Basic Business Principle That Will Make You More Successful

Written by Gatlin Hubbard on July 5th 2019

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 watching tutorials 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 spend a lot of time learning how 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.

When you decide to spend a lot of time learning and shooting your own listings your opportunity cost is everything you could have done with your time instead of learning and shooting listings all day.

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?"

If that answer is YES, you should go do whatever that other thing is. Including hiring a professional photographer.