Just because you do not currently own your own business doesn’t mean that the Exit Mindset does not apply to you. The idea of nurturing an Exit Mindset and treating your businesses as if there is a buyer around the next corner is one that can be valuable no matter the circumstances. Whether you are looking to sell, are a satisfied owner or are an aspiring entrepreneur, it’s important to keep your mind open to the possibilities of growth. After all, you never know when you will come across the right idea, product or service that thrusts you into the exciting and everchanging realm of business ownership. When the time comes, the most important thing you can do is be prepared to seize the moment and grow alongside the opportunity that is presented to you.
Just Getting Started
Making the decision and taking the first steps to start a new business, a new task or even just a minor project is always the most difficult part! Whether you are taking over an existing business or starting your own from the ground up, establishing a stable foundation to ensure your business’ strength down the line is crucial. In this blog we will discuss the tools that you will need to begin and mindset that you will need to establish to grow a business that can eventually be sold for a profit. The three principles of the Exit Mindset are Product, Infrastructure and Conversation. Once you understand how these elements of your business should be run and can affect your valuation, you’ll begin to realize how important preparation and future outlook can be! It’s a common misconception that if you maximize your profits, purchase some advertising to build brand awareness and acquire a location that your valuation will skyrocket but that is not always the case. Although some small businesses may run like this, you’ll find that larger companies often put together an operational strategy that is specific to their business model and projected goals. In 2021, just a thought is not enough to garner the attention of a potential buyer or investor. You will need to prove that you have the ability to create a solid plan that is unique to your specific business and execute efficiently.
Product, Infrastructure and Conversation
As a first-time business owner or new entrepreneur, it can be easy to become overwhelmed by the number of problems within your business that require solutions. From your product to the infrastructure and even the conversations your team is having with clients there are a lot of balls to juggle all at once. It’s important to be able to isolate problems and quickly identify whether a certain issue relates directly to your product, infrastructure or conversations that your team is having with customers. The first thing you’ll want to do is analyze your product and ensure that you and your team fully understanding its value within the market and the benefits that should be focused on. As you begin to dive deeper into the competitive advantage that your product has and the market that it will most effectively appeal to it is natural for questions to arrise that require infrastructure changes and conversation adjustments. Questions like; Do I have a location that is reasonable to work from? Do I have the right employees having sales related conversations? Do I have the financing that is necessary to succeed? While not all of the questions that come to your mind will be immediately relevant, the Exit Mindset will teach you to think in terms of long-term success as opposed to solely aiming for short-term profits.
A Dangerous Calculation
One of the most common mistakes that businesses make is not calculating all of the costs that are related to starting a new business, developing a product or service and then executing a business plan. Contrary to popular belief, product development is not always the bulk of the startup costs that it takes to get the ball rolling. As an entrepreneur you have to always consider the cost of paying employees, creating content, insurance, developing infrastructure and more! As we discussed earlier in this article, it takes a lot more than a great idea to prove yourself in the business world. In the beginning you may be surprised by how much time and thought goes into the development of a solid infrastructure, but these processes are key for long-term success and growth. By developing a quality product, discussing infrastructure as if your business is going to multiply exponentially and promoting innovative conversations from the very beginning, you will undoubtedly be saving yourself and your team a lot of time in the future!
At the end of the day, even with the utilization of the Exit Mindset there will be problems and issues. The truth is, if you are not ready to deal with everyday problems, trials and tribulations it may not be time to embark on the journey of starting your own business. On the other hand, if you have made a commitment to yourself and are determined to succeed there is a lot that you can learn from the Exit Mindset and its three main principles, product, infrastructure and conversation. With the help of the Exit Mindset, you will learn to view your business from the prospective of a potential buyer and discover how decisions that you make early on can have dramatic effects on the valuation of your company. Learn more about increasing efficiency, growing your company’s valuation and creating a positive work life for your employees at www.exitmindset.com. It is never too early to begin gathering the tools that are needed to grow a business and ultimately achieve long-term profits!