In an eye-opening blog from The New York Times’ “You’re the Boss” contributor Barbara Taylor, the topic of how business owners build their livelihood is addressed.
Think of it this way: If you could sell your salon today, would you? Is your business model sustainable? Does it have value? Do you have an “exit strategy” in place? Can your business even survive without you?
If your answer to these questions is “I don’t know” or “no,” then you’re not alone. Surprisingly, few small-business owners start (and run) a company with the consideration that they will one day sell it off. More often, the idea of selling a business only comes up in cases of emergency: a death, change in health or burnout.
The goal is to think of your business not as your “baby” or your identity, but as your asset. Instead of living and working day to day, and eventually closing the doors with no money to show for your years of hard work, Taylor recommends frequently assessing your business for ways to make it more marketable – whether you intend to sell or not.
For more on this topic, click the source link.
Source:
The New York Times: Is Your Small Business More Than Just a Job?
