What do you need to consider to decide on an exit strategy?
Most entrepreneurs we run into don't have an established, documented exit strategy. As a business owner, especially if you're paying your bills with the money you make, you are in hard hustle mode all the time. Working on your business is just another chore to add to the pile of things that you need to do.
Your hard work has value
Amongst the hustle, you should remember that your hard work is building an asset. That asset has value. Whether you're building things, offering services, or sharing your expertise with the world, it's time to think about assigning value to what you're putting out in the world. You don't want something you've worked hard for to end up fizzling out without an end game.
Don't just dream
The other reason that you should write down your exit strategy is so that you can actually accomplish it. Most goals are just dreams without drive unless you put the pieces in place to accomplish them. So, that's why making some decisions about what your end game looks like will help you put the pieces into place to accomplish it.
"You are 42% more likely to achieve your goals if you write them down. Writing your goals down not only forces you to get clear on what, exactly, it is that you want to accomplish, but doing so plays a part in motivating you to complete the tasks necessary for your success."
Questions to ask yourself
Ready? Ok, let's get to it.
Here are a few questions you'll want to ask yourself:
After you know the answers to these questions, you can choose an exit plan. Oh and if you haven't already, we highly recommend that you create at least a one-page business plan (here are a few samples of business plans from the Small Business Association) to document your short and long term strategy. You can add your exit plan to this document and use it as a north star when you make business decisions for the short and long term.
5 Exit Strategies