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10 things to do right now...
A little while ago, I came across this. according to recent statistics in the Wall Street Journal from the Center for Women's Business Research in the U.S., there is only 3% of women-owned businesses with a revenue of $1million or more in The Million-Dollar Club... (and I bet that percentage is a whole lot smaller again if being the only breadwinner for the family is also taken into account)
We all know the rhythm of life: birth, growth, and inevitably, death. Owning and running a business follows the same pattern – with one outstanding difference. The business lifecycle lets you choose what the finish looks like and when it will happen, but only if you “start with the end in mind”, according to exit strategist and business broker Denise Hall.
What does that mean exactly? No doubt when starting out, you will have heard how you should "start with the end in mind"? Coming from experience, it's really hard to do that without knowing what the "end" can look like. Having said that though, there are a couple of easy steps to consider from TODAY that will get you in the right frame of mind.
Starting a business is a BIG deal. Building it to become more than your hobby is even bigger again. In fact, building your business into an asset may result in it being possibly the largest asset you'll ever own, or second maybe to your home.
The fact is, if you're at the stage in your business that is OK for now, but you've come to realise it is not what you want to be doing for the rest of your life, that's the time to start planning your EXIT.
Through selling three of my own "Mother of a Business", and continuing to assist other business owners, here's what to think about WHEN wanting to go down the EXIT path. Not only is the Right Time about demonstrating when your Business does what it does, and when else it might do so, but also when is the ideal time to actually put your Business on the market.
Offline? Online? Or is it a combination?
Do you have a strategy for both? Do you have numbers and statistics for both?
How do they complement each other?
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