So you’ve stood up for yourself and want to run (or already run) a lifestyle business? Maybe you don’t know what in the world I’m talking about but have an inkling it might well be you. Okay, let’s shed some light on the principle first then. Wikipedia says,
“A lifestyle business is a business set up and run by its founders primarily with the aim of sustaining a particular level of income and no more; or to provide a foundation from which to enjoy a particular lifestyle.”
In other words, a lifestyle business is the counterpart of a startup. Both types of business can thrive with a Virtual Assistant, each of them in their own way. And I will show you what sets lifestyle entrepreneurship apart, as well as the importance of knowing that your aim is to run a lifestyle business (or not).
Freedom & Flexibility
Is your goal to ditch the nine-to-five mentality and perhaps also to achieve location independence? Then you might be into lifestyle entrepreneurship. Starting or running a business that supports the life you want to lead is ultimately a quest for more freedom and flexibility. What’s in it for you? Do you want to be able to work from different locations? Do you want to spend more time with/on your family, pets or passion? Or perhaps you don’t really feel the need to have more freedom and flexibility in life, but you just want to work on something that really enkindles you? (See the next paragraph for more on that!)
What a Virtual Assistant can add for you:
A VA is just as flexible as you! She, too, might not always be at the same location. You two don’t need to meet up in person to work together successfully, so you needn’t worry about that. As a lifestyle business owner, your workload may also vary from week to week. A VA understands this, as you can just assign different tasks every week. Regardless, it’s important to know how you want to be supported by a VA.
Monetising Your *Passion*
Often distinctive for lifestyle businesses is that they are built upon passion and the desire to pass that forth, rather than economic interests. That being said, a lifestyle business is nonetheless serious business – it’s not a hobby. We’re talking about making a living here, even if it all began as a hobby. Taking it to the next level is not an overnight decision. Even the things we are most passionate about can drive us crazy in business context! However, if we are on the path of monetising our passion, and we do it well, we often feel that the labour is absolutely worth it.
What a Virtual Assistant can add for you:
You find yourself buzzing with enthusiasm, but soon come to realise that legal matters and administrative stuff are also part of the operation. Maybe you’re just not that fond of keeping up with social media either. Heck, even creating email newsletters becomes routine. You don’t need to tell me what you would rather focus on! But hey, this is where a VA can step in! Outsource whatever is not your cup of tea, and spend the time you just freed working billable hours – which is all about core activities that revolve around your passion. Not only can you make more money this way, but you can also to spend more time on the aspect of your business that makes you tick.
Playing It Safer – Lower Investment & Earlier Profit
You’ve probably heard that it takes your average startup years to make profit. This may, conceivably, have put you off! Well, let’s put things into perspective… These entrepreneurs have invested tons or millions in their startup – probably with the help of investors. Now that’s a responsibility in every sense of the word! But think of your own business and/or business plan. What do you really need to get started? Not to mention, what do you already have?
Both starting and running a lifestyle business often comes down to a minimalist (aka bootstrap) approach. ‘Minimalist’ does not mean being stingy or lacking strategy; it’s just a word to say no more than needed. It’s about thinking smart and planning with efficiency. Since you’re all about supporting yourself and maintaining a conscious relationship with clients/customers, rather than serving the crowds, chances are you needn’t worry about investments that will sink you in debt. In all likelihood, the budget isn’t beyond what you can save up. And you can probably cover your business investments (e.g. proper website, advertising) with only a few clients. Hello profit!
What a Virtual Assistant can add for you:
If you decided to hire a VA, you’ve probably come to that decision because you want to focus on what you do best. You bet, working with a VA is actually the most economical solution to that. A VA is not an employee and works from her own location, which means that she is responsible for her own taxes. No need for you to arrange employee benefits. And last but not least, there are no office costs! Had you chosen for a traditional employee, surely the price tag would have looked different.
No Complex Business Hierarchy
From time to time, it might be lonely to operate on your own. Maybe you have a business partner by your side, but most lifestyle business owners are solopreneurs – they are pursuing their specific dream, after all. But guess what? Think about the perks of not being part of a complex business hierarchy. No cofounder to agree with, no team to communicate with, no investors to keep satisfied… Phew! And even if you have a business partner, you are less likely to disagree on matters such as the future of your business – simply because lifestyle businesses don’t share the same intricacies and risks as startups.
What a Virtual Assistant can add for you:
While accommodating to your ever-changing needs and not imposing themselves upon you, a VA also makes you feel a little less alone. She will be happy to hear you out if you have any business quandaries. You’ve found the happy medium!
Supporting Yourself vs Scaling Up
As said earlier, a lifestyle business is all about supporting yourself and your desired lifestyle. This means that you don’t have to deal with the pressure of sustaining continuous growth. Growth is imperative for startups, which can put everyone involved under quite a lot of strain. As a lifestyle entrepreneur, though, you may just want to keep your solid base of familiar clients!
What a Virtual Assistant can add for you:
A VA is really an extension of your business – it doesn’t matter whether that’s about making a comfortable living for yourself or running a business based on a scaleup model.
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