I can't imagine a lot of businesses that come with lower risk attached than consulting:
You don't need equity.
Profit margins are high.
Depending on your particular expertise your services will be in demand for years to come (anything software-related).
If you do it right you can work for several clients at the same time. At least you can always have a full sales pipeline so losing a contract won't be an end-of-the-world event for you.
Growing a consulting business beyond yourself, not selling your time but results, those are more of a problem but risk? Not really. At least not when compared to other businesses.
You don't need equity. Profit margins are high. Depending on your particular expertise your services will be in demand for years to come (anything software-related). If you do it right you can work for several clients at the same time. At least you can always have a full sales pipeline so losing a contract won't be an end-of-the-world event for you.
Growing a consulting business beyond yourself, not selling your time but results, those are more of a problem but risk? Not really. At least not when compared to other businesses.