Risks and entrepreneurship are like two peas in a pod: they go hand-in-hand together. The key is for the small business owner to anticipate the risks and understand what could possibly go wrong. It’s not always easy to do, but only by anticipating the things that could go wrong could the business owner properly plan for it.




So what could go wrong? Plenty! The toy you’ve designed may prove to be choking hazard, and your packaging did not properly state this resulting in a lawsuit from a customer.

It could be an employee stealing from your restaurant’s cash register. The workers of your landscaping business may have hit on the client’s underground water pipe, resulting in water damage to the property. Or horrors, your home office or store may catch fire, along with it all your inventory, equipment, supplies and data.

And then, there’s the mother of all risks: the business could fail. Despite your best efforts, the market may be too small or you simply do not have the resources needed to make the business work.

Watch the video to get ideas on how to reduce your risks when starting a business. Read the article How to Reduce Your Risks When Starting a Business

See also  Starting a Business: Passion is Just the Start
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Author
Isabel Isidro
Isabel Isidro is the Co-founder of PowerHomeBiz.com, one of the longest-running online resources dedicated to helping aspiring entrepreneurs start and grow home-based and small businesses. She is also the Co-Founder and CEO of Ysari Digital, a digital marketing agency specializing in SEO, content strategy, and performance marketing for small and mid-sized businesses. With over two decades of experience in online business development, Isabel has launched and managed multiple successful websites, including Women Home Business, Starting Up Tips and Learning from Big Boys.Passionate about empowering others to succeed in business, Isabel combines real-world experience with a deep understanding of digital marketing, monetization strategies, and lean startup principles. A mom of three boys, avid vintage postcard collector, and frustrated scrapbooker, she brings creativity and entrepreneurial hustle to everything she does. Connect with her on Twitter Twitter or explore her work at PowerHomeBiz.com.

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14 thoughts on “8 Ways to Reduce Your Risks When Starting a Business”

  1. Your heading states 8 ways to reduce risk when starting a business while in the blog post itself you only mentioned three.

    Maybe i need to watch your video, having a hard time opening it, i guess network problem.

    Well, the mother of all risk is something a lot of young people are scared. Last year i wrote a hub about it and from the response i got, i became dawn on me that its even more terrible than i think.

    Just want to tell every body, life itself is risk, not taking risk itself is riskier.

    John Benjamin

  2. Your heading states 8 ways to reduce risk when starting a business while in the blog post itself you only mentioned three.

    Maybe i need to watch your video, having a hard time opening it, i guess network problem.

    Well, the mother of all risk is something a lot of young people are scared. Last year i wrote a hub about it and from the response i got, i became dawn on me that its even more terrible than i think.

    Just want to tell every body, life itself is risk, not taking risk itself is riskier.

    John Benjamin

  3. This is a good reminder to all of us, as I believe that starting a new business requires capital to be invested, then we should take into a consideration on how to reduce risks when starting and running a business. Thanks a lot for sharing. I guess I need to watch the video 🙂

  4. This is a good reminder to all of us, as I believe that starting a new business requires capital to be invested, then we should take into a consideration on how to reduce risks when starting and running a business. Thanks a lot for sharing. I guess I need to watch the video 🙂

  5. Hi,

    I have been working to start an fashion accessories export business (www.krishikafashion.com)! I have set up a site and read about SEO and believe it is SEO compliant! But for the last 3 months I have seen zero organic traffic!

    I have a full-time day job and can’t do sales in the traditional way of going out to look for customers! My model was around generating leads online.

    I would appreciate any tips that you can provide to help me generating organic traffic!

    Thanks,
    Krishika

  6. Hi,

    I have been working to start an fashion accessories export business (www.krishikafashion.com)! I have set up a site and read about SEO and believe it is SEO compliant! But for the last 3 months I have seen zero organic traffic!

    I have a full-time day job and can’t do sales in the traditional way of going out to look for customers! My model was around generating leads online.

    I would appreciate any tips that you can provide to help me generating organic traffic!

    Thanks,
    Krishika

  7. Risk is always there in a business. Only thing required is how to minimize it and maximize growth potentials.Risk can be of any types. So we must be careful always to prevent it. Nice post.

  8. Risk is always there in a business. Only thing required is how to minimize it and maximize growth potentials.Risk can be of any types. So we must be careful always to prevent it. Nice post.

  9. business is highway road we have to move fast at the same have to move very very safely …. Excellent Article ..

  10. business is highway road we have to move fast at the same have to move very very safely …. Excellent Article ..

  13. Risk is always a part of the business.One who succeed the risk will surely be a successful businessman.

  14. Risk is always a part of the business.One who succeed the risk will surely be a successful businessman.

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