Wednesday, January 27, 2016

Cost and benefit

In a perfect world, what would you be doing if time and money were no object?
Why aren't you doing it?

This is a hypothetical question to get to the root of where you want to be. Time and money are usually the two reasons why we don't do what we want.

Maybe you want to be your own boss. You'd like to work for yourself but you're scared.

Everyone tells you owning a business is risky.
It is.

The cost of failure is easy to measure.

Look at all the money you are going to invest in your project.  Consider the income you won't receive while doing this.  Understand the payment you are currently making on your mortgage, car and credit cards won't be made if you aren't earning a weekly wage.

The cost can be catastrophic.
The bank could take the house and the car.
Your name could be ruined for future loans.
Everything you worked so hard for will be gone in a flash.

Because you wanted to follow your dream.

You're scared of the cost because the potential loss can be calculated.

Here's what can't be calculated: The benefit.

You won't know how much money you can make until you make the decision to do it.
You won't know how big your opportunity will be until you knock down some doors.
You won't know what life you could have until money starts coming in.

There's the known cost and the unknown benefit.

I believe that's why most of us fail to go for the dream.
We want to talk the risk out of doing something remarkable.

That's impossible.

So we run and hide, using the cost as our excuse.

With a background in finance and marketing, Rick Nicholson owned two highly successful restaurants before selling them to start a consulting business. His current company The Restaurant Ninjas provides tools to the foodservice industry to become more profitable. His book, "The Art of Restaurant Theft" can be downloaded for free at www.therestaurantninjas.com

You can subscribe to Rick's weekly email newsletter and his thoughts on business, life and everything in between at:
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