Peter Carruthers wrote the best-selling book on surviving small-business closure.
He’s guided more than 50,000 Small Business Owners since his first business closed in 1994. All Online.
Here’s some advice from him.
When you started your business, did you think about your exit strategy?
I’m not talking about retirement or selling your business.
I’m talking about the probability of business closure.
If more than 75% of small businesses close within a decade, then closure is not a distant possibility.
It is a looming probability.
More to the point, it is the default probability.
If we expected our business to close, what would we do differently?
I’ve lost count of the number of times somebody has said to me that their philosophy is, “go big or go home!” Or, “The universe knows if you’re not all in!”
This business life should fund our personal lives.
Not the other way around.
And yet, many of us are the ox, not the wagon driver.
Not only do we subsidise the startup expenses.
We fund the closure expenses through the guarantees we signed.
I saw an excellent quote a while back, “we pine for what we don’t have but don’t nourish what we already do”.
That’s a perfect saying to describe starting your own business.
Right now, two business closure events loom.
- Zero electricity will close many SA businesses dependent on local customers.
- And data breaches will close others.
What are you doing to prepare for them? Your exit strategy?
Click Here for the Tactics I’ve used to keep myself online when electricity or web access failed.
With very best wishes,
Chris Wilkinson – About Me