The biggest cost in Social Networking is time rather than money. Social Networking takes time. When I talk to newbies about SN, they often state that they don’t have time to do this. And this is an accurate statement. They haven’t allocated time to do this and therefore they don’t have it.
Fact is that we all have the same amount of time. It is a matter of how we choose to allocate the time that determines what we do with our time. The reason I HAVE time for Social Networking is because I have allocated it. That time didn’t exist before. I had to take that time away from something else and put it into Social Networking. That something else for me was mostly watching TV.
Opportunity cost refers to what else could you be doing with that resource. That is a cost that needs to be factored into the equation how much does something cost. It is a hidden cost and yet it is very real.
When I looked at the opportunity cost of TV vs. Social Networking, it was a no-brainer for me to re-allocate that time.
Nowadays, I still have to look at my opportunity cost with Social Networking. In other words, what else could I be investing my time in that would yield I higher ROI than spending my allocated time with Social Networking? Until I find something that yields a higher ROI, then I will continue to allocate Social Networking time.
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