I've often been asked, "What is the biggest mistake you've made in your business?" And the first one that comes to mind was not creating and selling products much sooner. I was in business for years and years before I created my first product. Up to that point I only offered consulting and workshops.
And why didn't I create and sell products sooner? Simple. I thought I didn’t know how, that no-one would be interested but more importantly, and behind the lines on my forehead, I was actually afraid of doing it wrong. I didn't want to risk making a mistake.
I finally took the leap in 2006 and taped a live workshop and sold the CD set. When I look back at how well I've done with it the risk was mostly in my own head. Nothing actually went wrong. People loved the audio sets and I made great money.
And then this first product became the foundation for more products to follow. Now more than 70% my income comes from products and I just love putting them together. I can't tell you how excited I am about the new one coming up.
I'm not saying that it's daft to avoid all kinds of risk. Some risks are truly scary. You could lose everything. These kinds of risks need to be considered very seriously.
So lets not even worry about big risks for now. We can allow our accountant to worry about them, we pay him enough and frankly he won't be kept awake at night - but lets look at the risks that aren't really risky at all but that we avoid anyway. I divide them into two categories:
1. Risking to learn (or do, which is the same thing really) something new
You really wouldn't think it was risky to learn something new, but you'd be wrong. You see, anything that is outside of our comfort zone is perceived as risky. Even if the upside it huge, it's easier to stick with what we know.
Are there some things that you could really benefit from learning but you've put them off because they will take you out of your comfort zone? For me it was HTML and how to do a grown up web site, e-mail marketing, how to make web sites work. After all, I was just a words man wasn’t I?
2. Risking to try something new
And if learning something new is perceived as risky, then actually doing something new is... well... better put off until tomorrow! We'll think about doing that marketing plan, that web site, that eZine, that presentation later on when conditions are better.
But I am sure you are like me. When finally the penny dropped and i started creating my own products to sell, the risk was entirely imaginary. I was taking a much bigger risk with my business by not creating these products sooner. I was earning less income, missing opportunities, stagnating. and for me the next phase of my business life and creativity took off
Ultimately we are not daft but we do often have to have the barrel of the gun pointing at us before we are shaken up sufficiently to do something about it. The shame is that most of us will only take a risk when we realise that the cost of not acting is greater than the cost of acting. Unfortunately we often have these realisations a little too late. Like right now, with many businesses struggling to keep their order books full. What are those things you're putting off? Try taking a minute to write a few of them down.
Now you should have a short list of things you're not learning but could probably benefit from learning and another list of things you're not doing but would likely profit from if you got around to doing them.
Now ask these four questions for each item on your list to the following questions:
1. Is this something that would truly benefit me if I learned it or put it into action?
2. What are some of the possible benefits I might gain if I learned or did this thing?
3. What could I potentially lose if I didn't learn this thing or do this thing?
4. What's the worst that could happen if I took a risk and learned this thing or did this thing?
In answering these questions honestly you will probably find, as i did, that what used to look risky might not look so risky anymore. In fact, it might actually start looking like a flippin' great idea to learn or do this thing and why didn't i think of this sooner?
Starting questioning those things you perceive as risky. Look at the upside of doing them not just look at the upside of avoiding them.
What are you not risking? What is this avoidance costing you?
A lot, in almost every case i have helped with
And even if you fail, which you won't, at least you will know what not to do again.
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