Blue Ferret BlogTip 10-2-06 - Set an End Date For Your Business

Nobody wants to do the same thing forever. That includes self-employment. We've all had that day when we wanted to be doing something, anything other than run our business.

Here's something I've found relieves a bunch of will-I-make-it stress: Try setting an end date for your business.

Complete its life cycle in your head. And decide what form this end will take. Setting an end date, and what action you want to take after that, will give you a goal to work toward. It'll also give you peace of mind - you'll know you aren't going to be doing this for the rest of your life. You'll reach an end, your work will have its result, and you'll have change to look forward to.

Here are some options for that final action:

1. Sell the Business.
2. Start a New Business.
3. Retire (I like this one).
4. Move & Start Over.

What's a good end date to set? I'd suggest going in 5s - 5 years, 10, 15. Regardless, It's important to set the end relative to the year you began. That way you're immediately aware of how much time you have left to get to your final action. Nothing like a deadline for motivation!

In five minutes you can garner 2 benefits, a goal and a plan. All from deciding to set your business' end date, when it will be, and what you'll do afterward. Lot of value for only three decisions.

Tags: business goal decision making entrepreneur lifecycle small business