Planning for an unclear future
Starting a business is an exciting time. There is a whirlwind of options and opportunities, the possibilities are without limit and it feels like a fresh start. Your situation is totally unique to you and your new venture.
So it seems odd to start this new venture by thinking about how it will end, but business exit planning is something we’d recommend early on. Many businesses are started each year in the UK, around 113,000 in 2020, and the average age of startup founders is 40 years old.
At this age, you will ideally already have some retirement planning in place, and a business exit strategy could, if things work out, be part of that.
No matter what age you start your business, getting your finances in order early on can help bolster your business success, and reduce worry and money niggles.
“Anyone who thinks he or she can map out their future, obviously knows something I don’t!” says Emma Sinclair (entrepreneur & MBE), who started her parking businesses at 27. Emma also advocates looking after yourself. It’s sound advice, as running a business is much easier in good health.
So, it is never too early to start looking ahead. What are your plans for the scale and financial reward you are expecting? Having these clear goals will help shape your expectations for how, and when, you might exit your business.