Deciding to start a new business can feel exhilarating and stressful at the same time. One of the things that I worried about when venturing into entrepreneurship was how it would affect my lifestyle. I thought about how it would alter the time that I spent with my husband and the time we spent visiting our son who was away at college at the time.
As budding business owners, we can feel guilty when we’re not partaking in all the opportunities that could grow our bottom line. Networking at conferences, speaking engagements and creating new products can be integral to growing our brands. However, though many of these activities could lead to greater profit or growth in business relationships, it can also result in severe burnout.
If you are considering entrepreneurship, I strongly suggest that you create a list that details what your ideal lifestyle looks like. How much time do have to allocate to your business daily? Would you like to implement a start and end time? While these may seem like unheard of requirements for a new business, remember that you’re likely starting the business to enjoy some level of freedom — whether your end goal is to work from a beach somewhere or simply spend more time with your kids.
Using My Products and Services to My Advantage
In the beginning, I created a bundle of core products that I would offer my customers and clients. Then, I figured out how I wanted to deliver these products to them.
I soon realized that one of my best-selling products — access to my online platform, which provides members with monthly resources and virtual chats — was a win-win. It gives me a recurring income without the need to be physically present, thereby freeing up my time and mental bandwidth. It also lets me invest some of my time back into the product itself, tweaking it so that it is the optimum experience for my clients.
I also offer a financial coaching suite for singles and couples, which is modeled as a subscription service. Clients that utilize this option have decided that they desire a more holistic approach to personal finance. They prefer to use my expertise as an ongoing service, similar to a gym. Just like a personal trainer at the gym, as I build up my client’s adeptness, it frees up more time for me to cater to my larger client base. It also allows for more time for myself and my family.
How Can You Free Up Time?
Though these examples might seem specific to my business, the idea applies to all entrepreneurs. There are numerous additional sources of income out there that can help you avoid burnout. Get creative. Try writing or video contracts for third-party brands, for instance. And remember, just as there will always be work to do in your business, there will always be ways to do business without getting worn down.
More From Our Smart Money Squad: