The Exit Strategy

Not having an exit strategy is always a mistake. I think people fail to think about and plan for an exit strategy because they have the mindset that failure isn’t an option. Um, no. Failure is always an option and avoiding it as a thought process may be setting yourself up failure! The good news is people, like myself, can learn from their failures.

Even with the best training and the most experience, you should always plan an exit strategy in business. In fact, you should always plan an exit strategy when entering into any contract or committed situation. Knowing the worst case scenario up front can help you navigate your future endeavors. So, yes- I recommend making an exit strategy for your business. But how?

1. Write your business plan and write your exit strategy back-to-back.

2. Succession Planning vs. Selling to an Outside Party- which one is right for you? Should things go wrong, how will you sell your company? Will you sell your company? What if things go right? Will you sell your company? If so, to who?

3. Don’t assume your family wants to takeover the business in the middle of your crisis. Talk with your family about handling your business should a medical or other life emergency arise. Would they be able to (and would they want to) take over your company?

4. Consult with advisers now about your exit strategy (either selling because it’s failing or selling because it’s succeeding). If you don’t hire the right financial, legal, tax and business advisers to help shepherd any sale or consult on an exit strategy from the get-go, you’re doing yourself a great disservice.

Exit strategies are needed. It’s difficult to address when launching a business, but I promise you its even harder to address when going through a time of great wealth or difficulty.

Until Monday,

Twyla Garrett

Marketing “WOW” Moments.

Every company alive wishes they had a Super Bowl budget when it comes to marketing. Realistically, most of us business owners barely have a local magazine advertising budget. The truth is, simple and low-cost marketing efforts can have big results- you just have to know how to navigate your demographic and social media properly.

One thing I tell all my peers is to market as if you were having an honest conversation with someone. Don’t throw out “buy me” or “sham wow” content all over the internet. It doesn’t work. Most of us know of the Sham Wow, but how many of us bought the product? Exactly! Write like you are speaking to your customer without using the voice of a used car sales person. This trick will help you engage your demographic, not SPAM them.

You also want to seek out consistency. Don’t post to FB or Twitter only when you have something to sell. Provide funny MEMEs or viral videos to show your customers that your company is human, not just a promotion machine on social media. Engage with people, too. If someone asks a question on FB, respond right away. Offer tips and ask to follow up via email or phone. Adding a personal touch to your customer service, even online, is important.

I truly hope you utilize these techniques when starting to market your company and products. You don’t have to have a multi-million dollar budget to make a big impact. In fact, all you really have to do is put some time and effort into your writing and social media communication labors.

Until tomorrow,

Twyla N. Garrett

National Start a Business Month

March is National Start a Business Month. So, where do you start? Launching a business can be confusing and it will be stressful.

Things you need to ensure you are on the right path to starting a business;

1. A great concept. Don't start a business that someone else already has- that is unless you have a killer angle. If you have a Starbucks on the same corner you want to start a coffee shop- kill the idea. However, if you found a spot for your coffee shop that isn't within three miles of a Startbucks, consider moving forward. Know your competition and don't start out right under their noses.

2. Write your own business plan then have a professional rewrite it. Sure, you can hire someone like me to write your initial business plan. But why? Always write your plan first. This way you know your business inside and out. And you can fix any issues that come up while writing the plan. After you have composed the first draft, then you can hire a professional to make the business plan look pretty.

3. Know your resources. Where do you go once you have your idea and your business plan done? Below are links that you should start exploring to map out what steps you need to take locally and nationally to launch your business.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Starting-a-Business

http://www.sba.gov/sba-learning-center/search/training

http://www.sba.gov/content/determining-business-size

Have questions? Let me help you! Post your comment or question and I will respond.

Twyla