Introducing — Quickies that’ll leave you satisfied!
⚡️ The Sunk Cost Fallacy ⚡️
“I don’t want to go anymore but I’ve purchased the tickets so I’ll go”
“I’m so full I could vomit my guts all over the table but I should keep eating because I bought it”
“This business offering is leaching money but I’ve already invested 10k and I’m not.willing.to.let.go...”
In business I see this A LOT. People allowing their past efforts/investments to influence their current decisions.
Right now in your business, there will be things zapping your cash/energy/time that you keep pumping into because you refuse to let it go.
You have put so much time and effort into getting it off the ground and it’s just not working, so you continue to put in more and more... and more. And it just ain’t doing its thing.
There’s a difference between something that is a start-up or still being too soon in the process to pull the pin. But if you have that gut feeling and you know you’ve been running at a loss (even an energetic loss) it might be a tough choice.
Here are some of mine —
Version 1.0 of Professional Babe. Over $4500 of design + web work for 17 eBook sales of $14.95.
Promoting my Pilates DVD. Although it bought in over $100,000 in sales, the cash invested + energetic and time investment made the ROI low. I still have 1000 units at my mums house.
DoTERRA. I was making between 3k - 5k gross profit per month after two years of full-time time investment. This was the hardest decision to park (as I truly loved it) but I know my expertise is in a business setting. I couldn’t keep investing more time into something that wasn’t returning as much as I’d like.
Everything listed above had my blood, sweat and tears all over it. But there came a point in time when I had to have my CEO hat on, remove the emotion and think about what is best serving my long-term vision (and mental health).
If you life and business is filled with services and products that drain your money and don't light you up, there's no way there is room left for straight up 10s!