Is There Really Such a Thing as a "Lifestyle Business"?
As a business coach who specialises in helping people build “lifestyle businesses” there are two questions I get asked often...
1. What is a Lifestyle Business?
To which I respond; a lifestyle business is a business specifically designed to suit your lifestyle. It’s a business built to operate around the way you want to live your life, which means your personal and lifestyle goals take precedent!
This often leads to the second question...
2. Is there really such a thing?
To which my response is always; Of course! I’m surprised more business owners don't design their business to be a lifestyle business, but they do exist, and I love showing people how to turn their business into a genuinely profitable 6 figure lifestyle business.
In fact, you might be surprised at just how simple it is to earn 6 or 7 figures a year working part-time in a lifestyle business.
But if it’s so simple why do so many entrepreneurs give birth to businesses that pay less than a regular job, yet consume twice as much time and energy?! I know... crazy right? But I see it all the time, the busy business owner drowning in “to do lists”, working 24/7 yet challenged by cash flow and struggling to make ends meet.
So if you want a true lifestyle business... which is a business that not only allows you to have a life, but also enhances your life, then read on... because there are 3 KEY THINGS you need to understand, and 3 BIG MISTAKES you must avoid!
KEY THING#1 - FOCUS – As a business owner if you must know what your priorities are, because if you don’t you will loose focus. If you’re not focused on the right things you’re wasting precious time and energy, and you’ll find yourself people pleasing or procrastinating. To succeed as a lifestyle entrepreneur, you must get your priorities in order and FOCUS! And what does a successful lifestyle entrepreneur FOCUS on?
Living an amazing life of course! Lifestyle entrepreneurs have clear goals and a life plan in place first and foremost, then in their business they focus on just two things - building relationships and delivering results... that’s it!
BIG MISTAKE #1 – BUSYNESS & BURNOUT – Stop being busy doing things that don’t... and won't grow your business. The worst thing you can become is a burnt out entrepreneur who promotes living a healthy happy lifestyle to clients, but fails to actually live it in real life. If you don’t feel like you are “ walking the talk” then stop everything and do the work on yourself first!
KEY THING #2 - BELIEF – When business owners initially come to me for coaching they’re often held back by belief issues. Common issues include a low sense of self worth, under their valuing services and time, and at an unconscious level struggling to even feel worthy and deserving of earning 6 figures working part time. If this sounds like you then it’s time to reprogram your unconscious mind and let all those limiting beliefs go!
BIG MISTAKE #2 – LOW SELF VALUE – Don’t let your limiting beliefs create a business that’s not commercially viable. I see this all too often, especially when coaches and consultants under charge and over deliver, then wonder why they can’t get ahead. If you don’t value yourself, chances are your clients will never value you either.
KEY THING #3 RESPONSIBILITY – As an entrepreneur you have taken the ultimate level of responsibility for your life... Congratulations! By stepping away from a pay check or employer you have taken charge of your own destiny and that takes MASSIVE courage so back yourself, as you know you have the strength to take 100% responsibility for everything. You are responsible for the success or failure of your business, it has nothing to do with the market, your industry, the season, the government or the environment. Every industry at any given moment has businesses that struggle whilst others succeed. The businesses run by entrepreneurs who take 100% responsibility for their success and their failure will always out perform the ones who become victims in their own business.
BIG MISTAKE #3 – BEING A VICTIM - Never become the victim of your business! Don’t blame external forces or your clients for the things that go wrong in your business and in your life, instead take 100% responsibility. Victims believe it’s not their fault and there is nothing they can do when things go wrong, so they get stuck and never fix things. Victor’s take full responsibility for everything in their life which means when things go wrong they quickly fix it and solve problems as they arise.
As Dr Ananda, one of the Yoga teachers I’ve studied under once said;
“You do not have problems; you are the problem!”
Thank you Dr Ananda, your words ring true for me. I love being the problem because when I am it means I am also the solution.
So if you ever feel like your business is eating you alive, or you feel over worked and under paid please know that lifestyle businesses are not some elusive unicorn.
As a lifestyle business coach and lifestyle business owner I can assure you it’s easier than you might think to earn 6 figures or more a year working part time. All you need to do is FOCUS, BELIEVE and take 100% RESPONSIBILITY. Once you make those 3 things a habit life and business both become even more rewarding!