Opportunity Costs

5 minutes
Share the link to this page
Copied
  Completed
You need to have access to the item to view this lesson.
One-time Fee
$99.99
List Price:  $139.99
You save:  $40
€93.01
List Price:  €130.21
You save:  €37.20
£78.51
List Price:  £109.91
You save:  £31.40
CA$137.08
List Price:  CA$191.92
You save:  CA$54.84
A$149.84
List Price:  A$209.78
You save:  A$59.94
S$135
List Price:  S$189
You save:  S$54
HK$780.57
List Price:  HK$1,092.84
You save:  HK$312.26
CHF 88.47
List Price:  CHF 123.86
You save:  CHF 35.39
NOK kr1,053.72
List Price:  NOK kr1,475.26
You save:  NOK kr421.53
DKK kr693.79
List Price:  DKK kr971.33
You save:  DKK kr277.54
NZ$162.92
List Price:  NZ$228.10
You save:  NZ$65.17
د.إ367.25
List Price:  د.إ514.17
You save:  د.إ146.91
৳11,726.55
List Price:  ৳16,417.65
You save:  ৳4,691.09
₹8,343.25
List Price:  ₹11,680.89
You save:  ₹3,337.63
RM470.60
List Price:  RM658.86
You save:  RM188.26
₦151,095.88
List Price:  ₦211,540.28
You save:  ₦60,444.40
₨27,798.84
List Price:  ₨38,919.49
You save:  ₨11,120.65
฿3,665.33
List Price:  ฿5,131.61
You save:  ฿1,466.28
₺3,255.34
List Price:  ₺4,557.61
You save:  ₺1,302.26
B$544.07
List Price:  B$761.72
You save:  B$217.65
R1,798.90
List Price:  R2,518.54
You save:  R719.63
Лв182.10
List Price:  Лв254.96
You save:  Лв72.85
₩137,993.29
List Price:  ₩193,196.13
You save:  ₩55,202.83
₪370.98
List Price:  ₪519.39
You save:  ₪148.40
₱5,872.66
List Price:  ₱8,221.96
You save:  ₱2,349.30
¥15,781.77
List Price:  ¥22,095.11
You save:  ¥6,313.34
MX$1,840.52
List Price:  MX$2,576.80
You save:  MX$736.28
QR363.98
List Price:  QR509.59
You save:  QR145.61
P1,351.45
List Price:  P1,892.09
You save:  P540.63
KSh12,924.70
List Price:  KSh18,095.10
You save:  KSh5,170.40
E£4,769.95
List Price:  E£6,678.12
You save:  E£1,908.17
ብር5,756.24
List Price:  ብር8,058.97
You save:  ብር2,302.72
Kz85,440.92
List Price:  Kz119,620.70
You save:  Kz34,179.78
CLP$93,524.64
List Price:  CLP$130,938.24
You save:  CLP$37,413.60
CN¥725.62
List Price:  CN¥1,015.90
You save:  CN¥290.28
RD$5,903.26
List Price:  RD$8,264.80
You save:  RD$2,361.54
DA13,460.59
List Price:  DA18,845.36
You save:  DA5,384.77
FJ$224.25
List Price:  FJ$313.96
You save:  FJ$89.71
Q774.42
List Price:  Q1,084.22
You save:  Q309.79
GY$20,871.59
List Price:  GY$29,221.07
You save:  GY$8,349.47
ISK kr13,887.61
List Price:  ISK kr19,443.21
You save:  ISK kr5,555.60
DH997.38
List Price:  DH1,396.38
You save:  DH398.99
L1,784.74
List Price:  L2,498.71
You save:  L713.97
ден5,736.04
List Price:  ден8,030.69
You save:  ден2,294.64
MOP$802.54
List Price:  MOP$1,123.59
You save:  MOP$321.04
N$1,809.39
List Price:  N$2,533.22
You save:  N$723.82
C$3,673.34
List Price:  C$5,142.83
You save:  C$1,469.48
रु13,316.63
List Price:  रु18,643.82
You save:  रु5,327.18
S/378.81
List Price:  S/530.36
You save:  S/151.54
K388.93
List Price:  K544.52
You save:  K155.58
SAR375.14
List Price:  SAR525.21
You save:  SAR150.07
ZK2,577.39
List Price:  ZK3,608.45
You save:  ZK1,031.06
L462.85
List Price:  L648.01
You save:  L185.16
Kč2,314.76
List Price:  Kč3,240.76
You save:  Kč926
Ft36,845.39
List Price:  Ft51,585.02
You save:  Ft14,739.63
SEK kr1,041.62
List Price:  SEK kr1,458.31
You save:  SEK kr416.69
ARS$90,566.25
List Price:  ARS$126,796.37
You save:  ARS$36,230.12
Bs689.58
List Price:  Bs965.45
You save:  Bs275.86
COP$411,711.94
List Price:  COP$576,413.18
You save:  COP$164,701.24
₡52,440.36
List Price:  ₡73,418.61
You save:  ₡20,978.24
L2,467.38
List Price:  L3,454.43
You save:  L987.05
₲750,590.66
List Price:  ₲1,050,856.96
You save:  ₲300,266.29
$U3,934.93
List Price:  $U5,509.06
You save:  $U1,574.13
zł402.61
List Price:  zł563.67
You save:  zł161.06
Already have an account? Log In

Transcript

Okay, so really just to hammer this point home, of why you need to maximize your time, and why you need to outsource. The last reason really is the opportunity costs and what you're not accomplishing by doing tasks that you're not that great at or that you don't like, or that are tedious, that aren't higher level that aren't the important things in your business. I mean, it's all important. But some things are typically more urgent than important important. And we end up focusing on those and not getting the stuff done that we need to do. So the question you have to ask yourself, is how much is your time worth?

How much money are you leaving on the table by choosing to complete one task instead of instead of another? And when you're working in your online business, you need to be thinking constantly, you know, is this a high level task Is this a low level task? Is this task making me money? Or is it costing me time? What could I be doing instead of doing this? asking this question will help you keep from getting caught up in playing business versus actually doing business and making money.

Another question is how much money could you be making if you were focusing on your primary strength. And this is something you can do better and more efficiently than an outsourced employee. So your strength is something you're naturally good at. We'll call that a talent. Your strength is really when you just have done something for a long time, that you're good at your talent and you've developed it into a strength. So talent is natural.

Practice gives you strength. So you know, we have our strengths, we have our weaknesses are you working on things In your business constantly, that you're not good at, should you be outsourcing? Would you get a better return if you were doing the things that you were good at? And working on your strengths and talents? Another question you want to ask is How are you actually spending your time? What are you doing?

All these preliminary questions are really, really important to your business. Okay? Because this is going to be the foundation of pretty much any method we teach them. You can apply this to anything we do. But these are very important questions that sometimes it's good to revisit. Can you outsource the tasks that take most of your time?

Is it outsourced? There may be some things that you're not comfortable outsourcing right away. There may be some things you can't or the tasks that you're spending most of your time on outsourced? Are they your weaknesses? Are they tedious? Are they something that you that you could outsource easily to someone else?

Wouldn't be a wise investment to let someone else take care of the minutiae while you focus on the more important aspects of your business. So really what this comes down to is your return on investment. Are you going to get a return? Are you going to be able to take the money you invest in outsourcing and make more money with it? More times than not, I think you'll find that you will be able to as long as you're outsourcing the right tasks. So one thing we want to do is avoid opportunity costs.

We don't want to lose out on making money because we're spending time playing business. So just know that you don't have to choose one task over another. You can simply outsource tasks that can be done by someone else. And this will ensure that everything gets done and you aren't leaving any money on the table. Because the goal here really is to make as much money as possible. Okay.

Just spin the leads in money possible. But as the old saying goes, you got to spend money to make money. You got to outsource some of the tasks you're doing to make more money in your business. So I think we've made the point that you probably are going to want to outsource in your business and in this training, which is one of the reasons we lead with this is that we're going to be talking about a really great system to essentially dominating YouTube that really doesn't take that much time. Okay? Just an hour.

But it is also a great system to outsource and we're going to talk to you about a few ways that you can do that. So in the rest of this course, that's exactly what we're going to do. We're going to get right into the system, and we're going to talk about how to automate it by outsourcing it. So if you've never outsourced before, take a look at the video about going into Elance and creating your account. Okay, you can watch the video on that you can go back through the outline Pro course where we really get into outsourcing in general, we're going to talk about outsourcing in this system specifically. So I've also included the video on Elance just so you can have a quick reference to go get started, sign up, create your account and get ready to start, you know posting your jobs and whatnot.

So in the next couple modules in the next videos, we're going to be talking about this system and how to automate it. So thanks for watching this video and we'll see you in the next few videos.

Sign Up

Share

Share with friends, get 20% off
Invite your friends to LearnDesk learning marketplace. For each purchase they make, you get 20% off (upto $10) on your next purchase.