It is possible to build a business that provides the lifestyle that you want to live, of course it takes great planning and success to be able to create a lifestyle business. Many of us entrepreneurs actually start businesses with the end goal in mind to actually create a business that affords us more time with family, more time to recreate and pursue our passions. Unfortunately what usually happens is the opposite, we actually end up having to spend more time with our business, forget about more time with the family, forget about more time to work on your favorite passions.
That said there are actually some business owners/entrepreneurs that have successfully established businesses that are essentially lifestyle businesses aka businesses that can supposedly provide you the “4 hour work week,” opportunity that our friend Tim Ferris promotes, so how can it feasibly be done?
First of all, you need a business that has leverage, if your business is 100% dependent on you doing significant amounts of the work or if the business falls apart if you aren’t working 60 hours a week, 12 hours a day then you have no chance, in fact you have a business/job which can at times actually be worse than having a regular job because at least you might have a more set schedule and not feel like a slave.
How do you get leverage?
There are 2 ways that I am aware to build a lifestyle business.
1. You have a great team in place that fulfills the sales, marketing and fulfillment of whatever product or service that you offer. So if you have a restaurant that means you have managers that manage the business, cooks that cook, cleaners that clean and so forth. As the business owner you may check on your business on a weekly basis or daily for an hour, but the majority of the business operations are sufficient so that you are not required to watch it every second. The most important person in this type of set up is your manager who provides capable leadership to resolve problems and make sound decisions to drive the business forward in order to build a lifestyle business.
2. You sell Large Volume or have a continuity business. Let’s say you have physical or digital products that you and your affiliates sell or distribute, those types of businesses can largely be very automated where you build a sales funnel with digital products or you have your physical sales purchased online and automated so that your supplier automatically sends them directly to your customers. You may also have a continuity business which is much like insurance where you receive monthly payments for monthly services that you provide. This could be online training videos or other items that you provide monthly to your customers, but in terms of your time you might work 2 weeks each month fulfilling your monthly membership and then be free the rest of the month to pursue your passions.
Those 2 keys are the legitimate solution to establishing a lifestyle business, of course it may take time to get your business to that point, but it is possible!