Before starting your business there are two (2) decisions that you need to make! Most people tend to overlook them but you are different so pay attention!
You have made the decision to start your own business. Great! The country needs more small businesses and Lord knows we need somebody to create some new jobs!
The two (2) decisions that you need to make are:
- How many years do you want to be actively involved in your business?
- What exit strategy plans are you going to install for that time when you want to leave?
You need to remember that time passes at a very fast pace so just do it! If you don’t think about these issues now; these issues will get buried in your day to day hustling to make your business a success.
The issues are compounded if you have a partner or two so you need to make a post it note and attach it to your forehead; to do it now! Seriously, the sooner you address the issues the better off you will be!
With any luck at all you will have so much fun making your fortune that you will never want to quit and I sincerely hope that is what will happen for you; unfortunately, the odds are against you.
Most business owners never have enough money to leave their businesses and live the life of their dreams.
A recent article in Forbes reported that 80 per cent of new businesses fail within the first five (5) years! That is eight (8) out of every (10) new businesses fail!
You need to take action to make sure you are not average!
I believe that you can be successful if you begin now and start some serious planning about the future! Do not allow yourself to be like the majority of business owners!
Dare to be different!
You can do this by being a student of your industry and knowing what is happening in the world around us. Everything that is happening now was predictable.
You must learn to understand how small businesses are affected by the big spenders in Washington!
My advice to you is to do some serious planning, dreaming and brainstorming about ways to make your journey a successful one. Simplify your business by implementing systems!
Planning for your retirement should be at the beginning of your business journey, not the middle or the end. You do not want to be nearing the end of your business career and have to begin worrying about your life after your career.
The second decision is to make your exit plan long before you actually leave.
My personal recommendation is to work on your business and develop systems so you have something to sell besides the company name. If the business is build around you then you have to be involved after you sell.
Even if you plan to leave the business to your children there should be systems in place to insure that they don’t have to re-invent the wheel!
Here is a short video about planning your business. Enjoy!
Review this video to give you some ideas about your exit plan.
The lesson to take away from this post is to do some serious planning at the beginning of your journey. Plan for success and it will happen!