Is It Time to Cut Your Losses?

 

I didn’t enjoy saying it, but she was paying me to tell the truth.

Belle came to me with a problem.

She’d been struggling to get her wedding business off the ground for three years. What could she do to make it work?

We had a chat and I gathered the facts.

• The business didn’t have a sustainable profit model and had made only a few sales in three years of trying.
• Dozens of competitors had services that provided better, proven solutions.
• She had no Unique Selling Proposition to compel prospects to buy from her instead of someone else.
• The partners had invested over $50,000 in the wedding business.

“What should I do?” Belle asked.

I took a deep breath and asked…

“If someone were to take this away from you completely, would you fight to get it back?”

Belle stared at me.

“No,” she said.

What Belle really wanted was to find a creative business model, blending technology and aesthetics to solve problems. This wasn’t anywhere close.

But with so much money, time and energy invested, it was hard to let go.

Is It Time to Throw In the Towel?

It’s normal to think that you make rational decisions based on the future value of objects, investments and experiences.

The truth is that your decisions are tainted by your emotional investments, and the more you’ve invested, the harder it is to let go…even when it otherwise makes sense.

It’s called, “The Fallacy of Sunk Costs,” and it affects us all.

Whether you’ve invested $50k in a business venture that’s failing…

7 years earning a college degree in a career you hate…

Or 20 years in a joyless relationship…

“If someone took it away from you today and you were starting back at zero, would you fight to get it back?”

Your answer is revealing.

If your answer is YES, it suggests that your heart and soul is still in it, even if it’s not giving you the results you desire.

If your answer is NO, it’s not what you really want.

Neither answer tells you what to do. You get to create whatever you choose, whether it’s aligned with your true desires or not.

Consider the opportunity cost.

What are you giving up by continuing to spend your time, energy and money on something that isn’t working?

What else could you be doing with those resources that could bring you joy?

“You can always measure what you’ll lose, but you can’t see what you’ll gain.” — Kyle Cease

The Truth of Your Heart

I believe you know what you desire, somewhere deep inside, even if you’ve lost sight of it.

I believe you know what’s true for you, even it’s confused by thoughts, feelings and the opinions of others.

You know.

And if you’d like to get clear on what you really want and create an action plan for making it happen, I can help.

Oh! I almost forgot…

Are you wondering what Belle decided to do?

She created a hard deadline for her business. If she didn’t turn a profit within the next three months, she’d cut her loses and move on to something new.

Belle was brave enough to answer the question and face her own truth.

Isn’t now the time to get clear on what you desire and make it happen?

More Articles Like This

7 Steps to a New Wedding Service That Doesn’t Flop

One New Daily Habit Can Make You An Extra $3k This Month

7 Habits of Top Performers