When you’re running an eCommerce store, you need to make sure that you prepare for all of the eventualities. One of these needs to be is an exit strategy. Without an exit strategy, your eCommerce business could crash and burn. The Family Business Institute found that 70 percent of all family businesses fail within the first generation due to a lack of exit plans and failure to prepare efficiently. Here are some of the things you will want to consider for your eCommerce store.
Files, Passwords, and Account Access
The first part of your exit strategy needs to be to gather all of the relevant information to running your eCommerce business. You may have a lot of information in your head or scribbled down on random sheets of paper. You need to make sure that you can find it when it’s needed, and, more importantly, your children, spouse, or partners need to be able to find that information as well. Since this information is confidential, you should keep it secure in a safe or in an encrypted file. (more…)