Begin With The End in Mind

 
GLBO Exit PlanIt may be a bit of a cliché, but did you “begin with the end in mind” when starting your business?
 
To be honest, not many people actually do.
 
You probably started your own business because you had an idea… a dream… a passion… a vision of what you wanted to achieve. Something you could do better – or in a different way to everyone else.
 
Or maybe you just wanted the freedom of being your own boss.
 
But did you think beyond this… to what you ultimately expect it to provide for yourself and your family?
 
What is your exit plan?
 
A) When the time comes to retire or move on, you intend to sell the business – and secure a large lump sum to fund your “pension.”
 
B) You plan to get someone to carry on running your business while you take a step back – and receive an income from it.
 
C) You are going to put enough money aside over the years so you can just walk away from the business – or pass it on to someone for a nominal fee.
 
D) You are prepared to be to carry on working in your business as long as you are fit and able to do so. (Not really an exit plan at all!)

 
What is YOUR exit plan?
 
If you don’t yet have an exit strategy for your business, don’t panic – it’s not too late to develop one.
 
If you would like your exit strategy to be working towards either A) or B) – you have to start looking at ways you can build your business into an asset.
 
However the harsh and brutal truth is, if you don’t have a business that can’t run without you, you don’t really have a business at all – you have a “job.” A highly stressed income source you can never truly walk away from and relax at the end of the day because you are your own boss – but a job nonetheless.
 
If it isn’t already, you need to be thinking about how you can grow your business to a level where it is too much for you to handle all by yourself. If you only ever have a business that generates just enough income to support yourself, you will only ever have options C) and D)
 
For options A) and B) you will almost certainly have to be “earning off the work of others” – but this doesn’t have to mean hiring employees. (MUCH more about this in later posts and future articles on this site)

 
Getting Your Local Business Online is one of the most efficient and effective ways of growing your business both quickly and sustainably. And it works equally well whether you sell a product or provide a service.
 
Whilst you’re thinking of your exit plan, and if you haven’t already done so – grab a copy of my Essential Marketing Strategies for Local Business by Clicking Here
 
If you would like a free consultation about your exit plan – or what an online strategy can do for your business, I would be very happy to talk to you.
 
Contact Me Here

 

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