- I plan on running the store for a few years. If it's profitable, keep it open. If it's not profitable, I'd just close it. So I suppose my exit strategy is to run it until it no longer is viable to run, then shut it down. It would be a sad day for me and my customers but if it's no longer making money, then there's nothing I can do.
- I've selected this because this venture is more of a passion project for me than a hugely profitable money making store. Obviously I want to make a living and have money, but this idea is more of something I'm passionate about.
- It's probably influenced how much I'm willing to risk for this venture. It's not something I NEED to do, so I'm less willing to risk a lot for something I ultimately only see as a fun dream rather than a reality I want to happen.
Thursday, April 11, 2019
28A – Your Exit Strategy
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Andrew,
ReplyDeleteI definitely agree with your strategy. If you are making profit, stay open vice versa you will know the decision to make. I think also having a more descriptive on if there is no profit are you going to have a plan B if something does go wrong. Do you want to add something to your company or expand to the liking of your customers. Would you go strictly online, meaning if you have better odds of not being in debt or having to close your business??