Wednesday, March 6, 2013

Opportunity Cost

I first heard this expression from my daughter in the context of me expressing that I was too tired to go to an art reception.  She threw these words ... "opportunity cost" ... at me and explained the concept.

I linked to this website (http://megansbeadeddesigns.wordpress.com/2013/03/04/how-to-identify-your-opportunity-costs/#comment-4125) through a Linked-In group I belong to called, "Sell Handmade at Etsy."  Rarely do I have time to read the posts, but today was different.  Today I woke up early and decided to visit some blogs because I've been missing my online friends.

I'm not going to go into the meaning of opportunity cost because Megan handles it so well in her blog post, but my husband and I were having a conversation about it last night, except we didn't call it "opportunity cost."  I expressed that I needed help with photography because we have sooo much inventory that is not online because I don't have the time to take the photographs ... or really to do the listings ... but I thought I'd compromise by at least getting someone to take the photos for me.  His response was, "Do we have the money for that?"  My response was, "How do we not have the money for that?"  I'm sure you've had plenty of these discussions with your spouse. :-)

Please read Megan's article and analyze your business.  Are you doing something that might be done better by someone else ... a friend perhaps who's been wanting to help, a family member who will chip in.  Sometimes things seem so obvious to us in our everyday lives that aren't so apparent to us as we try to grow our business.

Have fun reading Megan's article.  It's great.  I need to throw in a photo here somewhere.  It's too much text ...





11 comments:

Julie Panusis said...

What a wonderful blog.
I can just see your daughter saying that.
My daughter runs a horse training business. She is extremely good at knowing when to get someone else to do something for her business. And she barters most of her jobs. She has a designer, a photographer, and so on that she trades with ridding lessone.
Me, on the other hamd, have always thought I had to do everything. LOL

TesoriTrovati said...

Very interesting idea Miss Barbara. I have been looking into that more lately since I have been a part of the Flourish & Thrive Academy. I have not done all the sessions or worksheets but I have taken away from the others this same concept, to find what you do best and do that to your fullest and find others who can fill in your gaps. That is what makes you successful. A lot of people on this same course have been finding help with outsourcing certain tasks to people around the world virtually through ODesk and Fiverr. I have been looking for just the right thing to test it out on, something small that I can do with no big risk. But those that have done it say that it is very much worth it. I am re-imagining myself and my business right now and will be looking for ways to make the most of my limited creative time. Thank you for turning me onto Miss Megan's post! Enjoy the day. Erin

Sharon Driscoll said...

Hi Barb - Thanks for the great advice and turning us in the direction of that post. How timely and wonderful. I would think that the best thing in the world would be the time to experiment and create and then be able to have someone else pick up the marketing, photography and so on. Heavenly. I love the photograph of the flower - the close-up is great. It always helps to know what it looks like when it's done right.

somethingunique said...

Great advice Miss Barbara....love the photos too...hey bth...I saw Robyn Roberts on GMA the other morning wearing a necklace made completely with enamel filligrees ...orange colors...it was so pretty.....have a wonderful day....xox

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Carol Dee said...

Great blog! Wish my beautiful, smart daughter lived near and helped me! Laura reminds me of my Stevie and your handsome, talented, devoted son, David, reminds me of my JD! And then there is your Jim! And my Steve! And now, Matt (my Summer and David) We are so blessed!!! I wish my blessings extended to having mine close by! Just wait for the grandbabies! WooHoo!

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