Sep 28, 2011

Business Opportunity Costs Add Up Fast

business opportunityWe all dream of running our own business. There would be no time clock to punch and no angry boss to answer to. When it comes to starting our own business, though, it all boils down to one thing: cost. And it’s not just the monetary cost, which can be overwhelming; it’s also the cost in other areas.

Say you have a golden business opportunity, one that if successful, will give you the financial freedom you’ve always wanted. Here’s one of the biggest non-monetary costs. Time, because you have to work for it! Don’t believe any business opportunity that says you can make thousands by working two hours a day. Growing a successful business takes time and effort. You have to work and work hard. Sure you want to give up the 9 to 5 but to be a successful business owner you might have to put in 12-15 hour days. Plus be prepared to work Sundays and holidays.

The sacrifices to be successful continue. You might not be able to keep on with the lifestyle you are accustomed to as you grow your business. You will most likely burn through your savings. As mentioned prior with the hard work, your family time might be at a minimum. No one will hand this opportunity to you, but sacrificing now could pay big dividends down the road.

And here is the dreaded talk about actual money spent for your business opportunity. One paragraph can’t even begin to sum up your financial obligations but it does come down to this: When you talk with entrepreneurs, they will tell you it always costs more than anticipated to get their business to a profitable point. That means you have to be prepared to have enough money to get you well past the point you expect to be profitable. All the major and minor expenses add up, everything from your rent to paper for the printer.

By no means should this be a deterrent to going into business yourself. You just have to know what you are getting into. Hard work, dedication, sacrifice and a financial commitment are what are needed to put you on the road to success.

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