For this post, we are to something new and exciting.
Students have been asked to identify their exit strategy, which is a much more
important part of the entrepreneurial process than most people realize. Having
an exit strategy can also be applied to many other areas of life. This post
reminds me of one of Stephen Covey’s 7 habits, “begin with the end in mind.”
Let’s get going!
My exit
strategy will be to transition from a single brick and mortar location into a
regional franchise with several locations. This strategy is a best-case
scenario, but it is worth noting that sometimes the best-case scenario does
actually play out. From a lifestyle standpoint, this strategy makes the most
sense. While everything is exciting and new with my venture now, I am not willing
to guarantee that I will want to wake up at 5:00 A.M. to run a coffee shop when
I am 40. With that being said, I do know for a fact that I will always enjoy
making passive income from a business that I founded and grew to a critical
mass.
This
strategy will largely shape our decisions from the very beginning. Going the
franchise route will allow us to be more aggressive with early growth and
networking. Knowing where we are headed will also provide us with some leverage
as we attempt to land exclusive suppliers and B2B customers. I would rather
have several successful franchise locations than be the sole owner of one
extremely successful location. Now let’s get out there and grow!
Heads up! I think your first sentence is missing a word!
ReplyDeleteHi Michael! I thought it was really interested that you noted just how important the exit strategy is! Every business owner wants a to see their business succeed and have a smooth transition when they decide to step down. You stuck with your business idea from the start, and although I was not thrilled about it in the beginning, you have really fine tuned the all the details of this concept.
Michael, I think that your exit strategy is very well thought out! Something I've noticed in my own life and with talking with peers is that normally people have a hard time letting go of something they have ownership of. I liked reading your post because you seem to have already jumped over that hurdle and are ready to do what it takes to find success for yourself.
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