While lifestyle business models offer numerous benefits, they may not be the right fit for everyone in the consulting industry. In this article, Bianca Shellie Robinson, CEO of Cayden Cay Consulting, will delve into the reasons why some consultants struggle with this approach and explore potential solutions to support you if this just so happens to be you.
"Lifestyle Business Model" is a fairly new term that many are using loosely but I want to clarify what it means for me who has had a successful Lifestyle Hybrid consulting business for over a decade.
A lifestyle business model is a business structure that's designed to allow the owner to live a particular lifestyle of their choosing. The business is meant to adjust to the founder's lifestyle, so they can live their life as they like. Lifestyle businesses are usually small and ran by solopreneurs. This type of business model prioritizes personal freedom, flexibility, and work-life balance, and they're typically built around the owner's passions, skills, and interests.
I know all of this sounds too good to be true so I want to give me 3 reasons as to why this business model isn't a great one for many that i've encountered over the years.
1. Unrealistic Expectations For A Lifestyle Hybrid Model
One common reason why lifestyle business models may fail for consultants is the presence of unrealistic expectations or a misalignment between their goals and the demands of the model. Consultants may underestimate the time and effort required to establish multiple revenue streams or overestimate their ability to maintain work-life balance while scaling their businesses. This misalignment can lead to frustration and disappointment which causes many to give up.
2. Difficulty in Achieving Scale In A Lifestyle Business Model
Scaling a consulting business within a lifestyle model can pose significant challenges. Unlike traditional businesses that focus solely on growth and profitability, lifestyle businesses prioritize personal freedom and fulfillment.
As a result, consultants may struggle to expand their operations and reach a wider audience while maintaining the desired lifestyle. Without effective strategies for scaling, they may find themselves limited in their growth potential. Many become so focused on "doing business on their own terms" that they forget that they actually have to do business.
3. Lack of Consistency and Discipline
Consistency and discipline are essential for the success of any business, but they can be particularly challenging to maintain within a lifestyle business model.
Consultants may struggle to stay focused and productive without the structure and accountability provided by traditional business models. Without clear goals and systems in place, they may find themselves unable to sustain the momentum needed to grow their businesses.
At Cayden Cay Consulting, we understand the unique challenges that consultants face when implementing a lifestyle business model.
Our experienced team specializes in helping consultants overcome these challenges and build successful and sustainable businesses. Whether you're struggling to align your goals with the demands of the model, scale your operations effectively, or maintain consistency and discipline, we're here to help.
Contact us today to schedule a consultation and explore how we can support your business goals.
Great read! The expectation management is real.