This is a topic that is close to my heart. In fact, it basically sums up the reason why 98% of entrepreneurs go into business for themselves in the first place.
I’m always surprised (pleasantly) by the sheer number of clients that come to us after reading Timothy Ferriss’s book The 4-Hour Work Week. Being a big fan of the book myself, and having dedicated my business to the goal of helping small business owners and entrepreneurs to create a ‘lifestyle business’ (a term that was coined by Ferriss in his book) it’s great to see the stir being caused.
Now you might be asking, what exactly is a ‘Lifestyle Business’?
There are probably many definitions for it, but my favorite one is this:
“A Lifestyle Business is a business that is designed to accommodate and facilitate the lifestyle that you design and that you love”
What this means is that your business is working for YOU, giving you the freedom and financial means from which to live the lifestyle that you want.
This stands in stark contrast to a business that YOU work for, slaving 8-10 hours per day to further the goals and ‘desires’ of the business, while you get 2 measily days per week to recover and attempt to live out your dreams in time leftover for you.
In my mind, there are several key elements to a Lifestyle Business:
•You are doing something you love and are passionate about
•It doesn’t take you more than a couple hours per week to do
•It provides you with the finances you need for the lifestyle you designed
Doing something you love and are passionate about is important, BUT I would say that elements 2 & 3 above are MORE important.
You’d be surprised how easy it is to find something you just LOVE about a business that only takes a couple hours of your time each week and yet provides you with plenty of cash to live the life you want (while spending time with your family, traveling several months out of the year etc).
The fact that I work with entrepreneurs and small businesses every day gives me a front-row seat to a revolution that is underway. The Economist called it the 3rd Industrial Revolution. I don’t have a fancy name for it, but it seems that the perfect storm of terrible global economic conditions, and the sprouting up of innovative services all over the internet, have given rise to a tidal wave of small business innovation and entrepreneurs who are starting businesses and creating and marketing their goods and services to a global audience.
This huge group of newly established small business owners are now pushing the envelope even further and learning to structure their business to serve them and their needs.
In a future post we will get more into the nitty-gritty details of HOW to setup a Lifestyle Business so be sure to subscribe to the blog or follow on Facebook so that you’ll receive the next post as it’s published!