How to Be a Lifestyle Entrepreneur

Hi Scott,

I really enjoyed your last piece on starting your own business. I’m 35, married with a son (three), and a mortgage of $660k. I’m an account exec at an advertising agency, earning $115k plus super. It is hard work, long hours, and totally unfulfilling. I know I have more to offer the world. Specifically, I am planning on creating a virtual coaching business for executives in the connected economy. Other lifestyle entrepreneurs in this niche earn amazing money, can work around family commitments, and even find time to travel. Financially, what do I need before I quit my job?

Chris

Hey Chris,

A couple of observations.

Firstly, I’ve met many a lifestyle entrepreneur -- including quite a few who’ve been written up in magazines with headlines like ‘I stumbled onto a million-dollar business and now live on my own island!’ Experience has shown me that it’s all coconuts.

The people who really make it to the top of their field in small business are, in most cases, total workaholics, absolutely ruthless, and often a little unhinged.

It makes total sense when you think about it. They’re willing to throw in the security and benefits of a full-time job to go into battle with established players who have more experience and more money than they do. It’s not an easy path, or everyone would follow it. Most people are not cut out for it.

Second observation. Reading The 4-Hour Workweek a few times will not prepare you for business.

The only way you can work out whether you’ve got the ticker is to go out on your own while still working full time. If you’re doing 40 hours a week at the advertising agency, do another 4 hours each night after the anklebiter is in bed (oh, and work all weekend) for a few years until you’re earning at least $115k a year from the business.

I call it the ‘trapeze strategy’: don’t let go of the bar (your secure paycheque) until you’re safely holding the next one (your successful business). Enjoy the lifestyle!

Scott