Alexis Assadi: How to Move Your Company Towards a Lifestyle Business
One of the best parts about my work is that I can do it from anywhere in the world. Whether I’m lounging on a beach in Florida, renting a house in the Bahamas or skiing the snow-capped mountains of Whistler, BC, I can run my businesses. In this article, I’ll lay out three ways to help you do the same so that you, too, can get closer to that goal.
To be sure, entrepreneurship is hardly defined by its perks. While I can work from anywhere, in many ways, I am a slave to my own assets. I am always connected. I work on evenings and weekends. I take phone calls during dinner with my family. I incur a lot of personal risk. But since I love what I do, the trade-off is worth it. This is the life that I want.
For that reason, alone, the first step towards building a lifestyle business is to pursue a passion. Many people search for niches that they believe will be profitable, even though they don’t otherwise care about them. They are purely motivated by money. I disagree with that strategy. Entrepreneurship is difficult and stressful, especially at the beginning stages. The best way to beat back any temptations of the next “shiny object” or quitting altogether is to love what you do.
Moreover, can a company really be a lifestyle business if you aren’t truly interested in it? Of course, you should go down an avenue that could be lucrative. But make sure it’s one that you will stick to, no matter what obstacles may lie ahead.
Second, you should stick to a routine that can be followed from wherever you are in the world. For example, each morning I have at least one conference call with my team. They take place at the same time, Monday through Friday, always. Whenever I travel and deal with different time zones, I plan ahead to accommodate my routines. I know well in advance what I have coming up.
As such, I can avoid scheduling conflicts that can torpedo a vacation. You don’t want to be in a position where you’re taking business phone calls by the ocean. In theory, it sounds nice. But you’ll likely bother your family, who are there to spend time with you. You’ll also subject the person on the other end of the line to poor reception and loud wind. Having a solid routine can help you fit everything in, and treat your partners with respect, regardless of your location.
Third, it’s important to use your email efficiently. An email account is not merely a place to receive correspondence. It’s a database of years’ worth of communication. It’s a storage center for corporate documents.
In fact, my businesses hinge on my email account. Each day, I send myself a series of emails with objectives to complete. I will set calendar reminders months in advance, which are then emailed to me when it’s time for a particular event. For instance, if I have a deal maturing in ten months, I’ll set an email reminder for nine months away to think about what to do with the capital when it comes back. I’ll even remind myself of the little things, like reaching out to someone on Linkedin. If I have an important conversation or receive a document that I want to save, I’ll send myself a note about it.
Your business will be easiest to run if you can operate as much of it as possible through email. You’ll reduce the need for an office and reliable telephone reception, which can get in the way of being mobile. Make the effort to shrink your workspace to a size that can fit inside of your pockets. It will be worth it.
Of course, a successful lifestyle business will require a lot more than simply following a passion, having a routine and using email properly. But these are three things that can help your existing company become more mobile and hopefully translate to more freedom.
Author Biography: Alexis Assadi is an investor and entrepreneur. He owns/operates multiple companies, including Assadi Capital Corporation and Pacific Income Capital Corporation. Alexis is active on Twitter, where you can follow him.