Planning Your Exit Strategy

Filed in archive business tips on March 13, 2010

© lansakit


It takes a lot of nerve to finally get out on your own; to leave corporate America and start your own business. There's a lot of work and a lot of courage that goes into taking that first step. However, before you quit, plan your exit strategy.

Money: Starting any venture has associates costs that you should take into consideration. Before you ever walk out on a salary job, be sure to put aside a little cash *just in case*. You may start making money your first month, but it might take six, or a year.

Emotional Adjustment: Starting a business creates a rollercoaster of emotions. One day you'll feel elated and other days you'll dread. Talk to your family about the kind of stress they should expect so that everyone is prepared.

Do what you can now: Do as much "pre" work on your business as you can before you finally cut ties with your day job. Do all the paperwork, set up your accounts, try to schedule a few clients to get started with. The more ground you cover before you quit, the better equipped you'll be for the ups and downs you'll surely encounter.

Exit Strategy for your Exit Strategy: If you support a family, you may want to plan for an emergency brake moment. Sometimes starting a home business just isn't the best idea. Someone dies, your spouse loses their job or your personal situation changes. If any of these happen be ready to drop whatever plans you had and refocus. Make sure you can get out! Life happens and now might not be the right time.

What tips do you have for others as they plan to start their own business?