People are growing tired of the daily grind and the traditional way of working and running a business, they are increasingly looking for new ways to create a better lifestyle instead of being enslaved to their work. Is hard work and sacrifice until we retire the only answer, or is there another way?
Allow me to shed some light on the matter and introduce you to a new way of doing business that might change the way you think.
Lifestyle Businesses- What Are They And Why Should You Care?
A lifestyle business is one that is set-up purely to accommodate a certain lifestyle. Instead of building a business just to be slave to it’s never ending hunger for expansion, mass profits and global domination… it’s there to fit around your lifestyle goals. This is becoming more and more popular as people don’t want to wait until they are over 60 to start enjoying life, which definitely makes sense to me!
For example your ideal lifestyle might be travelling around the globe experiencing the many different cultures out there, with enough money to enjoy yourself while you’re at it. It might be spending more time with friends and family and enjoying the freedom to go wherever you want, whenever you want. I must admit that sounds pretty good to me!
Creating a lifestyle business can accommodate your own unique lifestyle, provided you design and run it the right way of course. Essentially it becomes a shift in mindset from enslavement to a job or business that runs you, to taking control of our life direction by purposeful design.
Rather than channeling all of your energy into to building and growing a large-scale business at any cost, you choose a business model and way of life that allows you more freedom at an earlier stage in the game.
Having a lifestyle business doesn’t necessarily mean running a small profit, no growth operation by any means. How big the venture becomes depends entirely upon the goals and vision of the person running it. If your lifestyle goal is to be able to live at home and have more time with the family, then work with a business that can provide that.
If your goal is to travel the world and have plenty of money to spend in the process, a lifestyle business can accommodate that as well.
Choosing to build a lifestyle business by no stretch means you won’t make good or even amazing money, just that your primary focus is on your lifestyle and the journey instead of the end game of building a global empire.
What about the other side of the coin, work tirelessly to build an empire and then sell it once it becomes profitable enough? Well that’s an option too and the next section sheds some light on it.
Committing To A Start-Up Or Growing Your Existing Business- Another Perspective
Another idea is to focus on a new start-up or grow your current business to a point where you can eventually work your way out of it completely by selling it. This is certainly a viable option but you will need clear goals and an exit strategy or you may wind up like a lot of aspiring entrepreneurs- chained to your business all day every day for a very long time.
One of the main ways a start-up attains funding is through a Venture Capitalist. These people invest money into a promising new start-up in the hopes of seeing some pretty solid returns and often take a very substantial chunk of your new business venture to offset their risk.
There are definite advantages to this but it goes without saying that you may be doing a deal with the devil so to speak, by handing over a large portion of your creative control to them. You may also be forced to comply with their profit driven objectives and goals, which may differ from yours quite substantially. Understandably they want a return on investment first and foremost, so ensure your goals and objective are closely aligned and that you’re both on the same page.
In short yes this can and does work for some, but make sure it’s what you want as it will require a massive amount of time and effort for relatively uncertain results. By making the business your main and only focus, it may always be that way.
No matter which path you take, you’ll probably agree that moving closer towards time and location freedom are important to creating your desired lifestyle. The next section lays out some simple ways of doing this.
3 Simple Ways To Create More Time And Location Freedom
One of the biggest things I love about the concept of a lifestyle business is the time and location freedom you can have. I’ve put together a few little ideas/ways of creating more time and location freedom:
- Learn To Automate And Delegate tasks as much as possible and avoid being a micro manager. You might be surprised what people can accomplish without you managing their every move, by empowering others to accomplish tasks and goals you free yourself and build a better team in the process. You can also move closer towards creating passive income by doing this.
- Act Purposefully to avoid wasting time. Every meeting, phone call, email or other business related task you should always have set rules for maximising your time. For example instead of mindlessly checking your emails 10 times a day, set a specific time for this and stick to it. Make sure you keep people you speak to on purpose all the time and continue getting to the point of the discussion very directly. You would not believe how much time gets wasted on completely unnecessary and unproductive dialogues in a lot of people lives.
- Consider living Abroad in a place that you could be paying half the amount of living costs. If you could find a way to run your business from your laptop then why not choose a place to live on the planet that costs half as much to live. This is a real opportunity to take advantage of different economies and still make the same amount of money as if you were living at home. What a life!
There are many more ways to achieve time and location freedom but these are a few simple ideas I thought might get your creative juices flowing. So why are so many people gravitating towards a lifestyle biz?
Why So Many People Are Choosing A Lifestyle Business
It’s no secret that many people are opting for this route as they don’t have to put their entire life on hold to ‘one day’ have the freedom to enjoy it. They also don’t need to jump through hoops just to please the venture capitalists, other investors and shareholders etc.
It allows people the freedom to design a business with a lifestyle they want to live and weave that into their business plan. It is also entirely possible to earn a six-figure income with a lifestyle business as many have done before and continue doing.