On my way to and from Bethesda, MD yesterday, I was listening to a few Internet Business Mastery podcasts. One in particular got me thinking about the choices that I make for myself and my business that demonstrate the importance of considering opportunity cost…
Yesterday I got an email asking if I wanted to take the lead on a huge project, one that might be pretty cool. I’ll be meeting with company representatives tomorrow to talk about the project to see if it will be a good fit.
Going into that meeting, I’ll need to consider the benefits of taking on that project, and measure those benefits against the possible opportunity cost of not being able to take on other projects during that time, and not being able to develop my own projects. I had wanted to make 2015 the year I really focused on cultivating my own courses and products, and taking on such a huge project, in addition to my other current obligations and roles, might derail those plans quite a bit. On the other hand, this project has the potential to open a lot of doors to me, and I always find it hard to say no when I am asked to do something I love, for a purpose which I think is meaningful.
To help make the decision potentially easier to make, I’ve started exploring the option of finally outsourcing a lot of the tasks that I perform on a daily basis that suck up a LOT of my time, time that I could very well be using to create courses and other content.
With admin tasks off my plate, I hope that making these kinds of decisions will be a little bit easier, so that I can honestly and accurately measure the REAL opportunity cost of projects that come my way.
Freelancers/solopreneurs are constantly presented with this situation because we want the work, but there are only so many hours in a day. It’s a reality that you can do anything you want, but not everything you want.
Both freelancers and solopreneurs need to consider:
- Potential revenue
- Lost revenue by not being able to accept other projects (or as many)
- Whether the project aligns with your professional ideals
- Whether you can do the job efficiently
- Relationship with the client
- Fulfillment (note that I don’t say happiness here, because I think that expecting jobs to make you happy is too high of an expectation)
What else do you consider when accepting/rejecting potential projects?