Day 735 - Questions to ask when building a lifestyle business - https://golifelog.com/posts/questions-to-ask-when-building-a-lifestyle-business-1672882306452
I've always been building lifestyle businesses, even before I'm aware of that term. I'm not chasing venture capital. I'm not aiming for billion-dollar valuations. I'm not about getting rich, even though it'll be nice to get there. I don't want—or need—to change the world, disrupt any market, or crush anything.
All I want is freedom of location and creativity, as much autonomy as I can afford, time for family and fun, and hopefully, eventually, financial freedom. Essentially, lifestyle. Because if your business doesn't improve your lifestyle, then what is it for? I don't want to be rich with a poor lifestyle, or a lifestyle that's dictated by others.
[Justin Welsh](https://twitter.com/thejustinwelsh/status/1610356620709568514) tweeted these questions that I found were good questions to ask for anyone—not just solopreneurs—who are after a lifestyle-first way entrepreneurship:
> Solopreneurship is about priorities. Every time you have an idea, ask yourself:
>
> - Does this fit into the life I'm building?
> - Do I really want this responsibility?
> - Will I be happy in 6 months?
>
> If the answer is no to any of these, 100% skip it.
I realised I ask some version of those questions myself when considering any existing or new project, just that I've never wrote them out loud. Here's my first attempt:
- Do I enjoy working on this? Am I sure it's not a fad (e.g. AI art)? Will I be happy working on it in the long run (like 2-3 years later)?
- Will I be able to walk away with minimal downsides if it no longer serves me? Will it lead to personal ruin?
- Do I even like my customers? Is the problem they have something I feel for?
- Do I call the shots or do I have to oblige, negotiate or share responsibilities?
- Does the project require high engagement over prolonged periods of time (e.g. running a cohort/community, or lots of tech support)?
- Will it require frequent sacrifice on my family time? Will it force me to work at ungodly hours, evenings and weekends, every week over months or years?
If I answer no to any of them, it's a red flag for me to re-consider.
All I want is freedom of location and creativity, as much autonomy as I can afford, time for family and fun, and hopefully, eventually, financial freedom. Essentially, lifestyle. Because if your business doesn't improve your lifestyle, then what is it for? I don't want to be rich with a poor lifestyle, or a lifestyle that's dictated by others.
[Justin Welsh](https://twitter.com/thejustinwelsh/status/1610356620709568514) tweeted these questions that I found were good questions to ask for anyone—not just solopreneurs—who are after a lifestyle-first way entrepreneurship:
> Solopreneurship is about priorities. Every time you have an idea, ask yourself:
>
> - Does this fit into the life I'm building?
> - Do I really want this responsibility?
> - Will I be happy in 6 months?
>
> If the answer is no to any of these, 100% skip it.
I realised I ask some version of those questions myself when considering any existing or new project, just that I've never wrote them out loud. Here's my first attempt:
- Do I enjoy working on this? Am I sure it's not a fad (e.g. AI art)? Will I be happy working on it in the long run (like 2-3 years later)?
- Will I be able to walk away with minimal downsides if it no longer serves me? Will it lead to personal ruin?
- Do I even like my customers? Is the problem they have something I feel for?
- Do I call the shots or do I have to oblige, negotiate or share responsibilities?
- Does the project require high engagement over prolonged periods of time (e.g. running a cohort/community, or lots of tech support)?
- Will it require frequent sacrifice on my family time? Will it force me to work at ungodly hours, evenings and weekends, every week over months or years?
If I answer no to any of them, it's a red flag for me to re-consider.