Challenges Building And Owning A Lifestyle Business
Starting a laptop lifestyle business brings different challenges than starting a venture-backed growth company in Silicone Valley. Here are two that stand out.
Challenge #1
You have very few resources to build your first lifestyle business.
It takes long-term off-the-clock work and rather than getting paid you’re probably investing money into your business.
You’re living for your business rather than any ideal lifestyle. There’s very little feedback that you’re moving in the right direction. You believe you’re building ‘value’ or equity but it’s ephemeral and questionable.
Reward #1
After the business ‘clicks’ your lifestyle change is dramatic.
Revenues continue with only minimal maintenance work. You’re getting paid.
This is an exciting transition after what felt like a race for survival with no reward.
Challenge #2
With money and time, the next challenge is to leverage your skill to scale.
Apply your skills and do what works again and again. Strike while the iron is hot.
You must motivate your financially comfortable self to keep the momentum going. Even a non-growth lifestyle business must grow beyond it’s first tentative success.
Reward #2
You can now build more, build more efficiently and quickly, and build with more stability and less guessing. You can leverage your experience to multiply.
You gain safety by increasing the size of your asset or by building multiple assets. Any one failure is no longer a critical blow.
How These Challenges Relate
If you willingly accept challenge #2 you may never need to relive to the difficulties or discomforts of challenge #1.
If you don’t attempt #2 then you’ll reluctantly re-enter #1 when your single cash flow is inevitably disrupted. Once again you’ll be left with very few resources and time.
If you want to own a lifestyle business, accept challenge #1 without hesitation.
If you own a profitable lifestyle business, begin challenge #2 without delay.