Exit Strategy
1. Since my business is selling stickers at UF, I do not plan on continuing the business after graduation. I plan to have this business while I am still a student here, and I don't think it would really be possible to continue afterwards. So, my exit strategy is to retire from selling stickers after graduation.
2. I have chosen to retire because I don't think selling or passing it along is possible. I would be the one designing, creating, and selling the stickers to other UF students. So, if I am no longer at UF, then the business isn't really possible anymore. It is possible that I could potentially carry on this business, but I think it makes more sense to retire after graduation.
3. I have known since the beginning that my concept was limited to my time as a UF student. I knew that UF students would be my main demographic, and that I would only want to do this business while I am a student here. So, this has impacted some of my decisions, but does not seem to change much for my particular business idea. It has influenced how I plan to acquire and use resources, especially in the beginning, because I know that this business is temporary and unique to me.
Hi Alison, I really enjoyed reading your reflection about your exit strategy. It is important to know when you want to grow the business and when you want to let go. Recognizing that you being a student is important for you to grow the business is important for the growth of your business, and bein aware of what works and what does not is important. I think that knowing that UF is where your business will grow is also important for the success of your business.
ReplyDeleteI have a similar thought process as you since I would not keep my business as my main focus either. I think if you could develop this niche business and make some money from it before you graduate, you could take the money and go do something else you want to do.
ReplyDeleteYour idea definitely resonates with me a lot. The route you are taking shows that you truly have a passion for your business and that you want to make the best next move. You have done a great job at explaining how you intend on handling your business in the future. With mine, I had some similar features to your plan, and I'm happy with my decision.
ReplyDeleteI also didn't see a good transition to selling my business or passing it on. Its too personal and your own idea is your own, I felt bad if I were to force my children onto something they were not equally passionate about.
ReplyDelete