Cutting Losses.
It's a big subject for me. Because there are still projects out there in my ether that I am passionate no longer. But I don't want to admit it. Letting go of a baby that spurred my passion and will to get out of my seat to make it what it is today – a content filled Website filled with information and stories that made us, at the time, so excited. My partner, who once was so passionate about it, has also left it because I too have left it hanging. But every so once in a while, we revisit it. I am currently paying the domain and the registered service, which, sheepishly, I admit it am not keeping up with the billing and administration. I have been toying with closing changing where I do business and move it to North Carolina, but I am so lazy and don't feel justified to spend my time or my money on that. But, I know after much reflection that if I don't minimize the cost on this, then really consider selling my share to my partner (which honestly I think she would gladly take and probably be able to make it super successful). But it's my baby. And it is so hard for me to let it go.
Listening to Greg McKeown in his book essentialism, I learned this feeling is ingrained in our mind never to waste time. It's what he is calling Sunk-cost bias. It is the tendency to continue to invest time, money, or energy into something we know is a losing proposition simply because we have already incurred, or sunk a cost that cannot be recouped.
I need a come-to-moment with myself, “If I weren't already invested in this project, how much would I invest in it now?” What else could I do with this time or money if I pulled the plug now?”
And here is my answer. I wouldn't invest a quarter of the money that I invested already. If I were to cut my losses now, it would greatly benefit the audience because if my partner took over, she could do a better job with it than I. And I could save close to 1K per year on all the on-going costs. And it would free up my mind letting go of my past to work on the new projects that interest me.
Hmm. It looks like I made up my mind here. So what is my next step? I need to clean up some stuff on my end and make a simple proposal. Any money offered at this point will be a profit.
Let's me check in with you guys and let you know how it goes.