How to take smart risks when starting a business

July 22, 2020

How to take smart risks when starting a business

Let’s be honest - the decision to start a business can feel scary.

Ask any person in business if they knew, with 100% certainty that their business would ‘work’ when they first started out and they’ll say “no”. Nothing is ever guaranteed to succeed. 

Should this uncertainty get in the way of you bringing your dream to life and starting your skincare business though? No, it absolutely should not.

The way I see it, you have two options:

  • To identify the risks (there will always be risks!), do nothing out of fear and stay stuck where you are, OR
  • To identify the risks, make smart and calculated decisions and potentially (hopefully!) come out the other end running the business, and living the life, of your dreams. 

Biz Stone, the Cofounder of Twitter rightly said ... 

“Willingness to take risks is the path to success”. 

As a seven figure company owner who has taken a lot of risks, I couldn’t agree more.

When I first started PLSC, I had little to no money to my name (as in, very little!); I literally funded PLSC’s growth from week to week. 

To say that it was a challenging time would be a severe understatement - I was a Mum of two boys (one of which was just a newborn), and my business required a lot of money and time to get it off the ground.

As someone who always wanted to be self-employed and experience the financial abundance and lifestyle freedom that came with that however, I was determined to keep going!

For me, it wasn’t just about taking risks, it was about taking smart risks. For me, these smart risks looked like:

  • Staying in paid employment, while my business gained momentum and grew
    • Only investing an amount of money into my business that I knew I’d be able to pay off over time should things not go to my desired plan
    • Comparing costs and making sure I was getting the best deals possible
    • Investing in a Business Coach to support me to navigate the unknown terrain of the world of business.

    Smart risks for other people might look like:

    • DIY’ing the things they’re good at and only outsourcing the tasks that aren’t in their zone of genius
    • Starting small (aka, a three product skincare range) and building in time
    • Taking out a small loan that they feel confident they could repay should their business not reach their financial aspirations
    • Working with a well established company, that has a great reputation (like PLSC!) to support them to bring their product range to life.

    I’ll leave you with a classic quote from the one and only Lewis Carroll …

    “In the end we only regret the chances we didn’t take”. 

    Know that it’s normal and okay to feel scared to take a leap and start a business, but if you are feeling called to do it, then I encourage you to listen to that nudge! Our desire and intuition are powerful truth tellers! 

    And of course, if you want to join the PLSC family and start a skincare range that has helped HUNDREDS of brands build successful and sustainable businesses, then we welcome you with wide open arms.