I meet with a dear friend of mine last week to talk about marketing her business and generating more revenue. It wasn’t long into the conversation when the topic turned to her lifestyle. I asked her a tough question that required a bit of thought. I’ll ask you the same:
As a business owner, what do you want your lifestyle to be like?
Let’s expand that to a series of questions:
How much income do you want to make every month? How many hours per week do you want to work? How many clients do you want to see? How much product do you want to sell? How much time away from your business do you want? How often do you want to spend with family and friends, and vacation?
These are not trick questions. As a matter of fact, they are probably the most important questions you can answer as a business owner. Here’s why…
If you cannot clearly define the lifestyle you want to live as a business owner, and develop a plan to reach it, then your chances of making it a reality are slim to none.
Profit or Lifestyle?
So, what is more important to you, making a consistent profit month after month or living the lifestyle you want?
Many business owners believe that simply focusing their attention and effort towards generating greater revenues and profit will lead them to living the lifestyle they desire. Unfortunately, this is not true and in reality the reverse usually happens.
With no up-front consideration given to the lifestyle they want to lead, typically the business owner becomes consumed by the business goals. And, this usually leads to working long hours, increased stress, poor health and eventually burn-out.
So, by now the question you are probably thinking is, how do I find the right balance?
The best place to start is to define your ideal lifestyle and write it down. Be very specific with your definition because you do not want to leave anything to chance. The questions above should get you thinking in the right direction (if they haven’t done so already) but, make sure you explore all possibilities.
Next, determine how your business will get you there. Think about the personal and business systems that need to be in place and how you can get your business to run as a finely tuned machine with minimal effort on your part.
Consider ways you can create passive income streams and duplicate your effort over and over. Take into account tools and strategies which will leverage your knowledge and experience to expand your market presence and reduce your workload.
Get Your lifestyle On Track
I know you’re thinking “I have a lot going on!”, or maybe, “Who has time for this?”
The fact is, without some dedicated attention your lifestyle plan may never get done. And, means it will be difficult to get on track towards living the lifestyle you want and deserve.
So, I leave you with this proverb as a source of motivation:
“He who fails to plan, plans to fail”
~ Unknown ~