Recognizing the value of sunk costs

Are you aware of sunk costs? Sunk costs are costs that have already been incurred. They consist of money you have spent on marketing, letterhead, advertising, website design or on legal nurse consulting education. When we spend money for any of these things we become invested in the outcome. We want the investment to pay off.

Sunk costs are needed for your legal nurse consulting business

Sunk costs are the bedrock of your legal nurse consulting business. They are necessary to build the foundation of your role as an LNC. This investment does not pay off overnight. It may not pay off even in 6 months.

The get rich quick model works only for a fortunate few who connect with an attorney at the right time – the attorney needs what the LNC has to offer, has the cash flow to pay for it, and appreciates the results.

For the rest of us, the creation of a legal nurse consulting business is a slow and often unsteady march towards creating a group of clients. It feels like pushing a ball uphill. and yet that is the method that pays off – a continuous effort to connect with attorneys, discuss the value of using your services, and gaining skills in legal nurse consulting.

The advice to not quit your day job is rooted in this knowledge that it takes persistence, patience, a thick skin and determination to build a business.

Every “no” from an attorney brings you closer to the “yes” you’ll hear from the attorney who needs you. Then your sunk costs will begin to pay off.

Pat Iyer MSN RN LNCC is president of The Pat Iyer Group LLC. Want to talk to Pat about mentorship? Make an appointment at http://lnc.tips/MMM.