loud.

“Who’s your competition,” the prospective investor inevitably asks.
The entrepreneur exclaims, “That’s the best part – we don’t have any. This idea is so original; no one else in the whole world is doing it!”

Credibility destroyed. At best, it means they don’t understand their business. At worst, it means they haven’t done their homework.

In either case, they won’t get the money they need. So here are three things to understand about competition for your start-up:

Your customer could do something else
You may have the only newfangled whiz-bang store in town. But your future customers have been getting by with a substitute for quite a while now.

It may not be ideal, but they will have to make a change to buy your product. Most people resist change. How will you entice them to do so?

Your number one competitor may be your customer
If your new business is a service, can the customer do it themselves? If so, your customers may be your top competitors. This is true of both the consumer market and the business market.

They can probably do it themselves for less than you can do it for them, at least in the short run. What makes your service so special that they should pay you more? Or can you prove that you are less expensive in the long run?

No competition is probably a bad thing
This is another miscalculation in thinking. In almost all cases – if no one is doing what you’re thinking about doing – it probably means you shouldn’t do it either.

It may mean that the market isn’t large enough or receptive enough. If it’s the latter and you really have no competition, how much money will it take to educate the market?

If you had a competitor, you could share the cost. But you don’t. So you will have to do it all alone. It’s an incredibly expensive task for a fledgling start-up.

If you’re in the midst of planning your start-up, study your business so you can talk intelligently about your competition. It will get you one step closer to the funding you need.

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Carol Roth on The Entrepreneur Equation – Part 1

Carol RothWe were so happy today to visit with Carol Roth on our show. Among many other things, Carol’s an investment banker, business strategist and deal maker who has helped clients from solopreneurs to multinational companies raise more than $1billion of capital.

You may have seen her on Fox News, MSNBC or Fox Business. She has her own TV show in development and she’s the author of the fantastic new book, The Entrepreneur Equation, which is why we want you to meet her.

Listen to the podcast to hear:

  • Carol’s secret to doing it all
  • what her “spinach in your teeth” philosophy is
  • why the failure rate for small business isn’t acceptable
  • the key to approaching a new business for greater success
  • Carol’s “FIRED UP system” to help you assess the timing of your startup
  • why you probably don’t need to worry about someone stealing your idea

Carol has some incredible special offers if you pre-order her book by February 18, 2011. We highly recommend it to you!

To listen to Parts 2 and 3 of our interview with Carol Roth, click here.

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00671-021511.mp3

No Limits

bigg-success-profiles.jpgWe’re introducing a new feature today called Bigg Success Profiles. We want to feature members of our community talking about what life on your own terms means to them. Today on The Bigg Success Show, we talked with Pavel Sokolovsky. Pavel is one of the founders of an exciting new business, Meet Me at Green. Let’s get to the conversation …

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marylynn
Welcome to The Bigg Success Show, Pavel.

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pavelThanks Mary-Lynn. Thanks George. I’m a long-time listener and first-time caller!

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marylynnWe love talking about life on your own terms and we love hearing the stories of members of our community. So let’s kick it off, Pavel. What does life on your own terms mean to you?

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pavelTo me, life on my own terms has a lot to do with ambition. I believe I’m a pretty ambitious young man and I wouldn’t want anybody to put a limit on what I can and cannot do professionally or socially, for that matter. One of the reasons I went toward small business, and not corporations as many of my classmates did, is because I didn’t want to be pigeon-holed by my level at the corporation. Whether you’re a first-year associate, analyst, or whatever it might be, it tends to come with a lot of strings attached and affects whether or not your ideas are taken seriously. Now I’m sure there are people who break this mold – there are all-stars – but this tends to be the case. So that’s why I went into a small business. I wanted to be able to use my potential to its fullest. I want to explore my limits and be the best business person I can be. Starting my own business allows me to do that because I don’t have a boss saying, “No – you can’t do this project.” I only have the market telling me what it will and will not accept, which is great.

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georgeThat’s awesome, Pavel. Your classmates were going off to Fortune 500 companies and large consulting firms. Did they ever question you or ridicule you for going off on your own?

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pavelLuckily, they’ve all been very supportive of me. They all know that I’m very entrepreneurial. So they tend to accept that. They have their day jobs – from 8 to 6 or 9 to 5, whatever it may be – and I work what I’ll call my extended hours!

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george
I like the way you said that!

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pavelBut we’re after slightly different things. It’s understood that there’s going to be more than one way to get what we need out of life.

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marylynnEverybody for their own terms, right? Pavel, what would you say is your biggest challenge to living life on your own terms right now?

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pavelWhen you’re starting a business, it’s not the same as a regular corporate job because your cash flow is a little more unpredictable. Many times, you’ll find yourself pinching pennies because you didn’t get paid this week. But you keep your head up because you know if you achieve your goals, the money will naturally follow. While your cash flow is tight, you just have to accept it, not spend it, save up, invest in your business and hope for the best!

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marylynnSo Pavel, what are you doing right now to overcome this challenge?

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pavelI try to save up a little in a slush fund to treat myself every now and then and to keep my sanity. I like to go out with my friends. I also have a hobby purchasing books on Amazon. I just can’t stop!

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georgeNice plug! Ca-ching! Now Pavel, what are you doing that’s really fun – either at work or in your personal time?

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pavelMy day job is fun. Meet Me at Green has been fun – programming the web site, organizing the people involved and trying to recruit more members. As this community grows, so does my site and its usefulness to all the members. I’m sure you expected an answer like, “I love to go skiing in Aspen on the weekend” but, in reality, when I work on Meet Me at Green, I am having fun. That’s the best part of it.

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georgeFortunately, or unfortunately, we can totally relate to what you’re saying. It occurs to me, Pavel, you are really into green – whether it be money or the environment!

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pavelThe money is definitely not my number one goal, but it’s a good way to validate what you’re doing.

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marylynnWe wish you the best of luck with your business, Meet Me at Green. Can anybody join?

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pavelWe’re focusing on businesses that are involved in green products and services. But if you have a passion for green, if energy efficiency or environmental awareness is important to you, then please sign up! Membership is currently free.

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Thanks Pavel for sharing what life on your own terms means to you.

How are YOU living life on your own terms?

Please share your story with us by leaving a comment below, calling us at 888.455.BIGG or sending us an e-mail at bigginfo@biggsuccess.com. We may feature you on an upcoming Bigg Success Profiles show.

We thank you so much for reading our post today!

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Please join us next time when we'll talk about the most important thing to find before you start a business. Until then, here’s to your bigg success!

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Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00383-042909.mp3