A lifestyle business is one where the owner or the owners are the business. It is their knowledge, their contacts and their resources that make it work. The success may show in the financials but their effort is all the really generates those results. If they stop working, the business does too.
A lifestyle business is often the choice of coaches, mentors, consultants and others. They are in business to earn enough to enjoy the lifestyle they desire.
They pay taxes. They take care of clients. They usually have a website, a Facebook page and do some communications. They have stationery, invoicing systems and business cards. They are in business but…they are not looking for succession planning or a future beyond their ability to work. And their clients trust them and anyone else buying into their business would have to establish their own trust.
So what do they measure to know if they are succeeding?
First they measure their lifestyle: does the business generate enough cashflow to pay their expenses and meet their desires? Oh and still cover taxes and other compliance costs.
Second, they measure the use of their time. Are there enough hours in the day to do what they want and are there enough work in the days to fill the hours?
Finally, they measure how well they are achieving any goals they set.
Are they successful?
How do we measure “SUCCESS”?
- Is it by the profit you make or by the size of your client list or by the size of the car you drive?
- Is it by how much you enjoy each day and the difference you make in the world?
- Is it by the number of people you can keep in work and how much you can contribute to the community and your interests?
Is your business a lifestyle business?
If it is what matters to you? How “compliant are you?”
How happy are you doing what you do?
Do you feel excited most of the time about what you are doing? If not, why do you continue?
If you are a lifestyle business, please comment below on what you measure and perhaps why?
To your success (however you measure it)