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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 877.988.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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Transform Your Life Like an Entrepreneur

change risk reward chart | BIGG SuccessBIGG success is life on your own terms. It’s about entrepreneuring your life.

You may or may not be an entrepreneur in the traditional sense or not. However, you own your life.

The entire subject of entrepreneurship can be boiled down to six key terms:

Change

Most people hate change. Entrepreneurs thrive on it.

It’s because they understand that change creates opportunity.

Entrepreneurs look for change from technological, political or other forces. In some cases – if they can’t find change – they create it.

Opportunity

Ideas are cheap. Opportunities are golden.

An opportunity has passed through a filter. First, it must be a good idea for you. Second, there must be a market for the idea.

You may have spotted a bona-fide opportunity. But it doesn’t fit you. So it’s best to pass.

Or you have an idea that fits your passions, proficiencies and preferences. However, the market either doesn’t exist, can’t be reached or is already being targeted by too many competitors.

Risk

Entrepreneurs are risk lovers, according to popular lore. It’s a lie.

Successful entrepreneurs are excellent risk managers. They share it with others. They shift it away.

Entrepreneurs are also often able to see a situation through a different lens. They know the actual risk is much lower than the perceived risk.

When considering an opportunity, entrepreneurs focus on the downside until it reaches an acceptable level. Only after they’ve outsourced as much risk as possible do they consider the rewards.

Rewards

Some people think entrepreneurs are only in it for the money. In reality, interviews with entrepreneurs have shown this to be incorrect.

The most successful entrepreneurs are generally driven by non-monetary factors. The money is a nice bonus.

Resources

Entrepreneurs are incredibly resourceful. However, they are not resource full.

They make the most of the resources they have at their disposal. They find ways to stretch every dollar and get the most out of every day.

Value

Entrepreneurs know they must solve a problem for other people. These people must have both the desire and the wherewithal to buy the entrepreneur’s product or service.

But that’s not enough – the price they pay must exceed the entrepreneurs cost. That’s how value is created.

Entrepreneurs get the spoils. They have to add value in the lives of others to create value for themselves.

The entrepreneurial process

So if you want to transform your life, look for change. Then analyze the situation to determine if there is an opportunity.

If there is, think about where the risk lies. Do everything you can to minimize it to an acceptable level.

Next, compare the rewards to the remaining risk. If the relative rewards are sufficient enough, pull together the resources at your disposal.

Use these resources to create value from your opportunity. It leads to BIGG success!

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Find Your Passion with the Can’t Fail Option

The No Fail Option | BIGG SuccessHere’s a question to ask yourself: If you absolutely, positively knew you would not fail, what would you do?

Would you do what you’re doing now? If so, you can quit reading. But check in next time – we’ll have something just for you, assuming you want to take it to the next level.

Now back to those of you who would do something different. What’s holding you back?

In most cases, it’s fear. Pure and simple. And rightly so. As our friend Jim Bouchard says, “The absence of fear is stupidity!”

How do you overcome it? Here are two suggestions:

Do your due diligence

Passion is great. However, if it’s not combined with evidence, you may find yourself passionately unhappy. Prove out your idea. Remember, where there’s growth, there’s opportunity. Whether you’re thinking of starting a business or changing careers, is the industry growing?

A great resource for this is the Occupational Outlook Handbook from the U.S. Department of Labor’s Bureau of Labor Services. It’s available online and it’s free.

Mitigate the risk

BIGG success is about entrepreneuring your life. Contrary to popular lore, entrepreneurs are NOT risk lovers. However, successful entrepreneurs are excellent risk managers.

They mitigate risk by managing it, sharing it and by seeing it differently.

  • Risk management

Can you manage the risk by saving extra now and storing it away?

  • Risk sharing

    If you’re thinking of launching a business, could you share the risk with a partner?

  • Risk perception

    Is there something you know that most people don’t? Because of your unique knowledge and experiences, you may be able to look at a situation differently than most people.

As you keep finding ways to mitigate the risk, you’ll reach a point where what you’re contemplating doesn’t seem so risky. You realize you can’t fail. You’re ready for BIGG success!

If you’re contemplating a career change and still have questions, maybe we can help. Check out our coaching programs.

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Entrepreneurs are Like Magicians Only It is No Trick

magic trickEntrepreneurs take BIGG risks – overcoming all odds – to reach BIGG success.

WRONG!!!!!

Entrepreneurs are NOT risk lovers. It’s a myth perpetrated in our society. It makes for a great story.

BIGG success is life on your own terms. A lot of people never get out of the gate toward their dream life because of this myth about entrepreneuring. They’re afraid to take the risk.

Well, here’s the news flash – so are the entrepreneurs who reach BIGG success!

Entrepreneurs weigh the relationship between risk and reward. We’re taught that greater risks lead to greater rewards.

Entrepreneurs know this isn’t always the case. So they focus on the downside. If they can find a way to mitigate most or all of the risk on a given project, then and only then do they consider the returns.

Entrepreneurs are like magicians. They make risk disappear right before your eyes. Only it’s not a trick – the risk really does disappear.

They may shift it away or share it. They may have an insight which helps them realize the risk isn’t as large as most people perceive it to be.

If you’re thinking of starting a small business or launching a new project in your existing small business, focus on minimizing the risk. It leads to BIGG success.

If you get stuck, maybe we can help. Contact us to learn more about our coaching packages.

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Successful Entrepreneurs are Voyeurs

voyeurWe talked recently about how unsuccessful people respond to mistakes. One thing successful entrepreneurs have in common in that they have made mistakes. A second thing they have in common is that they learned from them. A third is that they used this new knowledge to propel themselves forward.

However, there is a secret to reaching BIGG success faster. Successful entrepreneurs know it. Now you can too. Are you ready? The secret to reaching success faster is:

Make mistakes as a voyeur.

Watch others. Learn from their mistakes. Learn from their successes. Propel yourself forward.

Voyeuristic mistake making helps you reach BIGG success even faster. Are you watching?

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