Taking smart financial risks
Starting Project Money as health and fitness entrepreneur is a big challenge. Being an entrepreneur in and of itself has great financial risks. Starting your own business or businesses is not something most people want to take on because most people work to receive income. Entrepreneurs usually are doing work because it is something they are passionate about and would do it without a lot money. Being in Project Money is requiring me not just to think through my passion, but also considering how my passion can give me sustainable income. How do I become smarter as an entrepreneur financially?
Therefore, I thought maybe should invest in lead generated system on Instagram. It seemed to me like a great idea and little financial risks. Well not so much, I received no clients in the last 3 month from this system therefore, I lost money. Ouch! What I learned from the loss was I should only invest money in places that I am most active in. I am on Instagram but I really don’t have a strong social media following nationally, so why invest money there if I haven’t put any time or effort there? I guess you live and you learn! I am best networking face to face or through referrals. This way takes a lot of time but it’s smarter financially for me. My homework assignment this month is to connect with local places to generate a different stream of income. Instead of investing more money, this time I’m going to invest my time. My coach was very reassuring after I took this hit that it was just something to learn from and I took a risk which is ok when running your business. I’m glad I did it because it really did make me realize where I should be focusing on in my business. Slowly but surely I’m learning bit by bit how to take smarter financial risks with my business.