I’ve been fascinated by the idea of having a lifestyle business and being a lifestyle entrepreneur…until I started doing more research and finding out that many people put a different meaning into these words than I do.

“Lifestyle entrepreneurs are people who go into business primarily for lifestyle reasons, as opposed to a desire for financial wealth. They become business owners so they can do the kind of work they want, work the hours they want, live where they want, and spend time with people they like and admire. Lifestyle entrepreneurs judge their success by how much they enjoy their work and their lives as a whole, rather than by their status or their net worth.” (The Sabbatical Coach)

Ok, you can choose where you live and what you do, but unless you also focus on building wealth, you may not be a lifestyle entrepreneur for long.

Harv Eker, the author of the “Secrets of the Millionaire Mind” told a story in his book about a guy who approached him after one of his seminars and said, “Money isn’t everything in life…” Harv looked at him and said, “You’re broke, right?” Basically, if something isn’t important to you, you’re simply not going to focus on getting it. Harv was right - the guy was broke.

I believe that you can be a Lifestyle Entrepreneur AND be very wealthy - if you operate with that goal in mind, and without sacrificing your lifestyle goals.

Here’s what Mike Taber, a software development firm owner, writes:

Something that many people overlook is the money aspect of being an entrepreneur. Just because I’m a Lifestyle Entrepreneur, that doesn’t mean that I don’t want to make money. Far from it. I want to be financially successful just as much as the next guy, but I also want to be in control of my future.”

November afternoon in the back yard with my daughter

Well said. The only problem is that he still needs to work to support his lifestyle. Whether he can do it from Rome, Italy, or in some exotic island in the middle of the Atlantic ocean, he would still need to be  plugged in (both literally and metaphorically) to his business.

By the way, travel is just one way to enjoy a lifestyle… My personal favorite time spent is right in my back yard

But what if your goal was to NOT have to work because you need money? What if you work only because you love what you do and do it only when you feel like it? How would you operate differently in your life and business? Would you focus on different strategies?

I am not just talking about creating passive income, although that’s an essential component of TRUE Lifestyle Entrepreneurship. I am talking about the whole mentality and the decision making behind creating a business where you DON’T HAVE TO work.

I am half-way there, so let me share with you some of the things that have allowed me to get to this point:

1. Multiple streams of income - I’ve never relied on just one income source in my business. For most people it’s clients (coaching, consulting, speaking, training, etc.). I wanted to stop worrying about losing a client every month, so I created at least a dozen of different income streams. (see Multiple Income Streams ideas on the right sidebar).

2. Continuity income - I started out with a simple $17.95  a month membership site, and developed several other continuity income streams over the last few years. It accomplishes many other goals in your business in addition to giving you a predictable monthly income (e.g. deeper customer relationships, constant visibility in your market, etc.).

3. Creating a team - having a “dream team” has been one of the biggest factors that allow me to operate the way I do. Many people don’t like to delegate or, God forbid, hire other people to do what they could do themselves, but having a team is what truly going to set you free as an entrepreneur!

4. Creating systems - automating and documenting as many things and processes in your business as you possibly can, so anyone else could step into your shoes and run your business. Michael Gerber refers to it as creating a franchisable business. Imagine that you’ll have to create 100 businesses just like yours around the world. How would you operate differently?

These four things have allowed me to feel like a lifestyle entrepreneur, keeping my meaning of these words in mind.

What have YOU done to become a TRUE lifestyle entrepreneur?

Really! I want to know!

5 Comments

• By Tom Humes, November 18, 2008 @ 11:34 am

  Nice Site layout for your blog. I am looking forward to reading more from you.

  Tom Humes
• By Susan Daffron, November 18, 2008 @ 4:12 pm

  We are lifestyle entrepreneurs in that we started our business in 1994 so we could life the life we wanted (we moved away from the city to a log home on 40 acres of forested land).

  Since then, we have incorporated all four of the elements you mention. We sell software, templates, books, consulting, and membership in an association. We have a great team of people we have worked with over the years and have documented many of our systems (although that’s an ongoing process).

  We’re always still learning new things, but we’re happier and less stressed on a day-to-day basis than most people we know (including a LOT of online entrepreneurs who seem to have no life).

  Crafting our life is a work in process, but we never take our lifestyle for granted. As you say, there’s a lot to be said for the “little things” like our daily walk through the forest with our dogs. Thanks for writing the article Milana

  - Susan
• By laceyegan1996, January 4, 2009 @ 8:42 am

  Thanks for all you ideas! I sure will be back to visit your site again so i can learn more.

Other Links to this Post

1. M I L A N A . C O M » How Lifestyle Entrepreners Are Changing “Generation TGIF” — November 21, 2008 @ 10:26 am

2. The Smart Passive Income Blog » Blog Archive » Happy Thanksgiving Link Special — November 27, 2008 @ 6:04 pm

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