As a business owner there’s a thousand different hats to wear, and seeing clients is…
You’ll see all kinds of stories from people in business talking about how they took some huge business leap with no safety net and WOW! Look at them now! They’re a millionaire! Look at the proof with this picture of them and their laptop staring out over the ocean from their beach-front balcony. Yeah, that all sounds and looks great on Instagram, but real life probably looks a lot different.
Hey guys, Savanna Bell here with My Massage World where I give business advice and strategies for the real world. The whole rags to riches stories are fantastic, and yes, there are many real ones out there. But the more this whole entrepreneur trend gains traction, the more of these you see, and while some may be accurate, the majority of them aren’t really telling the whole story. And many are quite irresponsible in their encouragement to take massive risks, fully expecting massive rewards. They’ll push to invest your last $100 into their program because it’s the secret to success. They’ll encourage massive changes and tell you to uproot your business and life and bank account because “without risk, there’s no reward.” And while yes, a margin of that statement holds true, there is a big difference between just taking a risk with a flying hope, and weighing reality into the equation so that you’re taking smart risks.
You know what you don’t see all over Instagram and Facebook? All the people talking about how they invested their last bit of money, took some big risk, and are sleeping in their mom’s basement because they went broke doing all that. You don’t see all the failures. You get a highlight reel showing you how “if only you invested MORE” or “if only you believed MORE”…more, more more.
There are those who are naturally risk takers; those who don’t really think through the consequences, trust their gut almost exclusively, and are willing to put it all on the line because they just believe something is going to work out.
Then there are those who are naturally risk avoiders. The ones who think so much about the potential consequences of a choice that they refuse to act and greatly limit their own potential because they won’t take any risk that could push them forward.
You probably fall into one of these categories naturally, but it’s important to find a middle ground between them. You see, starting and running a successful business does take risk. You’re putting yourself out there, you’re investing money, you’re spending a ton of time to put it all together, and all of that is risky. There are potential consequences and losses if it fails. And even once your business is up and running well, there are all kinds of other risks that can be taken.
Should you move to that bigger office?
Should you bring on more therapists?
Should you expand into other services?
Should you go back to school to add another licensed profession into your offerings?
Should you take that class?
Should you buy that program?
Should you invest in this or that?
Every decision and risk you take in business is an investment. But beyond just the monetary return on an investment, like calculating the money you would make from a new service, consider the risks and potential consequences. Can you really afford that bigger office, and does it put you in a better position in front of your ideal clients? Or is this just a nice new space? Or just an ego boost because you like the image it presents?
If you’re a risk taker, be sure that you’re stopping to weigh the consequences with the rewards and looking at the reality of a situation. High risk can have high rewards, but it can also have massive losses.
If you’re a risk avoider, weigh those consequences and rewards, and then choose an action. Don’t avoid taking any risk because you’re too scared. You’ll never grow and move forward.
Find the middle ground between these two and take the smart risks that are going to make your business a success.