As a Business Owner, most likely you started your business to find freedom of income, time and purpose. Today we talked with Aaron Muller about exactly how to become a Lifestyle Business Owner. In his book, The Lifestyle Business Owner, he clearly articulates the steps required to do so.
It takes planning, action and some good fortune along the way to find the right business or businesses for you and the lifestyle you desire. It also requires experts that you can plug into as guides and mentors to help you shorten the cycle to success. Aaron is very clear that one of the best decisions he made along the way was to hire a consultant and coach to guide is actions for a business he purchased.
Whether you are business savvy, formally educated or not; business success is possible with hard work, following some timeless principles and with guidance. Finding or hiring a mentor, someone who knows the way, is a powerful way to learn. You will need several key people in your journey. Seeking them out is one of the best things you can do. Some of the common experts are a business coach or advisor, a banker, an attorney, and a business broker.
While a lot of money isn't necessarily required to start or buy a business, having the ability to support yourself in the process is, especially if you are leaving a job to do so. The LBO (Lifestyle Business Owner) way is to find a business to purchase that has the right amount of income to support you on your journey into entrepreneurship. Understanding the financial aspects of the business, including the business planning and proforma requirements at startup, is often where new entrepreneurs lack experience. Find a business coach that can help you with this among other things.
As we always do, the Business Owner Freedom team suggest that you start with the end in mind. We highly recommend you build your Vision Story first so you can create a clear path to where you want to end up. Go to our home page at www.BusinessOwnerFreedom.com to access the 7 step Vision Story Action plan. Start there to create the path to freedom you desire.
Whatever business you decide to dive into, make sure it is one that you would enjoy owning. You don't have to be completely versed in the minute details of the business to be successful, however. If you purchase a business that has the technical experts already on the staff, then you can focus on running and growing the business. That i what business owners should be doing anyway.
We wish you all the best on your journey as a Business Owner. If we can help you in any way, reach out to us. If you enjoyed this podcast episode, please subscribe so you can hear our coming experts. It would be our honor if you would go to iTunes or your favorite podcast app and rate our podcast. Please send suggestions and questions to us at [email protected]. Enjoy the Journey!!
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