“I’m not a risk taker, and yet I really want to build my own business.” That was the flavor of a recent conversation I had with a coaching client. They are risk averse and it is keeping them from really going for it!
Have you been there?
Maybe you have been dreaming about starting your own business for awhile now, but for some reason you haven’t passed go and you’re definitely not collecting $200.
Just because you might be risk averse doen’t mean you wouldn’t make a great entrepreneur. We all have a different tolerance levels when it comes to risk. Our personality often dictates our tolerance. If you are risk averse, let me introduce you to two concepts: bridge jobs and a side hustle.
What exactly are bridge jobs?
The first step you’re going to need to make is more than likely some temporary lifestyle changes. Keep in mind this is temporary. Being able to minimize your expenses will lessen your financial risk and increase your ability for success.
Once you take this step, you can begin to find a bridge job. Let’s define what we mean by bridge jobs:
Bridge Jobs – Jobs you work (possibly part time) while you work on building a side business.
I have seen many aspiring solo-prenuers take this approach. They find a part-time job that creates consistent income, while working a side business that has sporadic income to start. Ideally, the bridge job would be between 20-30 hours a week, freeing you up to spend time each week hustling to build your business.
Don’t get me wrong. The bridge job doesn’t have to be endured and you should be fully present when at your bridge job. In fact, some bridge jobs can be incredibly rewarding and you may even choose to stay with them. You might find that you value the variety in your work.
Having a bridge job can lessen the risk of jumping all the way into a new business venture, while at the same time free you up some additional time to work on your new business idea.
What exactly is a side hustle?
A side hustle is a business you create and work with the goal of creating full-time income at some point. If you want to create a location independent or portable business, then you should consider creating a FAST business. This is an acronym that Mike Filsaime developed for his business. It is an acronym I use in guiding my business as well. Here is what FAST stands for:
- Fun – You enjoy creating work, products, and services that others will love and benefit from
- Automation – your funnel and system should work without your presence
- Scalability – your business can grow because you are not just trading time for dollars
- Time freeing ability – you have the freedom to work your own hours
While the process of going full-time does not happen overnight, this is how the risk averse entrepreneur can make the leap.
Questions: Do you have a business idea you’ve never gotten off the ground? What ideas listed above can help you take the leap? Please comment and give your thoughts below.
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