Not everyone wants to "rule the world" and create a huge business in fact in my experience almost all new businesses end up being small and serving the entrepreneur’s needs rather than turning into a household name.
You may want to create a nice family business or enterprise that meets your needs, that’s really great, these type of businesses I call "lifestyle" businesses.
First and foremost, you should be crystal clear why you want to be a lifestyle entrepreneur. I can pretty much guarantee there will be risks, sacrifices, and other hardships along the way. So before signing on, it would be helpful to know why you’re putting yourself through the challenges that you will face.
Beyond defining the why, you also need to carefully consider how your business will help you meet your lifestyle objectives. If your reason for wanting to start a business is to have more time to spend with your kids, and your business concept involves storefront retail, your method is probably not in line with your objective. There is nothing wrong with running a retail shop for someone whose main goal is to meet lots of people who are interested in the kinds of goods that ship is selling. However, retail shops demand lots of fixed work hours and, more likely than not, lots of late afternoon, weekend, and even holiday hours – hardly the best structure for someone looking to spend time with kids on a school schedule.
On the other hand, if time flexibility is your main goal, a web-based retail business may work quite well for you. Although your online store can be open 24 hours a day, you can fill your orders, plan your marketing, and pay your bills any time you wish. Of course, if your goal is to get out of the house and meet people, an online business just won’t cut it.
A good exercise would be to list your goals concisely in order of their importance to you. Are you considering starting your business to practice a field you love? Or is your goal to contribute to the world with business as your vehicle, or is it to enable you to pursue your passion for travel? Is increasing your income a top priority? Perhaps your most important goal is setting up a business that can involve your children on a day-to-day basis.
The rest of the exercise is to list the ways in which your business concept will help you reach your goals and then list the impediments you may face along the way. If you’re going into business because you want to practice the field you love on your own terms, consider how much time you will spend running the business rather than practicing the field that your business is supposed to enable? If your goal is to travel for months at a time, can you realistically structure your business to permit that kind of time flexibility? A business that caters to, say, winter tourists in a ski area, may well permit such escapades in the summer months, whereas one with clients expecting services year round does not.
Despite my being a dedicated advocate of lifestyle entrepreneurship, I also advocate proceeding with caution. There is no point in going through the effort of setting up a lifestyle business if it won’t help you toward your lifestyle goals. So before proceeding any further, please honestly assess how your business and its structure will and won’t help you toward your lifestyle goals.
Welcome To The...