Comparative Advantage in Outsourcing and Opportunity Costs as a Content Creator and “Writing and Published Author” Business

Being a writer and published author is a journey I never saw myself on. I thought I was going to be a Counselor, Psychologist, or even an Attorney (I know that last one seems super different, but it was definitely in my line of possibilities, lol). I talk about this in my blog post titled “A Day in the Life…”. When you get a chance, you should check it out. I give testament to some really cool details on platforms that work for me when marketing my published works to the public. 😎

Being an author is a business. Not only do I write books, but I also create content for other healers, motivational speakers, and coaches that need strategies, content, and resources to run their businesses effectively. It is my desire to assist these individuals because the more people we have out here helping to heal the masses, the more we can create a world with peace and harmony. 💪👏

In this blog I would like to spotlight a factor of business that is not something that is readily considered when operating a business like mine: opportunity cost and comparative advantage with trading, collaboration, and outsourcing.

 For me in my business, I have to evaluate the opportunity cost between the 2 resources: “money” and “the completion of a project”. A completed project could be a digital template, ebook, or something that seems simple like adding descriptions to YouTube videos or creating a book cover. However, when considering the time it takes to do something simple like that, it may be determined that my time would be best spent doing something that can’t be outsourced, like writing my own personal knowledge in an ebook. 

The time it takes to complete any particular project varies depending on the individual desired product, so I have to continuously make this calculation known as “opportunity cost”. Many times, I end up just deciding to trade the money for a completed project from another contractor, such as a book cover, because it would take them less time to complete it than it would take me, or my time would just be best spent on doing something that can’t be outsourced as I mention above. When I am not trading money for a project, I am spending the time it takes to complete a necessary project. The “Comparative Advantage” in collaborating is a great example of how trading with others can drastically increase productivity for a business. Without trade, collaboration or outsourcing, I am only able to produce a certain number of projects in any given time. When I add trading, collaboration, or outsourcing into the equation, I am able to produce an increased number of projects. I am able to use it to leverage production while using the same amount of time, but it yields me more products. 😁

A “Production Possibility Frontier” model allows a decision-maker of a business the ability to look at what can be produced with the resources and time that are available to them. It is a great tool to be used when trying to plan out the most efficient way to use time and resources for the business. Moving forward I will be taking into consideration the opportunity costs of doing something myself or outsourcing it. Even if I can do it and am great at it, it still may be more cost effective to delegate that particular task and get someone else to do it.

As I mentioned before, content creation, writing, and being an author is a business and I must treat it as such. I can no longer afford to treat this endeavor like a hobby if I really want to be successful in this pursuit. 😌

I hope this post has inspired you in some way, or at the very least, brought something to your attention that you had not considered in your own pursuits. ☝

Until next time. 💓

 

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