Ask most entrepreneurs their #1 value and most will tell you loudly and quickly: FREEDOM!
If you want freedom it’s more possible today than ever before to design a virtual business that gives you the freedom you want. You can earn more than enough to live securely, travel the world, work when you want, where you want, work as little or as much as you want—in other words, nowadays you can have total freedom.
It simply requires consciously designing your life to fit your vision of a freedom based lifestyle.
Today I will share with you how my wife and I designed a freedom based lifestyle and how you can do the same.
My Freedom Based Lifestyle Dream
I remember dreaming of being free in my early 20s. I delivered pizzas to pay for my winter trips to India where I was studying meditation and my summer trips where I would couch surf my way around Europe.
Life was good – I was living part of the freedom based lifestyle, except for one big problem…I was broke!
On my 30th birthday, as I blew out the candles on my cake, I was surrounded by my close friends, but I remember thinking, “Wow – I’m 30 now! Sh!t… I’m getting really tired of living with only $1,000 in my bank account year after year. Something’s got to change.”
I decided on my 30th birthday to figure out how to live my version of freedom AND have plenty of money in the bank. It was obvious to me working for someone else in a job was not the answer: it would cap my income and keep me bound to one location. No way! My dream, and the only path forward, was to become an entrepreneur.
I never lost sight of my vision of a freedom based lifestyle. I saw myself sitting in an old, beautiful European café with my laptop, a croissant and a cappuccino, making money doing something I loved.
In my case, after struggling to find what business was right for me and after I discovered the tools below, I discovered my niche was teaching and consulting service professionals how to get clients and leverage their time and income with online programs.
I learned how to run a thriving coaching and consulting business. I had a colorful mix of incomes: I had one-on-one clients, I ran successful small mentoring programs, I was the head coach for a yearlong business-training program with female entrepreneur extraordinaire, Ali Brown, and I served as Creative Director for Evolving Wisdom, a $7 million dollar a year global online education company.
Whew! Sounds like a lot, but I discovered something HUGE about attaining a freedom based lifestyle…
I focused on what I do best: teaching and consulting. The moment I veered from my core strengths, I stopped enjoying my work and made less.
The Messy Truth About Empire Businesses
I consciously designed my business NOT to be an empire. Generally speaking, if your business brings in $750,000 or more a year, you need more staff and support to make that money. Usually, anything below that amount is easy to manage with a very lean team.
I saw behind the scenes of empire businesses with Ali and Evolving Wisdom and there’s a BIG problem with building a complex, big business…
While an empire business might make $1,000,000 in sales for a year, it can take $800,000 in expenses to make that $1,000,000! You’ve got staff (read: drama!), higher marketing and advertising costs, more customer service issues, higher affiliate commissions, and a lot more to manage. An owner of an empire business is lucky to walk away with $200,000 take home money out of the $1 million in sales.
Meanwhile, the non-empire business with maybe one or two part-time virtual assistants can easily make $250,000 with maybe $50,000 spent on expenses. The rest is pure profit for the owner. It’s low overhead and little to no drama for more take home money.
The #1 key to designing a business that gives you a freedom based lifestyle is high net profit and low complexity.
How to Design a High Net Profit Business
High Net Profit comes when you have an irresistible offer that people want and that’s easy for you to deliver. A no-brainer, irresistible offer has 2 elements:
- Offer something for which you’re so good at delivering results, you can do it in your sleep. You’ll naturally radiate confidence to your market. Don’t add uncertainty and stress to your life by trying to offer something for which you don’t have a natural talent or don’t know well.
- Focus only on offers where there’s a clear hungry market. Don’t chase people with some offer you think they need vs. what they actually want. Only offer what a hungry market is actively looking for—what they actually want.
How to Design a Low Complexity Business
Keep your business simple. Here are 2 elements to designing a low complexity business:
Choose your business model wisely. My preferred business model is consulting and training (one-on-one and in small groups) because it’s easy to get clients, they pay well, and it’s easy to deliver results. I personally prefer low-volume, high-price point offers vs. high-volume, low-price point offers.
The moment you shift to online anything, you add tech and staff complexity. If you’re going for high volume online sales, you’re no longer just focused on the service you provide. You must add to your skill set marketing and copywriting, which isn’t natural for a lot of people. It requires a new learning curve.
I’m not knocking the online marketing model. It’s exciting and can be profitable…but it’s more complex. You’ll need more marketing skills, tech staff, more customer service issues, and a higher learning curve. If an online business is what you want vs. a simple service business, go into it with eyes wide open.
- Keep staff, vendors and/or employees to a minimum. Staff = drama. With the right business model, you don’t need more than a part-time assistant (to deal with customer service) and a part-time tech virtual assistant (to deal with your site and program logistics).
My Freedom Based Lifestyle Dream Came True
Because I designed my business around high net profits with low complexity, my wife and I have been able to take four trips to Europe over the past three years—each trip, we spent about three months at a time living our dream life in Europe.
In my mid 30s I made a vision board with images of my ideal day. By my mid 40s those images are my reality, every single day…You can make your ideal day your reality, too.
I’m here to tell you a freedom based lifestyle is absolutely possible. And because of the technology at our fingertips, it’s a completely unique time in history to design your lifestyle the way you want.
Now it’s your turn. Share in the comments section below on what a freedom based lifestyle looks like to you.
Look at your own business right now. What you can offer that has a clear demand and where it’s super easy for you to deliver results? Also, what business model is ideal for you that would deliver high net profits with the lowest complexity? How can you cut expenses without affecting sales?
Share your aha’s and comments below.