Entrepreneurship : Build Your Business To Be A Gold Business
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By: Donna Price
Date Submitted: 2009-11-06 21:02:56 - Article Views: 67
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Building a gold business can be part of your plan from the start or it can occur somewhere along the way. When you embark on the business owner journey you can set out to build just a business or you can set out to build a gold business. The gold business plan is one in which at some point along the way you decide that you are building a business that is sellable down the road.
Imagine, the feeling of building a successful business and then saying: "I sold my business". It is one of those magical moments for the business owner. What are you imagining? Relief, time, vacations, money and perhaps new opportunities. Selling can be the goal from day one.
The ability to sell your business is something that every business owner should keep in mind. When you think sellable, it affects "how" you build your business. You want a business that is not totally focused on you, since when you sell, you do not come with the sale. A business that is sellable gives you an exit strategy. It gives you something to work towards and it can change your mind set.
If you don't think sell, your choices are to leave the business when you die, have the business just close at some point or have a business that fails. Selling give you new revenue and if you have been successful in your business then that income can be significant.
Designing your exit plan from the beginning is actually a very good strategy. It should be your ultimate long term goal. Selling a business can be an opportunity to build a new business or take on new activities.
How to you build a sellable business? First, you want a business that is not all about you, your presence, your skills/service. The business should have good growth potential. Buyers are interested and excited about businesses that they see as being able to grow significantly.
In order to do this you will need to have a documented track record; that shows growth. A strong strategic plan that builds in a growth plan is also important. Understand your market and how your strategies fit into that market.
Have all of the pieces of a smooth operation in place: a strong operational plan with policies and procedures; a strong management team that can carry on when you're gone; an effective marketing and sales plan that is working; solid products/services and a broad customer/client base. Your business should be able to run effective without and grow without you as well.
Selling a business is a complicated matter. Buyers want to know exactly where the business stands, so extreme diligence and complete disclosure on your part is essential. Put it all in order from the beginning and keep it that way.
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Author Resource Required for Reprint:
Learn additional strategies for building a highly profitable and effective business from Donna Price, Business Success Coach, Author, Facilitator and Speaker at: http://www.resourcesforentrepreneurs.com or visit: http://www.compassroseconsulting.com; Donna is the developer and author of Bizology.Biz
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Article Source: ThoughtSearch.com 
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Tags:
small business  entrepreneur business development business planning exit strategy |
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