Growing Your Business
plan for the future
Business Options
Some people develop a business as a preferred lifestyle and remain in it for most of their working life, while others use it as a means for creating an income, or even increasing their wealth in the longer term. Some options for you to consider for the future of your home based business are as follows:
- Continue as is - develop a satisfactory lifestyle.
- Evolve - allow the focus of your business to evolve to complement changes in the industry to build equity, and achieve greater profitability.
- Leave home - move into commercial premises, perhaps using the business incubator as an in-between stage.
- Go back - return to employment.
- Sell-up - work to create equity in the business from the start. You may find your home based business is not 'saleable' because the business activity is totally dependant upon you, and is not transferable to another owner.
- Hand-over - identify a family member to take over the business someday, and plan your succession.
- Close down - plan your exit. Make it in a professional manner in a way that protects, and even enhances your reputation. Give clients or customers plenty of notice, and be open to accommodating their needs in the short term, or even recommend alternatives for them to consider. A finishing touch is to write a cordial letter once the change is established, telling them that you valued working with them in the past, and if appropriate mentioning your new circumstances.
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