5 Tips for Determining If You Want a Lifestyle Business vs. an Empire Business

When I first quit my job and started my business, I had big dreams to conquer the world by building an empire business. It took me a few years, but I got there, cracking the code and gaining access to a million dollar business.

I have to be honest: I didn’t love it. For the last 12 months, I have been trying to kill the monster that became my business. I had employees, office space, huge overhead and a lot of stress that I didn’t sign up for. Truthfully, I started to get resentful and I even looked for a job (for like five minutes).

But then, I realized that I could change things up and I could focus on simplifying my business and getting access to what is most important to me. So, I’m in the midst of a shift. I’m shifting my business from empire to lifestyle, without sacrificing my income, my values and my message.

In the wake of Independence Day and as we start the second quarter of the year, I am asking you a question:

What kind of business will best serve you?

If you desire freedom and flexibility, it will likely be a lifestyle business. Don’t get me wrong, lifestyle businesses can still yield high profits and you will likely make more for yourself and your family in a lifestyle business than you will in an empire business.

If you desire prestige and status, a big title and a little pressure, it might be an empire business that you crave. Empire businesses take a lot to run…team, overhead, etc.

There’s no right or wrong answer…. What’s best for you? Trying to decide? Consider these tips to help you:

1. Clarify your ‘why’ for starting the business in the first place. Clarity is the vantage point from which freedom comes. So, get a pen and paper, go to a quiet place and ponder why you started the business and what your vision includes. You may want to simply ask yourself, what do I want out of my life? Depending on the answers, you may find that what you want has gotten lost behind the drive (that’s what happened to me).

2. Redefine your vision. If you, like me, got lost in the monster of your business, and you want to kill the monster, you’ll need to take time to redefine your vision. You’ll need to think through all of the elements of your business and life and determine what you’re really wanting if there were no limits. This process will be hard if you’re not honest. You can’t answer for anyone else, you have to answer only for you.

3. Clarify your business model. Once you’re clear on what you want and why you want it, you’ll be able to determine the right business model for you. If you want a high-profit, low volume model, you might consider consulting as your primary offering. Consultants can make great money and they have very low overhead and team needs. You can build a simple service based business model and enjoy every moment of it. In this case, your model will be based primarily on offline marketing strategies. If you add in an element of online delivery in your model, you’ll require new skills to be successful there… which may not give you the simplicity you really desire.

4. Simplify your systems. Systems are needed regardless of the type of business you desire. But, you can simplify your systems substantially once you gain a level of clarity around what’s important to you. For all of the systems, with the right software and strategy, your systems can run very effectively without a lot of maintenance. I should also note that the development of systems becomes increasingly important

5. Determine your team support. This is a big one as this is the key to your largest expense as a business owner. If you require employees who work full time on your behalf, there’s added expense, frustration and drama (if I can be honest) that goes a long with that. Ask yourself if you can “get away” with having virtual support only for what you need. This is why you’ll need to simplify your systems. If you decided a lifestyle, freedom-based business is what you crave, you’ll want to keep your support team to a minimum.

Now I want to hear from you, what’s your two cents? Which business model have you determined is right for you? What strategies have you set in place to support your business type?

©2016 by Darnyelle A. Jervey. All Rights Reserved. Darnyelle A. Jervey, MBA, The Incredible Factor Business Optimization Coach and Mentor, is the founder of Incredible One Enterprises®, Incredible Factor University® and the Leverage Your Incredible Factor System®, a proven step-by-step program so you experience financial and spiritual abundance in your life because of your business. For more information and a FREE audio CD “7 Critical Mistakes Even Smart Entrepreneurs Must Avoid for Clients, Connection and Cash Flow!” just fill out the form below.

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