The Freedom Formula: How to Build a Business on Your Terms!
Sep 17, 2024One of the main reasons I’ve always been drawn to owning my own business is because of the freedom and flexibility it can create in my life. I never liked being put in a box of “how things have always been done.” I didn’t fit into traditional business models, and I’ve always sought to do things that made the most sense to me.
But… There's always another side of the coin.
What they don’t tell you about starting a business is the emotions and feelings you didn’t expect to feel.
Remember the quote: “With great power comes great responsibility” - well business is kind of like that.
You have all the freedom and flexibility you want, but that comes with a cost, more likely an opportunity cost… all the things you COULD be doing to move the business forward.
Now, this is where your personal beliefs come into play, and you need to ask yourself: “What kind of business do I want to create?”.
One that is a hustle and grind for the potential payoff?
One that allows you to be a little more free on the time commitment?
Neither is wrong, but putting yourself in the wrong category can definitely make you feel just as imprisoned as when you had a job… That’s definitely not the goal.
Now I’m not here to tell you which option you should choose, but I will tell you how my business is constructed and how we help others do the same.
- We choose models with high upside. More value per client interaction and therefore, less dependent on volume. I don’t want to be in a constant launch mode or constant acquisition game. I want balance here.
- Limiting overhead. In my opinion, this is the driver of most stress business owners face. Simply put, making enough money to cover your expenses PLUS pay yourself enough money to live the life you want to live. There’s nothing that interests me in high revenue, high overhead, low profit businesses.
- Keeping a small team. If you think hiring more people is the solution to your problem, you’ve probably never managed a team. A great team is worth their weight in gold. But, you will have turnover, you will have people problems to manage, and this isn’t always sunshine and rainbows.
- Establish recurring revenue and offers that keep clients around longer. Traditional PT models solve a client’s problem and then send them on their way. After that, you’re stuck playing the waiting game for them to get hurt again. We help our clients create offers that go BEYOND the in-person session to session process, creating more stability and less stress in their business.
- Be ok blocking the noise. There’s ALWAYS work to be done. But I don’t believe we were solely born to work. I think there’s more to life than that. So, how can you structure your business to reflect your life? You have to learn to manage the business guilt that comes with sacrificing time traditionally dedicated to work (think M-F, 9-5) and lean into what you’d like to create. Now, sometimes that may mean working late or on the weekends, but you get to choose. That’s the entire point.
I want to leave you with the concept that you have control over as much of this as you want. You have control over what your life can look like. The sooner you lean into this concept, the sooner you can start getting back to the gym, spending time with your family, getting back to your hobbies, or whatever it is that you feel like you’ve sacrificed for work. And if you need help creating it, we’re here to show you the way.
Interested in learning how to apply this to your clients?