What is a Lifestyle Business?
A lifestyle business is something that is a business that give s the owner financial and creative freedom. Freedom to live the life that they want, to have the time to indulge their hobbies and passions. Time to spend with their family and the things that are important to them in their life.
A lifestyle business is run with the aim of sustaining a high quality of life. Financial and creative freedom. You need to have a level of income to sustain your life, to pay your bills and to enjoy your free time. But do you really need to have all the possessions that you want? Would you rather have amazing life experiences with your family and friends?
You would be starting a lifestyle business primarily with the aim of having fun. Fun in your business and in your personal life.
Why Build a Lifestyle Business?
People would think that having a lifestyle business would mean that you are creating a business with a passive income stream for you to live off. I’m not a fan of that description of what a lifestyle business is, and this seems to be more discussed on social media than by owners of businesses.
A lifestyle business is set up and run for enjoyment. You should enjoy the work that you do, doing creative work is inspiring and fun. You do creative work because it is a passion, it is something that drives you to be successful and creative. To push barriers and to be proud of the work that you do. Not something to watch your employees do to sit on the sidelines and to see them have all the fun.
It's a foundation from which to enjoy your business and the creative work that you do. To enjoy a particular lifestyle that you define.
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What do you mean by freedom?
Freedom means being able to run your business to be location independent. That is you can run your business anywhere all you need is a laptop and an internet connection and you can start working. You can connect into your office for meetings if you are taking a holiday or travel and work to see family and friends.
It's the option to run your small business from anywhere you want. That you can still give great customer service and meet all the requirements of your clients anywhere in the world without any restrictions. The business models of the past don’t apply, you are in control of your business.
This is not a lazy choice!
Building a business that gives you freedom and time to enjoy life is not easy. It takes time and hard work. Your creative business is a business that needs to be run as one. It needs to have been built piece by piece and all the foundations set and run by its founders. Everything that the business does will need to be defined by the founders.
The way to do work will need to be documented and implemented by the employees. The sales process and all of the workflows in the company will need to be documented and will need to be refined until they are successful.
There will need to be a conscious effort to build the business that will take time and effort by the owners. It will not happen overnight, it will be a process to set all the business up and make sure that it runs effectively.
You do this for balance in your life
You will do all of this work because you want balance in your life. Lifestyle entrepreneurs want to time to enjoy life and enjoy their business., they realise that there is hard work to get to the point and they are willing to make a sacrifice for a long term gain.
The sacrifice of working long hours to set up your business is worthwhile if you can enjoy your life once you have your business running smoothly.
A business that does not need your day to day involvement to run, but a business that you can choose to work in and choose the work that you do.
How can you help me?
We have a number of services that can help you build your lifestyle creative business. We can help you set up your bookkeeping software to help automate the boring stuff and give you time to run your business.
We can help you with our business advisory services such as cash flow forecasting and accountability. These are both ideal if you want to fast -track your progress and move quicker to your goal.
