What all business owners need to know
Ok, so this one is important.
Do you have a love or lifestyle business?
Or maybe something in between?
I’ve been studying all of my clients really extensively over the last few weeks, and I realized that the success or failure of a business is centered around the origin of the business. How did it start? And what happened next?
Basically what I am asking is this:
Did you start doing your work because you had a love for something or are you doing this work because there is a lifestyle you are wanting?
Knowing if you are doing your business for love or for the lifestyle is key to creating strategies that will actually work. (TWEET THIS)
One is not better than the other but knowing which one you are drastically affects how you run your business and what will work and won’t work.
Here is what I’ve noticed: Love brands are usually more organic. For the most part, these types of businesses were doing something that they loved, and there was a natural evolution to making it something they got paid for. This is how businesses were mostly created (with the exception of the serial entrepreneurs) before the birth of this self-employment revolution and before the recession. These types of brands are usually less business savvy but have a focus and a clarity and understand how growth will happen.
So, let me make a really IMPORTANT distinction here.
Just because you “love” doing something, doesn’t mean you are meant to have a business doing it. (TWEET THIS)
For example, lots of people love technology or love coaching or love writing or have a cause they really care about and want to share but might not organically flow into making it a business because it is more of a hobby.
How do you know if the thing you love is more of a hobby?
You don’t love it enough to do it all the time AND deal with the shittiness of making it a profitable business.
This is a KEY DISTINCTION between a hobby and a business.
Can you do it all the time AND deal with all of the hardship of making it work?
*Most likely brand chemistry: Boutique, Teachers, Thoughtleaders* (don’t know your brand chemistry? Take the quiz!)
Lifestyle brands divide into 2 categories.
Category 1 (and this is me): You get into it because you don’t really have a choice. As everyone knows, I started my business because I couldn’t get a job. It was late 2010, and nobody was hiring PLUS I wasn’t good enough to do any of the entry level jobs. I know, it is sad stuff. I was at my parent’s house and decided to just start doing things (with mixed results) and my personality naturally took to this way of being because ultimately, I believe this is what I have been built to do. There was a reason why I didn’t really fit anywhere. These types of people tend to take to entrepreneurship, or they don’t.
Desperation is NOT a good driving force for entrepreneurship. It is too much pressure, and nobody buys from people who seem money hungry. So PLEASE KEEP YOUR JOB if you can. I was 22 and living at my parent’s house, so that was a huge help, but I wouldn’t suggest that.
Category 2 (this is most of you): You get into it because you have been seduced by the lifestyle. You want freedom. You hate working for other people. These type of people struggle the most with clarity and sticking to ideas because it isn’t about the “what” but the “why.” You know what you want your life to look like (which is so important) but for this group, it takes a while to figure out that thing you will do to help you get there.
This is because lifestyle motivation is very hard to maintain, especially when you compare yourself to other people.
Because you are in business because you have an ideal lifestyle vision in your head, you are gonna struggle in the beginning because you don’t have that THING you really want to get paid to do and you’ll spend most of your time trying to figure that out. This group also BUYS the most without taking the action because you feel like you need to look a little closer to your ideal before you get started. Everyone seems to look like they have it together but you, right?
*Most common chemistry types: Lifestyle, Teacher, Thoughtleader*
Here is my advice for my dream lifestyle brands --- what you are doing right now is most likely going to be what you are going to do in a year so focus on doing, creating and moving forward NOW without the complete clarity. I suggest the 100 people project because through the process you’ll learn what you can do so you can do it. But more than anything, you should start with the things you can do first and get in the space to explore instead of “arriving” at the right thing. Get your site up, start writing and see what comes up for you.
As a dream lifestyle brand, the key is to do the things you WANT to do to make the money you want to make INSTEAD of trying to wait for a calling to smack you across the face. You might never LOVE what you are doing, but you have to have the motivation and truly WANT to do it.
Now for my love brands, you have to detach. I know that you love, love, LOVE what you are doing and people appreciate what you do but in order to grow your business and make MONEY, you’ll have to shift the way you look at your work so that it is not just a cause or something you “get” but also something that feeds you and helps your life be better.
Respond and let me know:
• What kind of business do you have? • Did any lightbulbs go off for you? • What is one step you can take right now to make life easier for yourself as your brand type?
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Just a reminder! I am putting on my VERY FIRST Instagram challenge NEXT MONDAY so get excited about it. You can go here to sign up AND follow me on Instagram here so you’ll be able to follow along and participate! I’ve got some cool surprises that will happen during the challenge so make sure you are going to be there!