Lifestyle vs Legacy
Which Business Model Is Right For You?
Starting with the right business model is key to your success. And knowing the difference will help you structure your company for success from the beginning.
A legacy business is one that is developed with the life of the company top of mind.
A lifestyle business is one that is developed with your life top of mind.
There are other models, but these are the two we talk about the most because these two models are of the most interest to our clients.
Our clients either want a mom’s side gig or they want to create a large, profitable corporation.
Let’s look at the differences:
Time spent as It fits
Location – where you are at the moment
Location – Long Commutes
Building a product with or without service
Quickly generates enough profit for owner
Takes years to find profitability
Low up front costs
Grow as they scale
Work From Anywhere
Sell to Anyone Worldwide
Diversity Your Income
100% from Fulltime Job
Start with Low Costs
High Initial Cost for Equipment & Inventory
Internet 1st – Location Independent
Explore a Passion Project
Seek a Goods/Services Niche
Turn Your Hobby Into Income
Develop Corporate Structure and Guidelines
Find a lifestyle business idea at the intersection of skill, passion, and market demand.
Legacy Businesses are designed from the beginning to become a complex organization with structure, organizational guidance and brand focused.
The legacy business is built by replacing yourself with a system.
Your first step would be to create a picture of your company and then develop it from there. The best resource to put together your company as a Legacy is “The E Myth Revisited” by Michael Gerber. You’ll find a paperback version on Amazon.com.