Calculate Risk to Capture Reward

Lewis Carroll said, “The things you regret most in life are the risks you didn’t take.”

This time last year, I was preparing to leave paid employment and work for myself for the first time in my career. Over a 30-year career, I had always sought the security of an employer, but that was all about to change. I was not retiring, far from it. I still needed to earn a living, but it was time to take a risk and go out on my own. I didn’t want to regret not giving it a try. It was both a scary and exciting time. I couldn't have predicted where the year would take me!

As a process safety engineer, I always strive to understand my risk levels, and transitioning to self-employment was no exception. So, I prepared by undertaking a risk assessment, otherwise known as a business plan. To help guide me, I consulted with a subject matter expert – my business mentor.  Both activities were invaluable in preparing me for entrepreneurship. Business is all about managing risk, whether that involves avoiding the negative consequences – what we typically think of when we think of risk – or by seeking opportunity, the upside. 

I explored what my niche offering could be and budgeted and developed plans accordingly. I conducted a SWOT (strengths, weaknesses, opportunities and threats) analysis to determine where I should focus. My mentor critiqued this and provided incredibly valuable advice. All of this was necessary, but it was not all I needed to do. 

No matter how much we plan, there can always be some unexpected events. I quickly discovered that running a business is a very dynamic experience. Responding to requests from clients across the world, navigating the details of visas and tax laws, and staying on top of the administration. So, while I manage these items, I quickly realized that even as a small business, I needed access to specialized help. Just like being a specialist in process safety does not make me a specialist in distillation, for example, I needed the right skills – a network of specialists beyond just my skills and those of my accountant. I set about building my support team. This group included some people I had worked with before, as well as some new faces in new roles. 

Keeping me safe while traveling meant I needed to rely on my travel agent for support and advice. I had travelled with an extensive travel first aid kit, and this year I had to depend on it. When you are traveling and working for yourself, you don’t have time to be sick, so having access to the proper medication immediately was crucial in getting me back on my feet. I needed administrative support to manage the business while I focused on working with my clients. Virtual assistants are incredibly valuable, so when I had the chance to work with Tracey Abrahart, whom I had worked with as my personal assistant for over eight years, I jumped at it. I also relied on my extensive network for technical assistance when my clients needed something I could not offer. The less obvious role was that of information technology. Finding an IT professional whom I could trust to support my business has been really helpful. 

I am now starting to plan for the year ahead, building on the lessons learned in 2025 for 2026. I am working on identifying any new hazards I might encounter and understanding what risk they pose. Putting in place my controls to stop my hazards from becoming consequences – both preventative and mitigative controls. Additionally, I am checking my current controls to ensure they remain robust and reliable. I am also looking for opportunities – the upside of risk – to expand my horizons and continue to raise awareness of process safety and its importance. 

I am grateful for a successful and interesting first year of business. I have learned so much and met some wonderful people. I have travelled the world – quite literally – having visited the UK, Morocco, New Zealand, USA, Trinidad and many locations across Australia. I have also virtually presented in Europe and Oman. Hopefully, I can continue to visit amazing places. Stay tuned in 2026 for new stories and ideas on how to achieve better process safety outcomes.