Growing Your Business

Should You Grow Your Lifestyle Business?

by
Mike Kilmer
on
5/31/2016
Should You Grow Your Lifestyle Business?

Is your business a “lifestyle” business? If you’ve built a nice business that supports you comfortably and allows you to maintain the lifestyle you enjoy without working long hours, then chances are you have a lifestyle business. You value flexibility over growth.

What are the Benefits? 

Although a lifestyle business doesn’t have to be small, the main goal is to provide a good quality of life to its owners. This can be done by automating a lot of the mundane tasks and outsourcing ones you don’t want to do. Good organizational skills are a must.

With a little planning, you’ll be able to enjoy the benefits of owning a business as well as time with family and friends.

What Are the Drawbacks?

Growth – The growth of any business takes a big effort. There are many stages of growth and each one requires all of your effort. If you have the passion to persevere, then it’s likely your business will stall and your sales will be flat from year to year. In many cases, your business becomes your lifestyle.

This is not the case in every business. Some businesses seemed to be blessed with the right timing, the right product and the right customers. Growth seems to be effortless! That’s not the case for the majority of businesses – the rest of us have to work like dogs to make anything happen. 

Competition – If you are not growing or improving, then it’s only a matter of time before a competitor figures out a better way to do your business. When that happens, you’ll likely see your business slowly (or sometimes quickly) dwindle away. 

Defining Your Business 

It all comes down to choices. If you choose a lifestyle business, your goals are probably focused on providing you enough income to live the life you love without the business owning your life.

If you want to build an empire or even a legacy that will endure several generations, then you’ll need the resources and energy to do what it takes to ensure continued growth.

Typically, these types of businesses are built from a deep passion and commitment from the owners. These entrepreneurs want to improve an existing system or make a contribution in the world. The risks are higher and so are the chances of failure. 

Not everyone wants or needs to be the next Apple or Bill Gates. It’s a personal choice, but one that needs to be made. You’ll need to clearly define why you are starting your business so you’ll be able to see opportunities as they present themselves.

To help make that decision, ask yourself:

  • What is more important – a better lifestyle or a sense of purpose?
  • Are you willing to risk everything?
  • What happens if you fail?
  • What sacrifices are you willing to make? 

If you can define your goals for starting your business, you’ll be a big step forward to making the right choices for YOUR type of success. 

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Mike Kilmer

Mike Kilmer

R. Michael Kilmer, CPA, CVA is a CPA based in Winchester, VA. Mike started Kilmer & Associates, CPA, P.C. in 1998 and understands the challenges of operating a business. He uses this real-life experience to assist clients with the opportunities and challenges that they face. In addition to possessing the expertise and technical skills required by the profession, he takes time to listen to clients concerns and communicates with straight talk in an understandable way. By combining technical expertise and real-life experiences, Mike is able to assist clients with solving their problems and complying with regulatory requirements.

KILMER & ASSOCIATES, CPA, P.C.
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