Are you reluctant to move forward with a project or goal because of costs? Too often we focus solely on the expenditures rather than the benefits or returns. It is a good habit to look deeper at both tangible and intangible cost and benefits before we give up on a project.
Whether you are considering launching a new business, changing careers or changing jobs it is difficult to ignore the financial impact of your decision. Yet when you think deeper about why you are considering the change, the major reason is rarely just the financial.
We start businesses because we are driven to pursue a passion. Career changes are also often the result of identifying a role that better suits our personality or lifestyle. We change jobs because we are seeking opportunities to advance and make a greater impact. You can quickly see how important the intangible benefits are to these major decisions.
It’s Your Network
We know that it takes money to make money. But it simply takes desire to make a difference. When you consider what you have available to get started on a goal don’t overlook any resource. You have earned the trust of friends, family and business connections.
When you are considering something new that is a great time to really focus on growing your network. It is important to surround yourself with others who are interested in similar goals. It is critical to engage with a coach or mentor who can help you grow. Building these resources takes little to no financial investment.
When you share your ideas with your network, undoubtedly you will receive something in return. You may receive new connections, good advice, bad advice, financial support, encouragement or discouragement. No matter what you get, you will no longer be starting from nothing.
Build a Nest
Let’s face it squirrels are rats with pretty tails. They do, however, demonstrate a valuable trait for us. Saving, or squirreling away, anything and everything. Weigh the costs and benefits as you collect information.
We have daily access to many useful information sources. It is important that we keep things that strike us or inspire us as we come across them. This is key to saving our most limited resource: TIME. Bookmark this article, cut out ideas out of magazines, save business cards and save emails that catch your attention. If these things caught your attention, use them as a template to engage others as you build your network.
Squirrels take insignificant scraps and build nests. Likewise, you can find things in your home that are no longer useful to you to sell and fund your project. Use mobile apps like OfferUp and Letgo to list and sell what you don’t want.
Finally, saving time saves money. As a basis, use your salary to assign a dollar value to your time. If you take the time to quantify in this manner, you are less likely to donate your hourly rate to watch reality TV stars spend thousands. Simply realigning your priorities is an investment that significantly benefits your goal. Stop to weigh the costs and benefits associated with sofa surfing.
Costs and Benefits
Your relationships matter. Too often we operate from a place of fear and are reluctant to share our ideas. You may be afraid you of criticism or afraid someone else will steal your idea. However, when you are in the early stages of developing an idea input from impartial parties is critical.
Focus groups, student groups and other public forums allow you to share your gifts while getting valuable feedback. When you invest in the life of someone else, the returns are immeasurable. Why not take the opportunity to impact your high school or college with your skills and abilities?
The planning that goes into presenting a business idea, offering a free training or using a new skill is time well spent towards your goal. The costs and benefits often balance out as you become more experienced.
We are Your Resource
Here at YRM we are your personal source for motivation, education and strategic information helping you build better relationships on purpose. Reach out to us to schedule a free session to get you started towards your next big goal.