"You tell them - you tell them there's a cost.....Every decision we make in life, there's always a cost." -- Brad Meltzer, The Inner Circle.
C O S T. It is not a bad four-letter word, but it makes most entrepreneurs wince! Sure, you know the cost of doing business, marketing, advertising, and so on.
Most entrepreneurs know about costs and how important it is to control them.
Those are the costs you can see, the costs you can plan for. Unfortunately, there are other hidden costs associated with pursuing your entrepreneurial dreams.
They are not tax deductibles, not easy to identify, and often almost impossible to plan for them.
So what are those other hidden costs?
Like most real estate professionals, your first year in real estate can be exciting, and you have no shortage of big ideas. You want to learn everything and try everything.
The problem? There is just one of you. Unless you have a fat trust fund to fall back on, you'll find yourself having to make hard choices.
Selecting the "right" dream to chase can be agonizing. If your business venture fails, and you find that the moment has passed for the one you didn't pursue, you'll find yourself plagued by doubts and questions about "what might have been."
Relationships With Your Friends Are In Question
Friendships are tricky for entrepreneurs, especially when you, as a real estate broker, decide to recruit your friends as new agents.
Wouldn't it be great to invite all your buddies to work with you?
The temptation to do just that is great. Often, this leads to your desire to give them a share of the business because they're your friends.
Numerous examples of great friendships flame out when people start working together. This is even more likely to cause problems when a stake of the business owner is involved.
Work-Life Balance May Be In Jeopardy
Most entrepreneurs would probably work twenty-four hours a day, seven days a week, if they could. It feels as though that's what is required to succeed.
Unfortunately, that kind of determination is generally hard on personal relationships.
Take time to explain or involve your spouse and rely on their good judgment to rein you when you are too focused on the work. Get each other's support in business and daily life challenges.
Your Children Are Important Too
If children are in your relationship, it will become even more critical that you understand how and when to ask for each other's support. Or to solicit outside help to give you both some relief.
Who is going to take your daughter to the dance recital tonight? Your son needs to be at his soccer practice by 5:00 pm. Do you take time off to enjoy and celebrate your children's special events?
Setting priority will become an inevitable task you cannot ignore.
Take Care of Yourself
You live and breathe 24/7 with your enterprise on your mind. The market is changing. Business is slowing down, and it's another month-end.
What about the new clients? No worries? You worry—all the time!
Take a break. Spend a few hours doing something you enjoy. Simple things. Go for a long walk. Exercise. Play sports. Read a book. Meditate. Recharge your energy. Let your subconscious mind work for a while.
None of these costs will appear on any balance sheet or be monetized. But that doesn't stop them from being incredibly important to monitor. And these are things most entrepreneurs may want to consider carefully before and after taking the plunge.
"Save space for people who matter." --Warren Buffet
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