Your Exit Strategy ~ Assignment Twenty-Eight
PLEASE tell me you know what that picture is from...! 😄
Exit Strategy... Hmmm...
So this painting business is not supposed to be long term. It is supposed to be a stepping stone to what I really want to do. I am not planning on growing this company huge so there wouldn't be a big reason to sell it. This company is going to be a smaller one. One so that I can make money on my own time and create my own work schedule. I think that is important, especially when in college. One moment you will have all the time in the world and then the next you're pulling an all nighter... five nights in a row! Some people would call that poor planning but it does happen. Some weeks are busier than others! When I am ready to take the next step into my rentals and flipping business, my painting business will fizzle out. I will probably keep it as a job on the side until I think that my rentals and flipping business can create enough income to live off of. Another option would be to hire it out rather than do it myself. I would have to run the numbers though to see if it would be worth the headaches to do that.
I selected the strategy to let it fizzle out because I probably won't be a big company and it is the option that makes the most sense for what I am trying to accomplish. I don't really want to paint for the rest of my life so I am not going to try to make it this huge company and then sell it or pass it down to my children.
I think it has influenced it because I am not thinking of it as a long term company which completely changes things. It definitely influences growth. I am not going to try to grow it to it's possible potential if I am just going to let it fizzle out and move on to the next thing. It wouldn't be worth my time. What I am focussed on is how this company is going to get me to the next step the quickest. I know that it might have been better to come up with a long term company but I wanted to do one that was relevant to what I could do now so I hope you guys like it!
Hey Danielle!
ReplyDeleteFirst off, I love the NSync reference. Secondly, I was kind of disapointed to hear that you don't plan on making this company a longterm one. I really wish you would've, but I'll respect your decision. I feel that you are making the right decision, seeing that you don't want the company to continue.
How could someone not know the picture? I'd be extremely disappointed in our generation if they didn't. LOL. Anyhow, I like how realistic you are being with the business being a stepping stone. I wish there was a way for me to have a stepping stone but there isn't, mine is a your all in or your out kind of business.
ReplyDeleteI also decided to make my venture as a short term gig and don't plan on expanding by any means. But it was a cool thing to do being that I made some nice change on the side and it allowed me to cooperate in this class while enjoying it too. Maybe we can figure out how to cash out with our gigs at some point later in our lives
ReplyDeleteGreat post Danielle! I agree with your exit strategy for this business venture. I would use it mostly as a learning experience for you to start off in and maybe when you become more experienced in the construction and design industry can you come at it again with a different model and create something more long-term. My exit strategy also follows that mindset.
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