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Redbox Principles Help Contractors Cut Losses

June 14, 2010
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Knowing when to let go can be a challenge. As I raced back to Kroger to beat Redbox rental’s 9 p.m. deadline on the fifth day, I thought to myself, it would have been cheaper to cut my losses and return it on the first day and rent the movie later when it was a better time. It took me six months to convince myself that renting movies this way could be a good idea. It then took me three weeks to master renting and returning movies that embodied both value and convenience. But one question remains, how many days do I wait before I cut my losses and return that unwatched movie?

I am curious as to how many of you contractors are pondering this same question. Not about your Redbox rentals, but about the add-on business you recently started to help offset the effects of the economy. Some I am sure found success and profit in their add-on business. I am positive, however, that others have found their new venture capital plan to be more of an albatross. It’s time to ask yourself some questions. How much time and money have you invested in this piece of the business? How much do you stand to lose/gain if you let this idea go? What will it do to your standard business’ reputation? Hopefully you asked these questions before you began, but things don’t always turn out as expected.

So, let’s hear it. Did you start an add-on business? Is it time to cut your losses and let go?
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