You’ve been at it with your online store for some time now. You’ve had some success getting out there and making a name for yourself. However, you know there’s vastly more potential for your company if you could redirect and refocus your energy
But you feel stuck. You’ve poured a ton of blood, sweat, and money into the store as it is. Turning back now could be a huge problem as you feel it will undo all your work. While you wish you could start over, you’re pretty sure it’s too late
Guess what? It’s never too late to start over!
Sunk Cost
That feeling described above, where you feel like you should forge ahead despite what the past says, is called the “sunk cost fallacy.” It’s like when you’re watching a bad TV show and can’t stop – it’s SO BAD, yet you’re a season and a half in so why not keep going? After all, you’ve spent all this time, so you might as well finish it up, right? Otherwise you’ve wasted your time
The problem is you’ve already wasted your time. That happened in the past. Your decision to keep watching the show wastes time in the future. You’re deciding to keep wasting time because you feel bad because of your poor decisions, thus creating another poor decision. People do this all the time – with TV shows, with businesses, with relationships – without thinking about it
Just because you have gone this long in one direction doesn’t mean you can’t turn a corner and try another way. If you were walking down a city block and figured out you were going the wrong way, would you keep going because you went this far so oh well? No, you’d do what you needed to do to get on the right track
Second Best Time
You may have heard the saying, “The best time to plant a tree was 20 years ago. The second best time is now.” In other words, sure, you should’ve made the changes you want 20 years ago. However, you have the opportunity to make those changes now
The same goes for your business. The second best time to start your new journey is now. If you’ve always wanted to focus on exotic teas instead of soft drinks, go for it. If you want to expand your business to a whole new niche, there’s no time like the present
“Heart” is a big deal with businesses. If you’re not feeling your company and aren’t enthused about it, it’s going to come across to your customers. It could be that you’re making tons of money and there’s no reason to turn the corner – but if it’s what feels right, then it may be time to take the leap
It may not be 100% possible right now, of course, as it’s always a good idea to take everything into consideration first. But don’t let facts and figures and your past get in your way, especially if your entrepreneurial spirit is pulling you in this new direction!