Vision Quest: Building a Lifestyle Based Business

Vision Quest: Building a Lifestyle Business Model

by Wendy Burge

There are many reasons people go into business for themselves to have the freedoms to be their own boss, to fulfill a desire of having more control over their financial opportunities, and to develop an idea they are running with. Each is throwing caution to the wind to make their dreams as entrepreneurs come true. As I listen to answers like these, I begin to wonder how much of the actual planning included the 'Life Blood' of each business? What was their intention for building this business? What was to be the outcome?

You see, most people believe that the word entrepreneur is synonymous with freedom. Well, I can tell you from first-hand experience this is not always the case! When entrepreneurs discover the short comings of growing a business, they find that it takes a lot of time, money, and energy to make it work.

So, is it a fallacy to believe you can have a lifestyle based business model?

My answer is No! However, it does take a shift in awareness to make it happen. Use the following five points to discover how to leverage your current structure in order to best support your lifestyle business model and how it should look for you.

1. Dare to Dream

�  What do you really want your life to look like?
�  How do you want to live and where do you want to live?
�  And, finally, how much money would it take to actually live that lifestyle?

Each person must start with a vision of what their life could look like if money was no object. What if you had no excuses, no apologies, and no shame for wanting what you want! What would your dream look like, then?

This is the point where you must start to create your vision with your dream! The truth of the matter is "stuff does not make you successful". Fine, if you see a luxury boat, extravagant trips, and big-time shopping sprees as part of your vision quest, then go for it. However, for many people having their mortgage paid, money in the bank for their kids' college tuition, and being able to take 6-8 weeks of holidays a year would be ideal!

Once you clearly establish what you really value, you can begin to dream. Spend some time and research HOW MUCH your ideal lifestyle would really cost you. Take the time to accurately calculate this. We are talking hard numbers! If you do not know what you need to earn to make it happen, you will be pulling numbers out of the sky which are not aligned with what you desire. Now tally this up and see what your real lifestyle would cost you.

2. Reverse Engineer Your Business

�  How much money does it really take to fund your ideal lifestyle?
�  What other ways can you create revenue generation within your business?

Most people are usually only a few thousand dollars off what they would really need to live on and fulfill their dream lifestyle. By calculating the hard numbers, you can see that you may be closer than you think or what creative solutions are needed to generate multiple streams of revenue in order to sustain your lifestyle. Remember, we are talking about a lifestyle model not a 'how much more can I work' model. Just being aware of the numbers gives you the insight for creating products and services to help you build your financial future.

For simplicity, let us say that want to make $100,000 a year to fund your ideal lifestyle. That would mean you would need to generate $8333.34 a month to do this. How many ways of providing services and products would this have to be broken down to become attainable?
To earn $100,000 for the year, on a monthly basis-for reoccurring services, products, or billing-you must have:
      1 person pay you $8,333.34; or
      8 people pay you $1,041.67; or
    16 people pay you $520.84; or
    32 people pay you $250.42; or
    80 people must pay you $104.17; or, finally,
160 people must pay you $52.09

By understanding what it will take to create this amount of money allows you to be open to developing your products and services at different monetary levels. These levels in turn get built into your marketing funnel--which is how you position your services and products from least expensive at the top to the exclusive high-end services at the bottom. This method offers multiple ways to bring in income while meeting the needs of your customers at various levels.

3. Leverage Your Time

�  What exactly do you really like to do in your business?
�  Where do you prefer to spend your time?
�   How much time do you want to work with clients or on information and product development?

Knowing how you like to work and in what manner provides you with the next step to leveraging your time. Initially, in start up and early phases of a business, solo professionals and small business owners handle most of their own operational tasks. This is primarily because they are still in learning mode and need to understand what it is they are fully doing in their business. However, there comes a point to move from this position into more active, money-making opportunities.

Once you understand all the steps necessary for operating your business, you must write out systems for each action in order to delegate them off your plate. By developing policies and procedures, you will now have the power to outsource lower pay-off activities because all system steps will be individually identifiable by anyone taking on your tasks. Then, this will leave your time open to doing the things you do best.

If working with clients, spending time on information and product development, or creating marketing campaigns are your money-making activities, then outsourcing the time-consuming, non-productive profit tasks will actually help you to grow your business faster. This also means setting up automated systems to handle repetitive activities within your business. Having a virtual assistant or support team members to help you coordinate your operations allows you to become creative in your revenue generation.

4. Prioritize Your Calendar

�  When do you want to take time off?
�  When do you want to spend your winter holiday, summer break with the kids, or take a personal spa weekend with friends?

The whole point of creating a lifestyle business is to have a LIFE! Making your needs a priority first is essential. You cannot give your best if your energy is depleted because you have not taken the necessary time to stop and care for yourself.

Building personal time into your calendar is critical because you must work around your own schedule. This allows you to set up marketing promos, special events, and client work around a schedule which supports you and your family. You decide how it needs to be. By making yourself a priority on the 'care list,' you consciously are telling yourself you are just as valuable in this process of entrepreneurialism as that of making money or serving clients.

5.  Shift Your Mindset

�   What drives your business and why are you doing what you do?
�   Where do you see your influence and affluence having a greater impact?
�   What would you give back or tithe to your chosen charity, organization, or foundation?

The shift in creating a business takes on a greater spiritual meaning when we have something more personal to attach it to. Our lifestyles are our gifts to our self, our family, and our community; however, it is the service of the gratitude we have which offers up something greater and can push our vision into another realm of appreciation.

You must give yourself permission to have the power to make a difference in the world by first understanding that you are being irresponsible to the world when you are not stepping into your the greater dream you have for your life. That somewhere your influence over a situation or community of people may be greatly enhanced if you could provide the monetary means of helping serve more people who may not have the opportunities without your compassionate gesture. In order to serve others in a greater capacity, you must "be the change you seek" and live out your destined dreams, as well.

� 2009 Wendy Burge - Radiant Edge Consulting.

WANT TO USE THIS ARTICLE IN YOUR EZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Radiant Business & Marketing Coach Wendy Burge publishes the On the Edge! weekly ezine--Where business, marketing, and lifestyle meet. If you're ready to have radiant marketing, make more money, and have more freedom in your small business, get your FREE tips now at www.RadiantEdgeConsulting.com