Building a lifestyle business is one the most satisfying things I ever did.
If you like business and entrepreneurship like me, and I’m sure you do, building a personal business is an incredible thing. The way everything makes sense and connect the different areas of your personal and professional life is magic.
I never felt more motivated and focus on a business project than now working on my lifestyle business.
Ok, stop talking and let’s see a bit more about the process.
What is a lifestyle business
It is a business whose founders seek economic performance to sustain a particular lifestyle. Never the opposite.
This is the main and principal idea but that kind of business also have to cover other particularities. A lifestyle business has to be something you take care about, something that makes you feel passionate about.
There is no point in spending a huge amount of hours in building a business just to make a big profit whether if you feel any passion for the topic you are talking or not.
Because if you are interested in that, first you wouldn’t find anything interesting for you on this blog, and second, then just find a well-paid job or find an angel investor to put money on your idea.
This is something different, we create lifestyle business because we want something else, money is a fuel to support our dream life and of course, we want to make money, loads of money, but the purpose is to support a deep life and business purpose.
Not just to be a “Startup cool dude“.
[Tweet “Lifestyle business makes a profit to supports founder’s lifestyle. Never the opposite. “]
What is not a lifestyle business
It is very important to clarify what is not a lifestyle business as well.
Some people misunderstand this concept and think is something like an automatic business that makes money while you are on the beach drinking a Pina Colada doing nothing.
I don’t believe in that “passive income” business based where you don’t have to do anything because everything is automatized and the money just falls into your bank account every day.
I recomend you to watch the next video from Gary Vaynerchuk explaining something about the passive incomes reallity.
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[Lifestyle] Set up your dream lifestyle
If you are designing your lifestyle I recommend starting by figuring out what is that perfect lifestyle for you.
I know, sounds such a simple question but also is a fundamental question to start building your personal business.
What I am saying here is basically to find your success definition, sounds very obvious but, everybody knows what they want?
Take your time to answer your question.
Quite often we follow a wrong success idea, just because there is a standardised version of a successful person in our industry, our country or even in our family.
For a long time, I visualised success on a wrong way, clearly, because of my banking background, I thought that if I wanted to be successful I needed to wear an expensive suit and a nice tie and shoes. I visualised myself walking on the street with my leather briefcase going to my office.
I needed a nice office in the city centre with loads of employees and co-workers and having glamorous meetings in nice restaurants with clients.
Do you know what happens later?
When I was running for my idea of success, the more close I was to all that, the more uncomfortable, lost and scared I felt. I was following that idea because that represents the victory for my (or for my old paradigm)
But that wasn’t me.
Then, following a deep process of self-knowledge, I realised that I am not happy wearing a suit and going to my office in the city centre. I am happy on my jeans and Converse working at the coffee shop downstairs drinking a cappuccino and by the way, making more money than when I wore my suit.
Find your own definition of success, design this life because this is something nobody else can do for you.
Calculate your MVI
This is a great concept, the first time I read it was from the Fizzle guys.
Basically means to calculate you Minimum Viable Income, in other words, the minimum amount of money that you need to support your life, without luxury, just to pay the bills, support your family and other day-to-day expenses.
This doesn’t mean that you are going to give up on your financial ambitions, nothing could be further from the truth.
The reason of doing this is to be aware of your real financial barriers to start supporting your lifestyle. And generally, this is less than you imagine right now.
Your MVI is your starting point, you can build from there as much as you want in financial terms. But now you know that you don’t need to be totally obsessed with money and you can start focusing on designing your personal business right now!
[Business] Designing the business that fits you
If you are designing a lifestyle business it has to be profitable, this is pretty obvious, but the difference is that we star building this business based on the previous point: the lifestyle that makes you happy.
Now is the moment to find the joining point for three main factors: Your lifestyle, Busines model and Market Opportunity.
Validate the idea and measure the market
Once you have your business model ready it’s time to test your hypothesis in the market.
Is this a good idea? Will people pay for this? Important questions.
A good first sign is looking for competitors, usually, if you find loads of competitors this is a good signal.
Sounds weird, but think about it, if all those people are there, generating content, creating new products and services is because there is a big demand.
A further step will be to find your differentiation point. This is crucial to stand up on a high populated market, you need to find your voice, your unique value and start working on this little by little.
As you can see, designing a lifestyle business is not that weird and complicated, even is not that different from the “traditional” way of building a business.
The main difference is that we change significantly the scale of priorities in the process, paying more attention to non-conventional aspects like your personal life.
I personally think that your personal and professional life don’t need to be in two different compartments isolated from each other.
When you find your business purpose you realise that this is the same that your personal life purpose.
Featured image from Freepik