It's not all about the '8 figure' turnover or private jets and luxury yachts. A lifestyle business is the ultimate goal!
Love your lifestyle!
Truly understanding and believing that a lifestyle business is a great business to run is something that I wish I had been able to grasp years ago when I was running Lubylu.
A business that you can run working the hours you want to, around your other commitments whether that's family, friends, fitness, social groups whatever, while doing something you enjoy and earning 'enough'.
That's a lifestyle business and that's success to me!
We see so many adverts and articles telling us how you too can have a 6, 7, 8 figure business. What they don't tell us is that's turnover not profit (which probably means that costs are 6, 7 and 8 figures as well), or the number of hours each day that have to be put in to get those sorts of results - it's A LOT!
So whilst the money side of things might be nice to give you a financial comfort blanket, the amount of work involved and the additional stress would mean that you couldn't spend the time with family and friends, you wont be there at every school assembly, pick up and drop off, you can't make those coffee plans or even those hospital appointments - and that's why you started doing what you do after all...
Let me tell you a story.
A few years ago there was a girl who loved to make candles and other glitter sprinkled home fragrance products. She loved the fact that they were fun, they were a bit different, they smelled amazing and they made people smile.
For quite a few years she ran this business as a part time 'hobby business' but after a while, not being entirely happy where she worked, she thought to herself, 'let's give this creative business malarkey a go and do it full time'.
For a good few years the business was amazing. She could work the hours she needed to around her daughter and her other family responsibilities, she controlled the the hours she worked making sure there was always time for everyone. Everyone loved the products she made, they told their friends and the following grew amazingly well..
all was well with the world.
Then one day her head was turned by the thought of scaling the business to one that had outlets in different towns, to a brand that people outside of her local area had heard of, to a '6,7 and 8 figure business'.... and at this point her 'Why' was put on a shelf in her workshop and not looked at again until it was too late.
Her 'Why' had been to create a business that meant she could do a job that she loved, making products that were fun, colourful, sprinkled with glitter, that made people happy, which meant she could work around her family commitments and also have a social life. She wanted to create a LIFESTYLE BUSINESS
By thinking that a bigger business with a grander turnover, bigger profit potential and a wider brand awareness would be the key to success, she let other people sway her fundamental beliefs. She started to compare herself to businesses that weren't even her competitors as their audiences were so different BUT she felt the need to be in that market and as it didn't tie in with her 'Why', it wasn't right and the business suffered!
Don't be that person, learn from her mistakes.
If you absolutely have global domination for your brand and your business as a goal, GO FOR IT! Take on board the time and the effort it will entail but DO IT.
However, if you want to run a business that fulfils your needs financially and emotionally whilst allowing you to do what you love and spend time with those you love, a lifestyle business could be just what you need.
Marketing for Creatives is here to help you focus on the aspects of running your creative small business that will mean that it works for you!
Own it, be proud of it and focus on it!