Definition

Planning a smooth way out when you decide to sell or step away from your business. A good plan keeps options open and protects your gains.

What to consider

  • Collect data from multiple reliable sources.
  • Identify clear target markets.
  • Update your analysis as market conditions change.

Real world scenarios

  • A retail business conducts surveys and focus groups to understand local consumer preferences before expanding.
  • An online service reviews industry reports to identify emerging trends.
  • A consultant analyzes competitor data to determine market gaps for a new product.

Related terms

Entrepreneurial Finances