Home Business Setup and Exit Strategy

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When I set up my home based business all those years ago it never occurred to me that it would be a smart move to have an exit strategy. After all, I was free of having a boss and I could make my own rules – or so I thought.

What I didn’t realise and what many home based business owners come to realise is that you can very easily turn yourself into a more unreasonably demanding taskmaster in your own case than any other boss you’ve had! Or as one person said to me, “I wanted my freedom, so I gave up working for an idiot and not long after that realised I now had a maniac for a boss: long hours, no holidays and last to be paid.”

I now know that it’s when you first establish a business that you should be thinking about how you will or could sell it in due course. But until I read Michael Gerber on the e-Myth, I did not really understand this. Then I understood that if you build a business the right way you will build in and document systems that will enable you in due course to step away from the day to day running of the business and then to be able to sell it as a going concern without your needing to be part of the ongoing operation.

I suspect that kind of thinking is not common among home based businesspeople, even today. I would like to be proved wrong.