Part of counting that cost is to love family and self less than God the Father and Jesus Christ. The word "hate" means, to love less. But, that is not enough; we must also forsake all our possessions, interests, and normal human desires. We have to be less interested in these things than we are in God the Father and Jesus Christ and their giving way of life.
The costs are extremely high to follow Christ. It may cost friends and family, jobs, possessions and someday even our own lives. The price may be ridicule, rejection or persecution. We must be willing to suffer persecution with enduring patience. In following Jesus Christ's example, we are to be living sacrifices. In many ways the toughest part of living God's way of life is actually going against the world, Satan and our own human nature and sin.
It is easy to look at the negative side and say, "What if I cannot do it?" The fact is we cannot do it ourselves! That is why it takes faith to be baptized. We cannot, of and by ourselves, go God's way. But with His Spirit helping, guiding and leading us, and with Jesus Christ actually living His life over in us, God promises that we can make it.