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.
We 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!
In addition to BIGG Success, I also teach entrepreneurship at our local university. I still thoroughly enjoy the interaction with my students.
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 firstname.lastname@example.org 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!
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