Why did eMarketing Copywriter become a lifestyle business? For the first three years of my journey into entrepreneurship, I worked in a brick & mortar startup. I sold over $120,000 my second year in sales.
But managing a team of employees and subcontractors was just too overwhelming for me. I not only had to pay everyone else first (even after a record breaking $27,000 contract close!), but I also had to bring in the revenue in the first place.
While I take pride in having succeeded – my partnership dissolved for personal reasons – I knew that my next chapter had to fulfill me on a much deeper personal level. I had no desire to hustle to book meetings or spend four nights a week rubbing elbows to try to make a sale.
Those of us who choose to work in yoga pants performing digital services (you know I became a copywriter, right?) are considered lifestyle businesses. We are solopreneurs, working mostly alone from a home office.
Since 2008, as the use of subcontractors and 1099s has grown substantially, lifestyle businesses represent a hugely growing group of entrepreneurs who are leaving a JOB to pursue a suitcase dream. Is a lifestyle business right for you?
You prefer to work mostly alone
Why does Bill Baren have a team of several full-time employees? He prefers to work in a think-tank environment. He also realized that to build a seven figure business required a support team.
Empires are very different than micro-businesses. And 30% to 40% of the revenue they earn goes right back out the door for support services, like business managers and website design work. A lifestyle business is often a solopreneur who not only works alone, but also keeps almost 90% of their earnings for themselves.
This also means you’ll spend a lot of time alone, typically at your computer, performing client work. Yes, you can leave your office to have meetings, but the more you go out, the more you cut into your revenue stream by spending time sipping coffee.
- Am I willing to be deadline driven?
- Do I excel at being reliable?
- How do I feel when I’m left alone?
You have a figure-it-out mentality
If you choose not to spend money on software and technology, you’ll need to take the long way home. These days are the most frustrating you’ll every spend. There is no IT guy to call to fix the printer.
You’ll need to be able to tackle obstacles with eyes wide open…and not be afraid of them. When there’s a client issue, yes, you can phone a friend. More likely, though, you’ll sit in your office simmering with anger, crying, and, finally, draft what you think is the perfect email response…
Only to have it backfire and start the whole simmering-crying cycle over again…
The point is, you figure it out. You don’t throw up your hands, miss a deadline or stop what you’re doing because you have an obstacle. You are able to pull it together, find a solution & focus on moving forward (after you stop crying, of course.)
- Am I good with technology & biz systems?
- How do I handle learning new things?
- Do I focus on solutions or problems?
You have well-defined money goals
With the birth of my son in March, one thing became very clear to me; the hours I spend with him are precious. I am never going to get that time back, but I can always make more money.
What things do you value in life more than the money you earn at your JOB?
I initially believed I could jump right back into my business, booking meetings & copywriting while the baby slept. Except he didn’t sleep. His schedule is as predictable as an earthquake.
The only option I had was to take a step back. I had to let go and be ok with these changes. You have to learn to prioritize what matters versus what can wait until tomorrow.
If you choose to pursue a lifestyle business, you have to know exactly what your lifestyle looks like for YOU. Do you want to make a million dollars and own a big yacht? You’ll need a team to support you to the multiple six and seven figure level.
On the other hand, maybe you simply want to replace a salary from a reasonable job. You might desire to stay home with your kiddo, too, or just earn enough for a few awesome vacations a year. And that’s the essence of a lifestyle business.
- Do I know what I want out of life?
- What’s my ideal income per year?
- Why would I pursue this path?
Note that these decisions are up to you. Owning a business is still a job. You’ll still have good days and bad days. The only difference is that, well, on those bad days you can take a break to eat some ice cream.
Elspeth Misiaszek is the innovator behind eMarketing Copywriter. She believes you deserve to profit from your passions & has dedicated her business to mentoring others to do what they love & love what they do. Grab your 10 Free Email Marketing Templates to really rock your writing.