Would you rather have ten thousand dollars now?

Wow, what a question. Actually it is a partial question that was brought up in a conversation yesterday with regards to working your own home based business. There was frustration in the slow growth of the business and the other person commented about the "Penny Doubled Concept". The full question is, would you rather have $10,000.00 now or a penny doubled every day for a month. So we explored this concept with an eye towards working a home based business.

I bet your initial reaction would be to take the ten thousand dollars today and run. If you first think about it, today you get a penny, tomorrow you get two pennies, the day after that, you get four pennies. Initially, the growth looks very slow and painful. Just like starting a home-based business. You start your business and if you are lucky, you will start getting business, but usually it is in very small increments and can be painful at how slowly your business activities will grow.

If you follow the penny doubled concept through the 30 days though, the story looks different. Continue doubling the pennies each day. Compounding starts looking really good. By the time you get to 15 days, with doubling your penny every day, you will have $163.84. Heck, that really doesn't look like much after 15 days does it? Again, after perhaps a few months in your home-based business, it may not look like much either. You will most likely have more sales, but still not the amount of sales you had originally projected. Half-way through your business year, you may be getting worried about your home-based business being profitable over the long haul. But, you really do need to hang on because we haven't finished compounding that one penny doubled....

If on day 15 you $163.84, on day 16 you would have $327.68, looking better, the next day, you would have $655.36. Now the numbers are really starting to grow. By day 20 you would have earned $5,242.88, by day 25 you would have $167,772.16. Wow, that was only 25 days of doubling that one penny. By day 30 if you continued to double the money, you would have earned $5,368,709.12. In just 30 days!

Move this concept to your business. If you strive to double your new customers once a month (keeping the initial customers) then think of how large your business will be in 30 months. Granted this is a relatively extreme example, but the point is that persistence does pay off even in starting up a small home based businesses. You will start off slow. You will get one or two people purchasing from you. Then eventually those happy customers will tell some of their friends and one or two of them will come in and become a customer of yours. If you continue that trend, you are basically copying the Penny Doubling Concept. The main object here is to be persistent and not to get discouraged. Tenacity and persistence will pay out in the end.

Until tomorrow...