When you are an entrepreneur, you need to be in touch with the things that will help you to move forward and when you need to let go. Sometimes the business that you have worked so hard to create will no longer be the thing you want to focus on in your life. In these cases, you need to make sure that you have a plan in place that will give you room to breathe and still give your business a good chance at success.
Minimize Your Role
The first thing you should do as you start to think about moving away from your business is to cut back on what you do in your current role. If you want your business to stay afloat after you move on, it helps to start by giving other people responsibility. Then, when you move away completely, your business will continue to be successful. Start decreasing your responsibilities a little at a time as you start to work on your new business goal. This will give your team plenty of time to adapt to your absence.
List Your Business for Sale
You may find that you are ready to disconnect from your business entirely. In these cases, it makes sense to put your business on the market so you can sell it to someone else. It’s important that you have realistic expectations in terms of how long it will take to complete the sale. It can take 3 to 6 months to sell a business. That means that you need to think ahead so you can start the process early and have a buyer before you need to be out of the office yourself to start your new venture.
Start Work on Your New Venture
With the old business taken care of, you can start focusing on the new venture you want to create. Take time to plan it out carefully and to make sure it has legs before you move away from your old business. The more preparation you do in advance, the more successful your new idea will be. Remember that success doesn’t always come immediately, so make sure that you have enough flexibility to give your idea the time it needs to flourish.
Moving on from a business you have worked hard to establish can be a huge challenge, but it is something you can overcome. Make sure to have great communication along the way so your team isn’t caught off guard. That will give you the most possible room to make smart decisions and end up with a new venture that you are excited about.
Check out this article on what expenses are tax-deductible at your business!