Creating a Business That Gives You Lifestyle vs a Legacy
Growing and taking your business to the next level is a priority for all business owners and coaches. But how will you know when you’ve “made it”? Is it when you can show off your new Louboutins while networking, post a pic of a dreamy day spa in an exotic location on Instagram, or share food porn while eating at the finest five-star restaurant?
My answer might shock you.
It’s actually none of the above. What a lot of female business owners tend to do is make a reasonable amount of money and, to reward themselves, they go out and buy a Chanel handbag or book a trip, or they take themselves to the spa and indulge in expensive champagne while getting pampered from head to toe.
But really, the “I’ve made it” moment is when you’ve created a sustainable business that doesn’t leave you exhausted, overwhelmed and constantly hustling anymore.
Growth over gains
The lifestyle business model is great, but really, most of your profits should be invested back into the business to grow it and take it to the next level.
There seems to be a lot of emphasis on buying expensive things or extravagant experiences because they look cool (especially on social media), leaving people envious and thinking you’re super successful when realistically that’s not quite the case. Without creating a sustainable business and, ultimately, creating your legacy, your journey will continue to be one of ups and downs.
Matt Toren, the co-founder of YoungEntrepreneur.com, says “when you’re running the day-to-day aspects of your business, it’s easy to just be focused on how you’re going to get through that week or even that day … Yet many entrepreneurs want to look beyond just founding a company, they are looking to leave a lasting tribute. The only way to leave a legacy is to think right now about how and where you want to leave your mark.”
Bad business decisions
A funny story came to mind when I was thinking about the difference between creating a lifestyle business as opposed to a legacy. I was in Edmonton, Canada at the time, which is where Faiz is from originally, and we were travelling down a road when I saw a big sign saying that Nick Carter was coming to town (FYI: In case you didn’t know, Nick Carter was one of the main Backstreet Boys from back in the day).
I thought, ‘Wow, that’s really interesting. What a blast from the past!’ But, as I thought about it some more, it occurred to me how strange it was that Nick Carter would be in town performing a solo gig. And the performance wasn’t at an arena or a stadium where the likes of Drake or Rihanna might hold a concert, it was going to be held at a local cowboy bar called The Ranch.
Now here’s a great example of someone who clearly hasn’t managed their money well and reinvested back in their business to build a legacy. If he had, we can assume he'd have investments and other income, which would mean he could perform when he really wanted to – not simply to make ends meet. Who knows, perhaps he really did want to perform in a cowboy bar in Edmonton, but I think the likelihood is that he needed to get back on the road to make a bit of money. So, if that can happen to someone who was at the top of their game in a hugely successful pop group, it can certainly happen to us.
If we, as women, aren’t smart with our money, we too may have to go on a reunion tour in 10-15 years’ time when we may not necessarily want to do live events, chase clients or do launches… but we might have to if we're not financially secure.
Kyle Taylor, founder of The Penny Hoarder, recently told Entrepreneur, “if you don’t put some of that money back into your business, you’re starving growth. One of your big goals is likely to increase how much you earn, but you’ll earn the same amount year after year – or only make small, incremental increases – if you don’t put a portion of what you earn back into the business.”
Rethink your business model
Maybe it’s time to look at your business model. Is that business model going to create a legacy for you? A lot of female business owners will have a big launch and it’ll be really, really stressful, and they’ll make money (yay!), yet they'll finish up absolutely exhausted from the process. So then they might take three months off from marketing and creating content while they deliver the program and, guess what?
At the end of that period of time, they have to start all over again. And so the boom/bust cycle continues. Not only is the inconsistency (of being really on, then switched off) very stressful, but it isn’t going to help build a sustainable business or legacy. A sustainable business requires you or your team to be out there, constantly marketing and growing your business.
One way around this is by only launching once or twice a year and having people that are working with you on an ongoing basis. A way to do this is by using an Evergreen Business Model (which is what I teach in the It Girl Business Mastery), enrolling clients into group programs consistently, so you don’t have to launch all the time or multiple times a year and go through that emotional roller coaster.
Offer multiple products
To build a sustainable business and, eventually, a legacy it’s crucial you have multiple products and a built-out product funnel. Basically, a sustainable business means you need to have more than just one flagship product.
Having multiple ways that people can work with you is what’s going to give your business scale because not everyone is going to be able to afford your 1:1 coaching or 1:1 services; if you have an eBook or a $97 product, then a $500 product, then maybe something that’s $2000 or a high-end $10,000 offering, you’re really spreading yourself across multiple target markets and you’re hitting people at all angles. And if people engage with you at a cheaper price point, they’ll be more inclined to engage with you at a higher price point.
Most people tend to make the mistake of having just one flagship product, they launch multiple times a year, which is really stressful and, at a certain point –unless you really have scale – clients will potentially stop being interested in that one particular offering. But if you have something else to offer them, they might purchase that and see how awesome you are. Then they’ll be more inclined to take you up on your flagship, and/or high-end, product.
How I can help you
I understand the roller coaster all too well. And that’s why I created Business Mastery Certification, which reveals the latest, most effective strategies, systems, tools and techniques to attract dream clients, create consistently high monthly revenue and build a respected brand and reputation with the unique Evergreen Model™ System.
What most people teach when it comes to online marketing won't work anymore and with so many new people entering the industry, you need to do more than just know your niche and target market to achieve the impact you dream of. That's where the It Girl Evergreen Model comes in. Because true freedom for women entrepreneurs – like us – is having consistently high monthly income (and if it can happen on autopilot, even better!)