Lifestyle Business vs. Growth-Minded Business
Summary: If you want to start a business what kind do you want it to be? There are two competing business philosophies: lifestyle business vs. growth-minded business.<br> Lifestyle Business<br> A lifestyle business isn’t intended to make the owner tons of money. The goal of a lifestyle business is to make enough money to be comfortable while having freedom and a good work-life balance while doing work that you enjoy. Many lifestyle businesses were started based on the owner’s particular hobby or passion and represent their personal values.<br> Online businesses are much more amenable to this kind of business. A brick and mortar business offers much less freedom. Lifestyle businesses are self-funded, and that adds another layer of freedom. You aren’t beholden to VC funders or shareholders. This also you complete control over your business.<br> Benefits of a Lifestyle Business<br> Because your business is set up around your life, there is no guilt when you take time off or put other things like family or travel above growing the business. You work to live rather than living to work. Because of this balance, lifestyle business owners don’t suffer from the high levels of burnout, stress, and health problems that growth-minded business owners often face.<br> Growth Minded Business<br> When you think of the startup world, you typically think of founders who are working like mad to grow their companies as fast as possible. Often, the founder or founders will get their company to the point where there’s enough promise to attract funding.<br> And at that point, you’ve got investors who now want to see an ROI – and in the startup game, they’re not looking for a modest ROI, they’re looking for “to-the-moon” businesses. This is the growth-minded business model.<br> Benefits of a Growth-Minded Business<br> Let’s face it – if you’re not growing, you’re shrinking. There’s always someone out there trying to eat your lunch. A more laid-back lifestyle business model carries a much greater threat of being eclipsed by competition, which could land you right back at a desk job.<br> Adopting a growth mindset is more likely to expose you to other incredibly motivated, driven people who will push you to do more. A growth mindset is more likely to result in a company that makes a truly big impact on the world. Accepting funding reduces your personal risk and can supercharge the growth of your business.<br> Middle Ground<br> Of course, there’s also a middle ground between the two extremes, and it’s probably occupied by more businesses than either of them. Millions of small businesses have founders who work hard, seek to grow, but mainly just look at it like a job. They’re not looking to <a href="https://www.listenmoneymatters.com/work-from-home-jobs/">work from a beach</a>, but they’re also not hoping to pitch Chris Sacca next week.<br> So if you’re thinking of starting a business, and you’re hoping that it could one day allow you to quit your job, which model do you go for?<br> Which is Right For You?<br> Both choices are going to require a lot of work up front. You hear lots of stories about lifestyle business owners who turned a hobby or <a href="https://www.listenmoneymatters.com/work-from-home-jobs/">side hustle</a> into a job that supports them full time. But in the vast majority of cases, they spent years building that business while working full time because they didn’t want to take outside funding.<br> But a successful lifestyle business doesn’t require a ton of work once it’s up and running successfully. Andrew now spends from 4-20 hours a week on LMM. But there are times when he spends 0 hours working on it because he’s on vacation or just feeling burnt out and needs a break.<br> You likely won’t become a multi-millionaire running a lifestyle business...
