I love to study different lifestyle businesses.
To me, a lifestyle business is a business that is created around how the entrepreneur wants to live. A business that’s designed to support the owner’s lifestyle. A business that doesn’t require the owner to trade away the majority of their lives for money.
Over the years, I’ve written about many different lifestyle businesses. One of these businesses was JT’s Diner and you can read more about it here. This cool little diner is only open from 7 am to 2pm. They have a limited menu that rarely changes. They don’t serve dinner even though they could pack the place with customers every night. More importantly, the owner completely closes the diner down when she goes on vacation to avoid all of the headaches and stress of running a business while on vacation.
Just think about that for a second…
How many business owners shut their businesses down when they’re on vacation? Not many. The typical business owner goes on vacation and then ends up working constantly instead of enjoying time with their families. They’re stuck putting out fires, joining conference calls, and replying to texts/emails on their life-sucking cell phones.
Their business owns them. :0(
Lifestyle businesses are different than the typical business. They’re not always trying to grow. They’re not always chasing more sales. They typically have a specific niche and are happy to stay in this niche. In fact, many lifestyle businesses often pass on growth because the growth would eliminate the lifestyle benefits provided by the business.
Growth might require additional overhead, hiring employees, or more risk – all of which the owner purposefully avoids to make their lives better. People who create lifestyle businesses choose happiness (and less stress) over money. They walk a different path and live different lives.
Years ago, when I started my real estate brokerage, I had no clue of what was headed my way. I didn’t understand that my new business would end up owning me. I didn’t know that my business would devour most of my life including evenings and weekends. I also didn’t understand that I wouldn’t truly enjoy another family vacation for years to come. I traded all of this away because I hadn’t created a lifestyle business.
In the August Cashflownaire Newsletter, which will be released next week, I detail an really powerful lifestyle business that provides a six-figure income for the owner. Even better, the business is closed for eight months each year. The owner disappears to the mountains and rarely checks his email or texts. I know all of this because I’m a customer of this particular lifestyle business. I have been for well over 10 years! The crazy part is I actually love this particular business and am slightly jealous of what the owner has created for himself.
There are many investing and business lessons we can extract from studying this particular lifestyle business.
If you’re not a Cashflownaire Member, join today here:
You’ll be able to study this amazing lifestyle business and can consider copying some of the strategies for yourself!
P.S. If you become a Cashflownaire Member now, you’ll get the July Newsletter and all of the July goodies ! Plus you’ll receive the August Newsletter next week when it’s released. It’s like getting two months for the price of one!
P.P.S. The price of my Cashflownaire Membership will be increasing next week for all new members. Everyone who is a member before the price increase will be grandfathered in at the lower price for the next twelve months. If you’ve been thinking about becoming a member, you should do so now! Go here.