By: Matt Andersen, CPA, Founder of MD Andersen CPA, PA
MD Andersen CPA is dedicated to helping transform business owners into Lifestyle Entrepreneurs, helping clients create profitable businesses that balance growth, freedom and a higher quality of life.
In previous blog posts, we have talked about the basic characteristics and values of a Lifestyle Entrepreneur and common misconceptions in What is a Lifestyle Entrepreneur? Chances Are, You Probably Know One, and influential figures spearheading this movement in Resources to Learn About Lifestyle Entrepreneurship but what about the business itself? What is the difference between the business owned by a Lifestyle Entrepreneur and a traditional business owner?
To start off, we would like to emphasize (actually repeat) one very common misconception. A Lifestyle Entrepreneur does not necessarily own a “Lifestyle Business” or is part of the “Lifestyle” Industry. While there is a popular, and at times profitable trend toward creating these types of businesses, Lifestyle Entrepreneurs can own any type of business, online or brick-and-mortar, so long as they adhere to the basic goal of balancing profits with the pursuit of one’s preferred lifestyle.
There are few set “standards” to the business of a Lifestyle Entrepreneur, but there are some basic concepts that tend to be applied:
- There is a clear distinct tradeoff between growth and freedom
- Lifestyle Entrepreneurs are the hub of their business
- A cult-like following from fans surrounds their businesses
- Running LEAN is the name of the game!
- Office real estate is not critical to success
Over the next few weeks, we will cover each of these concepts in further detail, providing you with guidance on when and how to incorporate these ideas into your own business. Not every item will apply universally, but all provide strategies that can incrementally add freedom and flexibility to your daily life.
Stay tuned to our social media channels on Facebook and LinkedIn where we share other common traits of Lifestyle Entrepreneurs. We love new ideas and welcome anyone who wants to participate in the conversation and share their own experience.
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Matt Andersen, CPA loves analyzing data, people, and businesses. He is passionate about helping entrepreneurial-minded clients achieve their goals, keep more money in their pockets, and live a higher quality of life. In addition to tax and accounting services, Matt provides one-on-one coaching for various topics including lifestyle entrepreneurship, advanced tax planning, and new business creation.