Lifestyle Planning: What It Is, Why It Matters And How Entrepreneurs Stand To Benefit

Many solopreneurs and freelancers dedicate countless hours to business planning. They focus on how they can gain new clients, improve their services and more. When you’re tackling most of this work on your own, this can be quite a tall task. All too often, it also leads to your quality of life taking a back seat.

Sure, there are some famous entrepreneurs out there who claim you should be working 100 hour work weeks if you want to get rich. But the thing is, that type of schedule is more likely to lead to burnout than anything else. If you want to be happy in what you do, you should actually be embracing the mindset of lifestyle planning.

Build A Business Around The Lifestyle You Want (Not The Other Way Around)

Lifestyle planning is a mindset in which your business and career plans cater to your preferred lifestyle. You aren’t forced to adapt your lifestyle to fit around your work schedule. Everyone has different interests — different things that make them happy and satisfied with their life. Some people legitimately love burning the midnight oil and spending countless hours bringing a product or service to life.

On the other hand, those who want a bit more sleep might go into entrepreneurship because they want to eventually build sources of passive income so they only have to work 20 hours a week. Lifestyle planning helps you put your priorities into focus. Do you want to be able to travel the world? Do you want to only work a few days a week and spend the rest of your time relaxing on the beach?

There’s no “one size fits all” answer for everyone, which is why lifestyle planning accounts for your individual strengths and weaknesses, as well as your financial needs. But, different business configurations will work better for different lifestyles. When you know how you want to live, your business priorities and brand messaging will come into sharper focus.

Lifestyle Planning Is Soon To Be The New Norm (And Why That’s A Good Thing)

The mindset of putting lifestyle planning first is poised to become a highly disruptive force in the entrepreneurial world.

This became especially clear during a recent phone call I had with Liran Rosenfeld, founder of YoKo Village. He explained, “The global pandemic and resulting economic uncertainty have radically altered the business environment, including for freelancers and solopreneurs. Many found themselves with reduced workloads, which led to more time with family or focused on things outside of work. And a lot of people have discovered that they like this. Their priorities are changing, which will lead to a shift in the type of work opportunities they seek.”

Even for those who maintained a steady level of work, the pandemic brought changes. Many who normally spent time in an office had to embrace a remote work model to keep their business running. Virtual workspaces created big benefits for employers as well by eliminating office overhead. Even for people who aren’t branching out into entrepreneurship, a “lifestyle-first” mindset will become more and more common.

Ultimately, this has the potential to get more people out of the draining rat race mentality and into a healthier, lifestyle-oriented viewpoint. This gives them greater flexibility for adapting to uncertain economic circumstances.

The Booming Benefits Of Lifestyle Planning For Entrepreneurs (Just Like You)

While lifestyle planning can benefit everyone, it can be especially helpful for entrepreneurs. Sure, money is important. But it needs to take a backseat to your individual happiness and fulfillment.

Studies have found that an income of $95,000 is the sweet spot for “life satisfaction,” and that even at an income range of $60,000 to $75,000, most people experience strong emotional well-being. If you feel like your needs are met and you like what you do, you don’t necessarily have to be rich to be happy. Instead, you find happiness because you’ve found a greater purpose (even if that purpose is simply living your preferred lifestyle).

By evaluating whether your current job and lifestyle are making you happy, you can start planning for needed changes. Maybe you need to adjust your priorities in life. Or maybe it’s simply time to ditch the 9 to 5 humdrum.

Entrepreneurship can be a key part of lifestyle planning. Not only does it give you the flexibility to work how, when, and where you want, but you also get to be the one to reap the rewards of your hard work. You get to build your own dream — not somebody else’s. You’ll get what you want out of your everyday work experience.

The flexibility of entrepreneurship allows you to cater your work experience to your lifestyle. You can more easily adjust your routine so you can live the lifestyle that makes you happiest. You don’t have to worry about some corporate overlord telling you no — you can just go ahead and do it.

Plan Your Future Around Your Lifestyle

While you can undoubtedly find great satisfaction in your work, for most solopreneurs and freelancers, a job is ultimately meant to allow them to live the lifestyle they want. Work is a means to a far greater end.

When you put your desired lifestyle first in your planning, everything else will fall into place. You’ll know what to prioritize and what things you don’t want to do with your business.

You may not get as rich in the long run, but you’ll probably be a lot happier 🙂

Source: forbes.com ~ By: Pia Silva ~ Image: Canva Pro

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