How To Build A Lifestyle Business
One of the first concepts I work through with my clients as part of my coaching program for retailers is the idea of a Lifestyle Business. Otherwise known as designing a lifestyle that is supported by your retail store.
This was taught to me by one of my first business coaches, and it formed the foundations for when I was growing my retail pharmacies. Creating a lifestyle business means starting with the end in mind.
As with all things in life, it is a good idea to know what you want to achieve. Along the lines of what Simon Sinek says, "What's your why?"
In this article, crafted with your journey in mind, we're going to unpack the concept of lifestyle businesses and why it's a game-changer for us running a retail business.
I'll chat about why starting with a clear vision, both personally and professionally, is the secret sauce to a successful and fulfilling entrepreneurial journey.
Throughout our chat, I'll share actionable tips and insights tailored specifically for retailers like us. From defining your vision to navigating the unique challenges of the retail landscape and sidestepping those pesky pitfalls.
Understanding the Concept of a Lifestyle Business
A lifestyle business that is your retail store goes beyond making money; it's about crafting a business that fits seamlessly into your life. It's about freedom, flexibility, and doing what you love while making a living.
In essence, it's about living life on your own terms, both personally and professionally.
There is that word freedom. FREEDOM is my ultimate value! You will notice in the way that I communicate, that this is so important to me. Whenever I feel stifled in any way, I feel like my freedom is compromised, and I get unhappy.
What is are your ultimate Values? What makes you Happy?
Benefits of a Lifestyle Business
The beauty of a lifestyle business lies in its ability to grant you the freedom to design your days as you see fit. It's about having the flexibility to prioritize what matters most to you, whether that's spending more time with family, pursuing hobbies, or traveling the world. With a lifestyle business, you're not just building a career; you're creating a lifestyle that brings you joy and fulfillment. And yes, you can do this whilst scaling your retail business.
Common Misconceptions
Despite the incredible benefits, lifestyle businesses are often misunderstood. Some people think they're less serious or less profitable than traditional businesses. But the truth is, a well-run lifestyle business can be just as successful and lucrative as any other. It's all about finding the right balance and leveraging your unique strengths and passions to create a business that works for you.
However, many haven’t even taken the time to think about their dreams! While it's natural to enter business to make money and replace a job, we often fail to realize the potential for more than just income. A retail business can provide valuable assets beyond financial gains: TIME and FREEDOM.
Have you ever taken the time to think about what truly makes you happy, beyond the day-to-day madness of life? Reflecting on personal fulfillment and aspirations is essential for entrepreneurs looking to create businesses that not only generate revenue but also enrich their lives in meaningful ways.
Defining Your Vision for a Lifestyle Business
Having a clear vision for your lifestyle business is like setting a destination on your GPS; it provides direction and purpose for your journey.
For me, it's all about freedom and exploration. I thrive on traveling to new destinations every few months, immersing myself in different cultures and landscapes. I find solace in painting, joy in cooking up new recipes, and inspiration in the pages of a good book. And let's not forget my love for the great outdoors – running through mountain trails was my ultimate adventure during my pharmacy days - and let me tell you, that takes up a fair bit of time - away from the store (as I write this, April 2024, my running days are over LOL)
When you have a clear vision of the lifestyle business you want to create, it becomes a guiding force in everything you do – including building your brick and mortar business. Every decision you make, from strategic planning to daily operations, is aligned with your overarching vision. It keeps you focused, motivated, and resilient in the face of challenges.
Tips for Clarifying Your Vision for Your Lifestyle Business
Set Goals: Start by identifying your long-term and short-term goals for your lifestyle business. What do you want to achieve personally and professionally? Break them down into actionable steps to keep yourself on track.
Create a Vision Board: Visualize your dreams and aspirations for your lifestyle business by creating a vision board. Gather images, quotes, and symbols that represent your ideal lifestyle business and display them where you can see them every day.
Reflect Regularly: Take time to reflect on your vision and goals for your lifestyle business regularly. Are you still aligned with what you want? Adjustments may be necessary as you grow and evolve.
By defining your vision for your lifestyle business and taking proactive steps to bring it to life, you set the stage for a fulfilling and purpose-driven entrepreneurial journey. Of course, this is best done with a retail business coach (shameless self promotion!). But seriously, when we do reflection exercises, we easily get stuck, that is why it is important to have a business coach to help you work through these blocks.
Knowing Your Why
When it comes to creating a lifestyle business, understanding your "why" is everything. I spoke about Simon Sinek in my introduction, I can’t say it better than him….
It's the driving force behind your retail venture, shaping every decision you make. Without a clear "why," it's like sailing without a compass – you might move forward, but you'll lack direction and purpose.
Guiding You to Uncover Your Own Why
Take a moment to reflect:
What inspired you to start your retail store, and how does it align with your desired lifestyle?
What values do you want your retail business to stand for, and how will they shape your customer relationships?
How does your vision for your ideal lifestyle intersect with your dreams for your retail business?
By delving into these questions and discovering your "why," you'll lay the groundwork for a retail business that not only succeeds but also brings you closer to living the life you've always wanted.
Embracing Change
When crafting a lifestyle business, one must confront the challenge of shifting old paradigms. It involves breaking free from conventional thinking and being willing to explore new avenues. Often, the comfort of familiarity can hinder progress, making it vital to recognize and overcome these mental barriers.
To seamlessly integrate change into your lifestyle business design:
Challenge Status Quo Assumptions:
Question preconceived notions about how businesses should operate. Embrace innovative thinking and be receptive to unconventional ideas.
Pursue Continuous Learning: Foster a culture of ongoing learning and development within your business. Stay abreast of industry trends and seek opportunities for personal and professional growth.
Learn from Setbacks: View setbacks as opportunities for growth rather than failures. Embrace them as valuable learning experiences that propel you forward on your journey.
Cultivate a Supportive Network: Surround yourself with mentors, peers, and like-minded individuals who understand your vision and provide guidance during times of change. Join our facebook group for bricks and mortar retailers.
Staying Motivated
During challenging times, it's essential to cultivate strategies that keep you motivated:
Set Short-Term Goals: Break down your long-term vision into smaller, achievable goals. Progress toward these milestones provides a sense of accomplishment and fuels motivation.
Celebrate Small Wins: Acknowledge and celebrate every success, no matter how small. Recognizing your achievements reinforces positive momentum.
Seek Inspiration: Surround yourself with sources of inspiration, whether it's books, podcasts, or mentors. Draw from the experiences of others to reignite your passion and drive.
Practice Self-Care: Prioritize self-care to maintain your physical and mental well-being. Regular exercise, adequate sleep, and downtime help replenish your energy and resilience.
Stay Connected: Build a supportive network of peers and mentors who understand your journey and can offer guidance and encouragement when needed.
You will need this!! As mentioned, it gets very challenging creating a lifestyle business, and falling back on the above will help you work through it!!
Your Lifestyle Business Awaits
In closing, let's revisit our core insights:
Align your business with your desired lifestyle.
Start with a clear vision and embrace change.
Find your purpose and stay motivated.
Ready to craft your own lifestyle business?
Let's chat! Book a call with me today. Your journey to entrepreneurial freedom begins now.
