My company, Frontier, is a lifestyle business. But, what exactly does it mean?
On the surface it means putting a theoretical cap on the founder's income so that future gains in profitability or instead exchanged for less time in the business and more time enjoying a more casual lifestyle.
But what else? Here are a few thoughts:
It means less collective stress. Once you hire a team and reach the theoretical income cap you've set, the goal of the organization shifts to increasing durability, and spreading the gain out to all of the team. When you stop expecting constant growth, you fear declines less.
Your business becomes more attractive to customers. This isn't guaranteed but when your organization is content and providing value to its current customers then new customers show up wanting to join the party.
You get a more meaningful life. Entrepreneurs and leaders within high-growth companies run the risk of sewing themselves into the fabric of the organization. When it comes time to leave they've wrapped their identity into the company. But, if you spread out into other facets of life, and let your team take the reins, you'll likely find other aspects of your life have meaning when you do eventually leave.
It's not easy building a business, and there's no guarantee that you can set yourself up with a lifestyle business that doesn't falter at times. However, you might find as I have that it can be one of the most unique gifts life brings.
On the surface it means putting a theoretical cap on the founder's income so that future gains in profitability or instead exchanged for less time in the business and more time enjoying a more casual lifestyle.
But what else? Here are a few thoughts:
It means less collective stress. Once you hire a team and reach the theoretical income cap you've set, the goal of the organization shifts to increasing durability, and spreading the gain out to all of the team. When you stop expecting constant growth, you fear declines less.
Your business becomes more attractive to customers. This isn't guaranteed but when your organization is content and providing value to its current customers then new customers show up wanting to join the party.
You get a more meaningful life. Entrepreneurs and leaders within high-growth companies run the risk of sewing themselves into the fabric of the organization. When it comes time to leave they've wrapped their identity into the company. But, if you spread out into other facets of life, and let your team take the reins, you'll likely find other aspects of your life have meaning when you do eventually leave.
It's not easy building a business, and there's no guarantee that you can set yourself up with a lifestyle business that doesn't falter at times. However, you might find as I have that it can be one of the most unique gifts life brings.
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