It’s always risky when you want to start something new — and a little scary. You don’t have a crystal ball to see into the future to determine if you are making the right decision or not, and that is the scariest part of starting anything new.
Some of those situations I’ve been in include starting a family, starting new jobs and even starting to learn a new skill. There are pressures and expectations with each one. You learn from your experiences, and you build on them.
One thing I’ve never experienced in my life, but you read about often in Dig Different magazine, is starting a new company. It can be a terrifying thing to do, especially if you have no experience in running a business.
Thankfully for Kristy Black, owner of Black Hydrovac in Virginia, she had an entrepreneurial spirit when she started her company in November 2020. It’s got to be hard enough to start a company, but to do it during a global pandemic when things like getting work and finding employees are even more uncertain, it says a lot about that person.
KNOWING WHEN TO TAKE RISKS
One of my favorite quotes from a movie is “risk is part of the game if you want to sit in that chair.” It’s true. If you want to own a company or be in charge of one, you need to understand that there will always be risks. It’s how you handle those risks that matter.
Black knew the challenges that would be involved in starting her own company and, to alleviate some of those risks, she did things like hire employees familiar with the industry or use secondhand equipment to start with. This started with smaller vacuum trucks at first before moving into more expensive bigger ones.
Before you decide to jump into something new, it will be up to you to know when it’s time to do that. Carefully weigh your risks and don’t jump into it if your heart and mind aren’t fully ready for what lies ahead.
If you even have an ounce of doubt about being able to accomplish what you want to do, I would seriously consider waiting until there is a better time or you’re feeling a little more confident.
HANDLING THE RISKS
Of course, like Kristy did, there are things you can do to help alleviate some risks. She knew she needed folks with the company who knew the industry and she went out and got them. Her husband was already knowledgeable in owning a company, so she likely took some cues from him.
She also listened to what her customers’ feedback was on the jobs and what they were looking for and built the company around that.
If you can sit down and figure out most of the risks you’re going to run into — there are some that you may not realize until you’re already into startup mode — you’re already in good shape.
If you are already in that startup phase and run into risks, don’t be afraid to ask for help. Whether it be from your employees, a business partner or someone else in the industry that’s been through some of the struggles a business could meet.
HOLDING STEADY
Knowing there will be risks is part of owning a company. The better you can control those risks or make them less risky, the better your business will be in the long run.
What are some risks that you discovered when you started up your company? What would you say to others ready to go their own way? Email me at editor@digdifferent.com.
Enjoy this issue!
