Congratulations on your entrepreneurial spirit! Where will you take the business from here?
Brainstorm about the goals for your business for the following time frames. Think about how many of your products you might sell, how much money you want to raise, how many customers you’d like to reach, and more.
- Goals for the next 3 months
- Goals for the next 6 months
- Goals for the next year
- Goals for the next 3 years
What kinds of support do you need to make your business larger? Think about some of these questions:
- Do you have a mentor or someone who has owned a business before that you feel comfortable talking to about your plans?
- How much time do you want to continue to put into your business to make it larger?
- Are you interested in bringing on a business partner to help manage parts of the business?
- Would you like to have an office or working space to keep your supplies, and if so, how will you pay for that?
If you need help with answers to any of these questions, feel free to reach out to us!
You may also consider your exit strategy, or a way to transition ownership of your company. This can be through a merger with another company or by being acquired or bought by another company. Both of these instances mean you can stay involved in the business, but you don’t have the be the boss anymore.
You can also sell the company to another person or another company. This approach lets you completely move away from your business to start something new.
Another option is to take the company public through the stock market. This is a big step, and one you can explore when your company has a lot of value to offer to investors.
Another final option is to dissolve your company. This would mean selling all your inventory and selling off or donating your supplies. Plenty of business owners go this route if they’re interested in doing something else.
What’s your next step going to be?