The True Cost of Waiting

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The cost of waiting is typically used by financial advisors when talking about how much to save and how early to start. Just by starting 5 years later your retirement investments are significantly impacted, in a bad way. Here is a scenario and graph.

“Liz and Jenna, both 24, started work for the same employer on the same day. After a year, when she was eligible to participate in her employer’s plan, Liz began making an annual contribution of $1,000. Jenna chose to wait another 10 years before joining the plan. Liz stops investing after 15 years, while Jenna continues to invest $1,000 a year until she retires at age 65.

Both contributed $1,000 a year. Both earned an 8 percent rate of return on their investment. Liz invested for 15 years and a total of $15,000; Jenna invested for 31 years and a total of $31,000 – more than double Liz’s investment. Yet Liz still came out ahead. That’s the power of compounding!” Copyright © 2004 - 2010, ING North America Insurance Corporation.

Your Website

Your website is an investment in your own company. The sooner you have a website that is set up properly selling your product and services the sooner you will start making money. The longer you wait the more time you give others to jump on your idea and beat you to the sales that are yours. In the best case scenario you will be more successful than the competitor who started before you, the worst case, your once in a lifetime idea is lost to someone else.

If two website's are identical in performance and one is launched today, the other a year from now, the website that started later will always be behind. Just like the investment graph above the website that starts later will end up with less sales.

Not only will your company lose out on the entire first year of revenue (and profit) but also be one year behind the competition forever even if you manage to match their sales and growth.

This simple example doesn't even factor in all the things that can affect the business who is second on the market.

  1. Search engines prefer sites that have been around longer to new ones. It shows that you are a credible business. Businesses that start before yours have an easier time making it to page 1 of Google, Bing and Yahoo.
  2. Being a me-too business will inherently get you less customers than the original. Why use a Facebook copy when you can use Facebook?
  3. The longer your website is up and running the more time we have to fix problems, make things more efficient, tweak marketing strategies and add more features. This will force the me-too’s to always play catch-up.

The best time to start is now. Don’t waste another day because it will lead to another week, another month then another year. Business owners are busy and website's are usually not on the front burner. With over 266 million Americans online and almost 2 billion people online worldwide (1,966,514,816¹) the internet should be the main market venue and main focus of your business.

¹ Copyright © 2000 - 2010, Miniwatts Marketing Group

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