Opportunity costs in your life and business - with doodly flowchart!
An opportunity cost is the value of what you gave up to do what you chose instead.
As humans, our time is a limited resources. Economically speaking, resources should always be allocated to where they are most valuable. You NEED to start thinking about your time as a limited resource.
Every decision you make as a human and a potential business owner has an opportunity cost.
When you decide to spend your time watching TV instead of CreativeLive your opportunity cost is whatever you would have learned from the latter - or the additional money you would have made with the new skills you would have learned.
When you decide to advertise on Facebook your opportunity cost is whatever you would have gotten if you had spend that time and money on print advertising.
When you decide to spend a lot of time learning to design your own website your opportunity cost is everything you could have done with your time instead of learning to design your own (mediocre) website.
The question you should constantly be asking yourself is, "Could I be doing something else that brings me more value than whatever it is I’m doing right now?"
I that answer is YES, you should go do whatever that other thing is. Including hiring a professional web-designer.
You can read all the information I wrote about this topic and view the flowchart on my blog, here: Tammy Hineline Photography - Opportunity Costs and Why You Should (almost) Always Hire a Professional Web-Designer
Tammy Hineline, Illustrative Photographer
www.tammyhineline.com
www.facebook.com/tammyhinelinephotography
www.tammyhineline.500px.com
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