What Does Success As A Business Look Like? Here Are Two Options
Business doesn’t always have to be about setting up scalable systems, growing large, and taking over the world.
There’s another option.
I’ve been working with a client over the past few years where I’ve consistently asked him what type of business he wants to create (It’s something I end up asking most of my clients).
Does he want to build a scalable business model so he can grow large and do great things on a larger stage or does he simply want to sustain a small business that allows him to live the life he wants while employing a handful of people nearby?
At the same time, I believed running a business would get easier as it grew larger. It turns out, it’s actually the opposite. More team members, more clients, equals an increase in responsibility. In many cases, this can take us away from what we love.
A Lifestyle Business
So what is this other option? I think it starts by defining what type of life we want to live and what income is required for us to live that life. From there, we simply create a business that allows us to sustain that lifestyle in a positive and meaningful way.
As a freelancer, that’s what I’ve done. Last year I hit my top tier annual income goal, and my objective this year is to sustain that income. I’d also like to diversify incoming money not just among multiple freelance clients, but through publishing books and creating products (like courses). I’m also working on minimizing risk by eliminating our debt.
There’s a sweet spot on the horizon where our income far exceeds our obligations and our income comes from multiple places. It’s one with little stress and an abundance of margin. A life of peace and generosity.
Now there’s nothing wrong with wanting to create and grow something large. In fact, there’s a fun aspect from the challenge to do something as daunting. And, maybe one day in the future I’ll get the itch to do something like that.
How about you? What type of business do you want to create? What is success mean for you?
Defining the finish line before you start makes it easier to deflect distractions and accelerate the journey. It also makes it more likely you'll create the type of business you want.