Now that we can create purely Internet based businesses the “entrepreneurial game” has changed and is creating a question that all entrepreneurs have to ask themselves.
Do you want a “Startup or a Lifestyle Business?
First off, lets define what a lifestyle business is;
(Definition) A lifestyle business
– is a business set up and run by its founders primarily with the aim of sustaining a particular level of income and no more; or to provide a foundation from which to enjoy a particular lifestyle.
I’m going to go on record and say that the definition has changed, the part about limited income, thanks to the Internet, is now wrong.
“A lifestyle business is a business that gives you the freedom to enjoy your lifestyle of choice. But without limit on income, just like any other business, the sky’s the limit. You just automate to maintain freedom of time.”
I’ve had both Startups and Lifestyle businesses and consider myself a digital entrepreneur. Though the idea of my own Startup was what got me started in business in the first place. The reality after 7 years was not as I imagined…
You see, I happily traded working hard for someone else, to working twice as harder for myself. Something anyone who’s a true entrepreneur will understand, working 70-80 hours a week for yourself is better than working 45 hours a week for someone else.
The answer is freedom! The freedom to choose how, when and what you do with your time and business. If I want to take the morning off I will, I’ll just make it up later, because I can.
But at some point you want to reclaim your time and unless your Startup makes crazy profits, or you sell it, chances are you’ve got to put the hours in.
But if freedom is the aim, why do most entrepreneurs create Startups?
With a Lifestyle Business you can automate as much or as little as you like, work as much as you like and work anywhere you like! You have complete freedom.
I took the long route to get to this point, but now I can truly say that I’m a digital entrepreneur and focus on Lifestyle businesses. What’s best is that I have the time to really be an entrepreneur. You see I now have the time to be creative and go off on whims, working as much or as little as I like on a project. Something you can’t do if you’re managing a Startup.
If I had to start things over, I’d choose a Lifestyle business every-time. You see a Startup is about going big and sacrificing your time now, so that you can (hopefully) enjoy the rewards at the end. Basically go big or go bust!
But a lifestyle business is about enjoying the journey and if it goes big, then great, so long as it truly gives you freedom to live.
You need to decide what you’re doing it for? If you love the buzz of building up a business and thrive on the stress and hustle that the “all in” life entails. Then a Startup may be for you.
However, if you love the freedom and creativity, of working for yourself. Then a Lifestyle business may be the way to go.
let me know what you want from your business?