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Open Thread: Are You a Risk Taker?

Posted May 16, 2010 in Getting Started, Open Thread

A few weeks ago one of my talented colleagues here, Brian McDaniel, wrote a post on how he jumped into freelancing without a safety net.

I totally understand his point and agree that if you wait to start freelancing until everything is just right, you may never start at all. However, speaking for myself, I’m more of a safety net kind of person.

While I believe taking what most people would consider to be risks (such as becoming a freelancer), I focus primarily on those risks that I believe I have a fairly good chance of being successful at. But, I know that everyone is not that way.

So, that brings us to today’s open thread question:

Are you a risk taker?

When it comes to freelancing, exactly how much of a risk taker are you? Do you rely on a safety net when you take a risk, or do you go full steam ahead?

Leave your thoughts and experiences in the comments.

Related posts:

  1. Open Thread: What Was Your First Business?
  2. Freelancing Without a Safety Net
  3. Open Thread: Do You Work With Other Freelancers?
  4. Open Thread: How Much Time Do You Spend on Marketing?
  5. Open Thread: Do You Use Contracts?

About the author: Laura Spencer is a freelance writer from North Central Texas with over 20 years of professional business writing experience. If you liked this post, then you may also enjoy Laura’s blog about her freelance writing experiences, WritingThoughts. Laura is also on Google+.



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23 Comments
  • User Gravatar
    Corey
    May 16th, 2010 at 9:28 am

    Six months ago I also jumped into freelancing, albeit for the 3rd or 4th time, without a safety net. I had a full-time job but it was time to move back to being independent. However this caught me off guard, and I had little set aside. It’s been scary at points, but I have faith in myself and my work, and all along the argument had already been settled in my brain that freelancing is the only choice for me (right now). So I have to make it work, because I refuse to think of anything else (a.k.a. the day job) as an alternative.

    All that said, as friends and people I meet talk about going freelance, the first and most emphasized advice I give them is “have some sort of nest egg”. It lets you be so much smarter about every choice, because it keeps you from acting out of fear.

  • User Gravatar
    Franis Engel
    May 16th, 2010 at 10:24 am

    I always think in terms of “How can I start now with my own energy into doing this interest that I have with this thing I like to do right now – for a living?” That way, it’s not a big risk. As you get ideas about what is involved, you can then design the thing to maximize what you enjoy and leave out, substitute or get someone else to do what you don’t enjoy. But at least you have learned what it takes to do what needs to be done and what is going on as it is happening. This way, you can start small and grow bigger. The story of “small” business is just that – expand or die!

    In other words – it’s a whole lot easier to keep your day job. Just watch TV and movies a little less and get busy doing what you love to do! Thinking for yourself and working for yourself takes some daring, but not as much courage as people imagine that keeps most of them from taking a leap into doing so. You don’t have to have all your ducks in a row to “go into business.” Basically you can test the waters and commit yourself gradually, step by step. It’s more of a step-by-step problem of not dropping the ball than it is a finance or business planning problem. Just ask yourself…what’s next? Sometimes you can’t see ahead until standing there on the step up that gives you a better view. So don’t let an inability to know it all stop you from starting.

  • User Gravatar
    Sponsi
    May 16th, 2010 at 10:36 am

    You scored 10 with this topic! I’m going to talk to my employer next week about giving me more freedom with web projects and less “usual work”. I have 4-5 serious projects which might bring me money plus additional job at weekends I’ve had for the past 3 years. If my director doesn’t accept, I’m switching to freelancing + another job I have at weekends. This is probably the biggest, the most risky thing I have ever done in my life. I’m 30 and I’ve been a teacher for 7,5 years. I’m fed up and it’s either I do less teaching more projects or I’m leaving day school teaching. Then it’s weekend teaching + freelancing. I have money for 4 months of living. I’m thrilled!

  • User Gravatar
    Rita
    May 16th, 2010 at 10:53 am

    I couldn’t agree more, I though long and hard about taking the plunge and going completely freelance without a safety net but in the end having the option of building the business up without being unable to pay my rent has been a better option for me. The hardest thing was/is keeping up the motivation to change things and not end up just falling back on your normal day job. But it seems to work very well for me that way.

  • User Gravatar
    Lucian
    May 16th, 2010 at 10:54 am

    I am not a beginner freelancer anymore but I still found myself that I step out of my comfort zone.
    I recently took a large and complex project which require a custom CRM / E-commerce web application.
    While I let the client know I will outsource the work for the PHP development, the challenge is in finding the right person for the job.

  • User Gravatar
    Kamal Hylton
    May 16th, 2010 at 11:25 am

    I’m would classify myself as a risk taker, I started as a Web/Graphic Artist and transitioned to Freelance Sports Writing/Blogging(a choice that I wish I did sooner)… I went from something that was I was OK at, to something that I have a passion for and seem to be good at (although I don’t have a journalism degree). I don’t regret my path because I learned a lot of web skills (I don’t think I could take years and years of journalism school).

    I’m currently freelance full-time (partly because I can’t find a part-time job), I have a little money saved (so I guess you can call that a “safety net”) but I’m currently in the “starving freelancer” stage(Writing articles for sites in hope of making money)… Sports sites and viewers of my articles seem to like it and the main thing is I’m having fun. The good thing is I’m only 21, so I have years to see where it takes me.

  • User Gravatar
    Rachel McRoberts
    May 16th, 2010 at 2:39 pm

    It would be interesting to know everyone’s definition of a safety net. I wouldn’t call myself a huge risk-taker, but I’m not waiting for the perfect conditions before I go for full-time freelancing. I have the safety net of savings, to buffer the ups and downs of my first year or two of full-time freelancing. However, I don’t have a safety job to fall back on or go back to if things don’t work out.

    From what I have seen, having savings is a smart safety net. It doesn’t take ages to build up some savings, and it protects you against the uneven cash flow that most freelancers face at the beginning. And from what I have seen, a safety job can be a bad safety net. It seems to be the thing that allows people to retreat without putting their heart into the effort of launching their own business.

    Any freelancer is something of a risk-taker, I think, but I like to take calculated risks.

  • User Gravatar
    Deb
    May 16th, 2010 at 3:31 pm

    I didn’t really have a choice and I never really decided to “go freelance”. I was on sickpay, an unemployed college drop out (6 years and no degree, yay me) so up was the only way to go. An acquaintance knew I blogged and asked if I could write them something, and promised they’d pay. And now I’m a freelance writer.

    I actually saw some good advice on http://www.PostSecret.com today (May 16)
    http://4.bp.blogspot.com/_a7jkcMVp5Vg/S-q-pvlZ2WI/AAAAAAAAL0U/iZ-oCt9LQKk/s400/ST1.jpg

    “Be wise enough not to be reckless, but brave enough to take great risks.”

  • User Gravatar
    Cory
    May 16th, 2010 at 3:33 pm

    I think you have to take risks if you are going to stand out, get noticed, and excel above the competition in your area. That may mean unconventional ways of promoting, designing, or running your business.

    A safety net (i.e. income padding) is a very important thing to have. Jumping out into freelancing full-time without a really good client base, is very risky….but not totally out of the question. It can be done and I’ve seen it done on many occasions.

    I suggest a part-time go at it first to build up clients, capital, and padding for the slow times when work is not abundant.

  • User Gravatar
    Leslie A. Joy
    May 16th, 2010 at 3:41 pm

    I’ve always been one jump in full steam ahead-in all areas of my life. As I get older, I’m starting to research the decisions first-THEN jump in full steam ahead.

  • User Gravatar
    Behzad
    May 16th, 2010 at 4:20 pm

    With any undertaking there are risks involved. Running your own business has plenty of risks that may not necessarily be initiated by oneself. However most if not all successful freelancers/entrepreneurs are risk takers. Not until you try it, you will not know what results it may bring good or bad. Can’t always sit back and let others take the risk. Driving a car has a risk of getting into an accident but would that stop you? Even a risk that is bad for your business teaches many valuable lessons. So go for it, you got one life to live.

  • User Gravatar
    Laura Spencer
    May 16th, 2010 at 5:40 pm

    Good comments!

    Rachel McRoberts–that’s a good point. It WOULD be interesting to know what everyone’s definition of a safety net is.

  • User Gravatar
    Val (@whatvalthinks)
    May 16th, 2010 at 5:50 pm

    It’s such a patchwork experience for me. I take leaps in some areas and measured action in others. I can get absolutely paralyzed by my want for perfection but then manage to move through to take baby steps which break the gridlock.

    I find it all a bit of a push-and-pull but somehow when I look back, I see I’ve made huge progress!

    BTW, I can get so marred in my expectations and perfection that the last time I broke through it, I had to blog about it. If anyone is interested or has loads of free time, you can read it here: http://valerietanswell.blogspot.com/2010/05/hope-to-doom-and-back-to-somewhere-in.html

  • User Gravatar
    Yair Mor
    May 17th, 2010 at 1:45 am

    I enjoyed reading all the comments above. I am currently at the risk taking step: I gave my notice and will quit my day job in about a month. I’ll have all the time in the world to start my freelancing career. Relying on savings is one part of the risk, the other being that soon I go to university. My goal is to have a few regular clients before I start studying.

    I believe if I have an established business with a few clients it will be easier to get jobs later on when I have less time to market myself.

  • User Gravatar
    Storm
    May 17th, 2010 at 5:57 am

    I definitely jumped in with a safety net. I had reached my breaking point at an over demanding workplace where I had no control over what I was working on and made a snap decision to quit and start up my own business. While working out my notice, I was really worried that I had made the wrong decision, my partner and I had just bought a house and my savings were decimated by the deposit, but 6 months in, it’s been the best decision i ever made.

    Having that level of control over your work, it’s invigorating. I work harder, I feel happier and while it may have been a risky move, it’s been the best risk i have ever taken in my life. Business is booming and I’m producing work I am truly proud of.

    Who’d have guessed, huh?

  • User Gravatar
    Web Design
    May 17th, 2010 at 7:35 am

    Risk taker all the way! When I first started as a freelancer I quit my job without any “safety net” and start doing some real work. Now things have settled after some time, however good move, but risky. :)

  • User Gravatar
    Cyndi Smith
    May 17th, 2010 at 9:40 am

    Thank you for this article! I think the discussion will prove that freelancers are not necessarily “Entrepreneurial” risk-taker- types, but are more highly intelligent (i.m.h.o.) independent types of people. I jumped into full-fledged freelancing when I was 5 months pregnant with my daughter back in 2004. I had just moved and couldn’t very well get hired into a fabulous company with a giant belly bump – they would get a worker for 4 months and then what?? Would I come back? No way. (I couldn’t in good conscience get hired when I knew in my heart I was going to do whatever it took to stay home with my child.) The risk involved never actually crossed my mind.

    Previously, I had freelanced on the side of regular jobs (well, if you call being the Webmistress of a ski resort in Colorado OR the Online/Offline Marketing Manager for a rock concert lighting company “regular”). I always had an *inkling* that I could make it purely by freelancing or by teaming up with other independent contractors. Having a baby set me free! But that article you guys (Freelance Folder) wrote a year and a half ago, “Why Freelancing Is Freakin’ Hard” http://digg.com/d3fumm, just TOUCHES on the difficulties faced by Work-At-Home-Moms. If you take huge projects, you’re a successful freelancer BUT a terrible wife and mother! There seems to be an inverse relationship between how much money you bring in and how good of a mother you are (DON’T SHOOT! I’m talking about the WAHM only).

    But sorry, I digress. I would never have considered myself a risk taker. Sure, I jump horses and love blackjack, but I can’t gamble with my own money! (Possibly I’m too “Scottish” or “thrifty” to let go of my own money, even when facing doubling-down on an 11.) I had a HUGE safety net called a wonderful husband with a wonderful job, and I never would have been able to take that first step if it hadn’t been for his emotional and financial support – especially as a waddly pregnant lady!

    By the by, my little “wee beastie” is now almost 6 years old, enjoying kindergarten, and is being asked to skip a grade because she reads at a 5th grade level. Was taking the risk of freelancing worth it? YES!
    <3 IF I CAN DO IT, YOU CAN DO IT!!

    You guys @ Freelance Folder are SO very helpful! Thank you…
    Cyndi (www.WebVixn.com) Smith
    http://twitter.com/webvixn

  • User Gravatar
    Cyndi Smith
    May 17th, 2010 at 9:42 am

    Thank you for this article! I think the discussion will prove that freelancers are not necessarily “Entrepreneurial” risk-taker- types, but are more highly intelligent (i.m.h.o.) independent types of people. I jumped into full-fledged freelancing when I was 5 months pregnant with my daughter back in 2004. I had just moved and couldn’t very well get hired into a fabulous company with a giant belly bump – they would get a worker for 4 months and then what?? Would I come back? No way. (I couldn’t in good conscience get hired when I knew in my heart I was going to do whatever it took to stay home with my child.) The risk involved never actually crossed my mind.

    Previously, I had freelanced on the side of regular jobs (well, if you call being the Webmistress of a ski resort in Colorado OR the Online/Offline Marketing Manager for a rock concert lighting company “regular”). I always had an *inkling* that I could make it purely by freelancing or by teaming up with other independent contractors. Having a baby set me free! But that article you guys (Freelance Folder) wrote a year and a half ago, “Why Freelancing Is Freakin’ Hard” http://digg.com/d3fumm, just TOUCHES on the difficulties faced by Work-At-Home-Moms. If you take huge projects, you’re a successful freelancer BUT a terrible wife and mother! There seems to be an inverse relationship between how much money you bring in and how good of a mother you are (DON’T SHOOT! I’m talking about the WAHM only).

    But sorry, I digress. I would never have considered myself a risk taker. Sure, I jump horses and love blackjack, but I can’t gamble with my own money! (Possibly I’m too “Scottish” or “thrifty” to let go of my own money, even when facing doubling-down on an 11.) I had a HUGE safety net called a wonderful husband with a wonderful job, and I never would have been able to take that first step if it hadn’t been for his emotional and financial support – especially as a waddly pregnant lady!

    By the by, my little “wee beastie” is now almost 6 years old, enjoying kindergarten, and is being asked to skip a grade because she reads at a 5th grade level. Was taking the risk of freelancing worth it? YES!
    <3 IF I CAN DO IT, YOU CAN DO IT!!

    Cyndi (www.WebVixn.com) Smith
    http://twitter.com/webvixn

  • User Gravatar
    Mahmud Ahsan
    May 19th, 2010 at 6:10 am

    No risk no gain.

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