Seems like an odd question, right? Why would you want to think about going out of business?
Simple. Because many of your most important business decisions, especially early ones, should be at least partially dependent on what you plan to do eventually with your business.
There aren’t too many choices.
- You might decide to simply close your doors when you get tired of it.
- Or maybe you’ll be so far into the the money hole that you’ll run out of money, even go bankrupt.
- Or maybe you’ll sell it.
A lack of planning on your part, especially in the early days, will make #2 a real possibility.
But if you do a good job of planning on the front end, and a great job of marketing over time, then you might be able to sell your business, because you will have turned it into an asset that can be sold.
Such planning will affect many early decisions like how you’ll capitalize your business, what you’ll name your business, or how your bookkeeping with be done, or even what your logo and other marketing materials will look and sound like.
So – yes – plan how you’ll go out of business! It can make all the difference when you’re ready to move on.
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