Exit Strategy
Permalink | Tweet This! | | October 29, 2008 by John in Freelancing, Graphic Design, Web Design
This post, “5 Questions to Ask Yourself Before Starting Another Freelance Endeavor,” on WebWorkerDaily is worth reading just for the last item, which I’m horrible/forgetful at addressing:
What’s your exit strategy? If your new venture doesn’t fare as well as you hoped, how will you get out of it? Will you be able to sell it? Or will you simply change your strategy? Also, how do you quantify if it’s a success or not?
Although I’m glad that I was never in the position to opt for an exit strategy, it’s always an important part of my initial planning. It allows me to have a Plan B if the venture doesn’t turn out to be as profitable or as worthwhile as I thought it would be.
I need to plan (with the prospective client) for my exit after project completion, especially for the positive/successful variety. I usually assume I will hand over a CD and be done with it, but I need to make sure the client understands that. The negative exit is usually/should be described in the contract.