BillBelew.com
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When to pull the plug on a bad idea?2683

Forum Owner Belew private msg quote post Address this user
For us old 'uns.

Maybe it's just me but I don't think so.

Remember one of those early cars you had that you had to keep fixing to keep it going?

You got to the point where you had to ask yourself, "Do I keep pouring money into this contraption or do I cut my losses and move on?"

There's a point where you have put so much money into something you can't give up ... but in your heart of hearts you think or maybe feel it's a lost cause.

How do you decide when to pull the plug?
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Member DansCartoons private msg quote post Address this user
might this be the Facebook ad you're referring to? Please be specific?
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Forum Owner Belew private msg quote post Address this user
I am speaking in generalities.

I am not pulling the plug on FB ads ... yet. Still bent on losing more money ... for now.
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Member DansCartoons private msg quote post Address this user
I hear you....you are not alone....I just wanted to be certain if it was anxiety speaking, or questioning your online awareness / business accumen or..... if you have "doubts", they say listen to the voices in your head
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Member Summerbay private msg quote post Address this user
@Belew Take a clear look at the numbers from a pessimistic viewpoint. Extrapolate that into the future for however long you can expect to sustain losses. If it looks like it will never turn around, stop bleeding and move on.
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Member Seniorpreneur private msg quote post Address this user
@Belew If your trying to feed a dead horse with fresh oats (money)I's say give it up. On the other hand, if your providing some 'social value' to your people I'd say keep it going until God tells you personally to stop. In my Seniorpreneur Project I don't make any money however;God has appointed me to continue fighting for 'seniors rights' be they healthcare, financial or getting more seniors to participate in their own communities without worrying about ageism or social discrimination.
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Forum Owner Belew private msg quote post Address this user
@Seniorpreneur

It's not God's voice I worry about ... it's that little voice across from the kitchen table I have to answer to.

"Bill, where's all this money going?"
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Student TParker private msg quote post Address this user
I have thrown good money after bad. It is hard to let go of the emotional attachments to a project. I have found that mentally separating myself from the project helps.

If a friend came to me and described a similar project, the money they'd spent, the returns they were seeing and the emotional outlay -- would I advise them to keep going? And, yes, sometimes we have to let go of our emotions and ego and listen to the people in our lives who care about us.

Have a deep conversation. Is the other person's concern coming from a real concern for you and your emotional well-being? ("Honey, I hate to see you pour so much of yourself into this, I think you're placing too much value on this project."

Or maybe the issue is coming from a need for security. Is my spouse so invested in something that he'd bet the farm on it? Is he going to make irrational decisions that impact our financial security?

When my spouse and I discuss investments, usually one of us is the dreamer and the other the rational. (We trade places depending on whose project is at stake.)But, we also make allowances for emotions.

In the years I was pursuing my knitting for profit dream, I spent a lot of money. There was always one more beautiful yarn I had to have. The entire project was a net loss, of course. But, it made me happy. So hubs cut me a break. We joke that it was "cheaper than therapy." Now, if I had been running up the credit cards and putting us in debt, the fun would have been over.

The lessons I learned from that project were invaluable when I began freelancing. I had much more self-control. I might want a fancy new app or research tool, but will it pay for itself in gains of efficiency or marketing value? If not, then it is a want, not a need.

We also apply those lessons to my husband's plans for the future. Yes, the $3500 laser cutting device is cool. But let's start with the $600 one and upgrade after we test the business model.

Talking less-- listening more is important. Why don't I want to spend this money? Why is it better to invest more upfront? Take out the emotions, can you still make your case?

Perhaps not PC, but gender plays a role in our household. For me-- is this taking away from my children's needs/wants? For husband-- does this affect my ability to provide/pay the bills?
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Forum Owner Belew private msg quote post Address this user
@TParker Terrific and thoughtful response.

I am going to bring this to the breakfast table tomorrow ... or maybe not. But I want to.
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Student TParker private msg quote post Address this user
Fortify yourself with a good breakfast first. LOL
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Member tienny private msg quote post Address this user
@belew I have questioning how to make the decision.
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Member DansCartoons private msg quote post Address this user
I think it was here, I recently was quoted $5,000 for two months worth of radio ads promoting my service (for authors, writers, consultants, facilitators, web designers blah blah)....I forgot who told me....but they said DON'T DO IT.....that was a voice from OUTSIDE of my head.....but the inner-voice in mine, says "do it"....I was just contacted by this network's ad manager with other options to see if I still want to do it (summer is marching forward!). So it all begins with your idea or impulse to BEGIN. Use that same impulse to STOP, is all I can say.....
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Member tienny private msg quote post Address this user
@DansCartoons Is the inner-voice in yourself brings a good result?
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Member DansCartoons private msg quote post Address this user
@tienny sometimes . . . 50/50 and you?
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Member tienny private msg quote post Address this user
@DansCartoons Same like you. 50/50 too.
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Teacher SusanDay private msg quote post Address this user
@TParker I think you make an important point and a distinction between a hobby and making an income.

I work to support my business interests and also my hobbies because they are great therapy, and I learn so much that I can use in so many other areas.

I don't think these things will ever be a waste of time or money.
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