What is a Lifestyle Business & How To Build it?
There are various different interpretations of what a lifestyle business is.
We believe that a Lifestyle Business is a business that generates enough income to allow you to live the life you want to lead.
For most people with a basic grasp of reality that life isn’t all Ferrari’s, Yachts and Summer at the Hampton’s…
Far from it.
It's a Life where you get to watch your kids grow up
It’s a life free from financial worry
It’s a life where you can say screw it lets travel for 4 months and not have to worry about your job.
It’s a life where you have got time to live and enjoy life and not be a wage slave.
Tim Ferris, author of the bestselling book “The 4 Hour Work Week” says “$1,000,000 in the bank isn’t the fantasy. The Passive fantasy is the lifestyle of complete freedom it supposedly allows.”
A Lifestyle Business is a business that you control it doesn’t control you.
Our ideal lifestyle business is as follows:
Simple to operate in 2 hours or less a day.
Scaleable so that you can grow it at will.
It’s cheap to set up.
It has a very very low financial risk (If any).
It produces profits within a few days.
If you feel that a lifestyle business is for you then read on…
Step 1 – Plan Your Escape.
The biggest mistake I made was that I started my first lifestyle business too late.
I was out of work, desperate and down to my last few hundred dollars before I started.
I should have started while I had a job.
Avoid that mistake if possible.
Start building your business while you still have the security of a 9-5 job.
Most of my lifestyle businesses can be operated in under 20 minutes a day once they are set up. (Yes, you can and should have multiple businesses)
If you are in a job then start planning now. Get your first business planned and set up.
Set a short term target, a midterm and a long term target.
Where do you want to be in 1 month,
Where do you want to be in 3 months
Where do you want to be in 1 year.
These are your general your targets.
Operate your business for a few months and scale it up, your first financial target should be to match your current income.
Then and only then should you start to execute your escape plan
Step 2 – Choose a Plan And Focus
The biggest stumbling block for most people who build lifestyle businesses is the shiny object syndrome.
They have a great plan, a business that is earning money and then they see something that offers a 1 click way to riches and they change focus only to find later that there is no magic 1 click solutions.
Focus on what works, Because of distractions It took me much longer than it should have to refine my current business systems so that that they are as simple and as profitable as possible.
I was over complicating things!
Simple Is Profitable
Simple Is Scaleable
Step 3 – Setting Targets
The reason why we preach building lifestyle businesses is that apart from being easy to operate the results are predictable.
We know that if we spend $x we will make $xx.
This makes setting targets easy.
We’ve already discussed short, mid and long term general targets.
Now it’s time to focus on day to day targets, these will drive you on and get you to where you want to be.
Having said that be realistic with your day to day targets.
Your first target should be something that is easily achievable for example $100 a day.
Your second target should be a bit more of a stretch $250 a day.
Your 3rd target should be even more of a stretch, don’t make it easy.
For example $500 a day plus 50 email subscribers
Set up properly your Lifestyle Business should generate a minimum profit of 250%-300%
Over to you now.. do you want to build a Lifestyle Business and live the life you want to live before it’s too late?
If the answer is yes
Come and Join The Free Lifestyle Marketer facebook Group.