Lifestyle business
1. Do you want “profitability” within 1-2 years, or even after few product sales?
2. Do you want to be able to work from anywhere in the world with just a laptop and an internet connection?
3. Do you want to travel a ton and have your journey to be filled with daily adventures?
4. Do you want to do whatever you want, whenever you want, without worrying too much about money?
5. Do you want to work as little as possible, no shame in this, and still be able support your lifestyle?
If you already answered all, or most of the questions with 'Yes',
chances are high you want a lifestyle business.
Big enterprise business
6. Are you looking to build something with massive scale and impact?
7. Are you looking to build something with the intent to exit for 8 figures or more?
8. Are you looking to build a team that can take you places farther than you could ever go on your own?
9. Are you interested in being a CEO of a large company?
10. Are you interested in working 60-80 hour weeks for years? 40 hours from a dayjob are included in this estimate and don’t burn yourself out people, be smart.
11. Are you willing to risk 5, 10, or more years of your life to see a business idea through to its fruition?
12. Are you looking to get investors to invest in your products and ideas?
13. Are you looking for your own David vs Goliath journey?
14. Are you looking to push yourself to your limits and build a legacy?
Lifestyle vs. Enterprise business
What is considered a lifestyle business?
A lifestyle business includes ventures like e-commerce or Amazon businesses, dropshipping, SEO services, copywriting, freelancing, and other internet-related enterprises where you are the sole employee. These businesses are designed to generate enough income to support your personal lifestyle, allowing you to work minimal hours, often from anywhere in the world. However, it's important to note that the income required can vary significantly depending on your desired lifestyle—some might need just a modest income, while others may require earning millions of dollars annually to sustain their lifestyle.
What is an enterprise business?
Enterprises encompass large-scale operations such as software companies, franchises, prominent brands like Yeti Coolers, Johnson & Johnson, and Hershey's, as well as extensive brick-and-mortar businesses like BNSF Railway, Roto-Rooter, and GameStop, and real estate ventures. These businesses are characterized by their immense scale and the result of relentless execution and strategic planning. Enterprises aim to dominate their respective markets and maintain a leadership position. They offer the potential for a lucrative exit, often involving a substantial financial payoff, but this typically comes at the cost of dedicating a significant portion of your life—often around ten years—to achieving this level of success.
What is this about?
- In 2021, I joined The Millionaire Fastlane (TMF) Forum after reading MJ DeMarco's book of the same name.
- By 2024 I was 1 year into fully freelancing, but I felt personally lost and directionless.
- One day in June 2024, a few weeks after creating my first intro thread on the forum, a member reached out to me and, after some conversation, shared a thread containing specific questions designed to clarify one's business goals.
- These questions profoundly helped me in figuring out what I truly wanted from my business endeavors. Inspired by their impact, I created lifestyle-business-or-not.com to give these valuable questions greater prominence while crediting the original author on the TMF Forum.
My hope is that this resource will guide others, just as it guided me.