Do you engage in risky business? If you want to maximize your profits, you should. Taking risks is a critical component of entrepreneurship. In fact, you took a risk when you opened your own business in the first place. The problem, however, is that many small-business owners take initial risks during the startup phase, achieve a bit of success, then rest in a “comfort zone” for the remainder of their careers.
This is wrong because there is more you can do, further to reach, more potential to gain.
Think about the reasons you went into business in the first place. Many small-business owners go into business with big dreams. Entrepreneurs want to make a lot of money, yes, but that money serves as a facilitator to the real prizes: independence, freedom, time with family and friends, time for hobbies and travel, and so on.
The problem is that when we achieve a modicum of success, it’s easy to settle in for fear we’ll blow it. You’ve heard the statistics: Most small businesses fail. Of those that do succeed, it can take years to be profitable. Once you’re profitable, you rest easy – or, at least, try to. The last thing you want to do is rock the boat and jeopardize everything you’ve worked so hard to build.
So, you own your own business, and it’s successful, but you’re still doing all the work, and you’re probably working more hours than you did at your old job. You might get paid better, but chances are you’re still not realizing the wealth that will afford you your dream lifestyle. In addition, you have all the stress that comes with entrepreneurship.
At this point, you should ask yourself if you’d be better off with a full-time job. The answer is a resounding yes, if you’re not willing to start taking risks again.
You need to shed the paradigm that you’ll jeopardize your business by trying to grow. Take a calculated approach – a strategic risk – and look for opportunities to improve your marketing, take on more work, hire help, delegate tasks, make more money and live the life you’ve always dreamed.
It’s not as difficult or risky as you might think, either. You’ve already figured out how to run a successful business – now all you have to do is manage it!
When you consider your business as a whole and the role it plays in the achievement of your life goals – your entire life satisfaction – you know you need to take risks and grow your business. If not, your business is a failure, no matter how much money it makes.