by Liesha Petrovich
We all dream of working less and finding more time for family, relaxing, hobbies, and traveling. We dream of having enough money to do what we want, without being a slave to our business.
In The 4-Hour Workweek, author Timothy Ferriss proved we could work fewer hours and make more money. In The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future, author Chris Guillebeau proved we could start a profitable business with less than $100.
The trick is to figure out what we want our lifestyle to be. Then we design a business that supports our desired lifestyle. For me, that means becoming an expert at efficiency, without sacrificing my service. To be profitable, without working myself to the bone. For most, a lifestyle business is designed to let you have a rich life outside of work.
Work Smarter, Not Harder
Forgive the overused adage, but it’s absolutely true. We all have the same 24 hours a day. The key is to figure out your business priorities and cut out everything else.
Rescue Time is a personal analytics service that shows you exactly how you spend your time, and shows you how to be more productive. The average person wastes up to 3 hours a day on social media! That’s 21 hours a week!
Think of what you could accomplish with an extra 21 hours per week!
Choose Your Platform Wisely
Let’s say you’re creating a new digital business to sell your ebook, ecourses or creations. You need to create a website to sell your product…or do you? If you build one yourself, you’re responsible for all aspects, which can be a major investment in time and money.
Consider using a shopping platform that sells digital products for you. Amazon is the world’s biggest marketplace and is perfect for selling eBooks. And Selz gives you a free website to sell any digital or physical product and charges a small fee per transaction. It is a good choice if you’re looking for a simple free online store.
You don’t have to reinvent the wheel. Choose an existing shopping platform and set up shop in minutes. It’s affordable, fast and lets you focus on more important parts of your business.
Focus on What’s Important
In The 4-Hour Workweek, Ferriss explains how he stopped chasing most of his clients. He focused on the ones that were truly profitable and valuable to him. That decision freed up most of his time, and he became more profitable.
Every business is unique. So figure out where the majority of your profit is coming from. Is it from a niche market? Do you have one product that outsells the rest? Follow the money and focus on building that aspect of your business.
Try this exercise to figure out where your profit is coming from.
Create What Works for You
What works for my business probably won’t work for you. Don’t copy someone else’s lifestyle business. Create the one you envision, even if it’s completely unique.
You can work less, and still be profitable. Take a long, honest look at your business. If it doesn’t support your chosen lifestyle, change it!
Liesha Petrovich is the creator of Micro Business Essentials, a unique business blog exclusively for micro businesses. If you’re looking for fast, affordable, and effective tips to help your business grow, click here to grab a copy of Micro Business Essentials Toolkit: Free and Low Cost Resources. And follow her on Twitter.
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