Every business has some element of risk that can be a potential threat to its success. Risk management is the practise of assessing these potential threats and making sure you do everything in your power to maintain the upper hand. Before starting any business venture, always know exactly what you are getting into and be realistic. More importantly, know what you will have to do to maximize your chances of success. If not, you are destined to fail from Day 1. Take your time and do your due diligence to assess all the pros and cons. If the benefits far outweigh any possible downsides you know you have a winner.
A sound business model, compensation plan, products, services, and timing are all important in minimizing risk. Starting a home based business that doesn’t require product development and inventory is ideal. Work with a reputable company with a strong track record for success and large client base. Also, having all of your shipping, billing, accounting, technical support, and customer service taken care of will give you full freedom to focus on marketing alone. Products/Services based on needs rather than wants that will not require people to change their buying habits will offer the greatest potential for success and residual income. Work smart and stick to what works. Brand YOU Inc. and establish yourself as a knowledgeable leader and people will seek you out, rather than you having to chase them. Be passionate about what you are marketing and/or the team you are building, or don’t even bother. Most of all be honest, realistic, and enjoy yourself so it won’t even feel like work. This rule applies to any type of business whether it be running a restaurant, department store, Real Estate, network marketing business etc…
Many small business owners don’t leverage the Internet as much as they should and prefer sticking to traditional offline marketing strategies such as flyers, business cards, newspaper ads, home meetings, cold calling, etc…These methods work very well but end up costing quite a bit. Having a solid web marketing strategy to complement offline marketing is essential to be relevant in the 21st century. Being able to prospect to a limitless number of targeted leads at a fraction of the cost will drastically reduce your chances of failure and thereby the associated risk involved in your business. Risk is everywhere. However, if the risk is a calculated one, that is fine and normal. Learn to deal with this fact of life and work around it. Treat your business as a real one and do the necessary paperwork to register and legalize it. This will allow you take full advantage of the many tax incentives that business owners benefit from every year. The things you will learn about business and most importantly, about yourself, more than justify you pursuing your dream of being a business owner. You have nothing to lose and everything to gain. All together now!