Thinking about operations and strategy in “Lifestyle” business
It’s true! If you run your own company, you can take vacations whenever you want and have the flexibility to do all kinds of non-work activities. You CAN sit by your pool and work and YOU CAN earn money while you sleep. However, if you want to eat, maintain your home and be able to take vacations every once in a while, you’ve got to think strategically, about how you start it, run it, grow it and maintain your lifestyle. You see, as a business owner, you are the key to the business, and thus, without setting up the systems in advance, the business may not operate the same way while you are gone.
Building a company that can allow you to establish and maintain a lifestyle, that perhaps you can pass on to someone else, or can potentially retire from at some point is one of the thoughts and conversations that small business owners tend to overlook. Many business leaders may not even think about what life will be or could be like if or when they are able to leave.