ESCAPING 8-TO-5

Design a Lifestyle first

When I decided to start a business, the first thing I thought was…

Which business would make money? Which one was profitable? Or whichever opportunity came up, I’m in. 

In the mid-2000s, real estate was hot. Real estate gurus were popping up everywhere. And so were their seminars. I followed the crowd.

I got busy in real estate. Flipping houses, while holding 2 properties as rentals. I made money. But not as much as I thought I would. 

I also found an opportunity. Some lady pitched about a medical billing business. Potential cash flow sounded good to me. So I invested in it – without any experience in that business. 

After about a year, that lady partner got greedy and cashed a client’s $10,000 check paid to our business – for herself. We lost our credibility with that client. Eventually, the business died. 

Then the real estate market crashed in 2008. I lost money. A lot. It hurt. I had to crawl back into a JOB. That even hurt more. I felt like a loser. 

Looking back, I shouldn’t have gotten into businesses that I had no business being in. The potential of profit was NOT… and should NOT, be the only deciding factor to get into a business. 

I stumbled upon a book, “The Four Hour Work Week” by Tim Ferris. That was the first time I learned about Lifestyle Design.

It is basically about deciding what kind of lifestyle I want to live FIRST — before deciding what kind of business, or career, I want to pursue.

Essentially, a business, or job, or whatever pays the bills, should revolve AROUND the lifestyle I decided I wanted to live. 

The way to make money is secondary. The way to make money should SERVE our lifestyle. And not the other way around where we live our lives based on the business, or job, we decided to do. 

So…

I then thought about and wrote down the ideal lifestyle I wanted to live. 

I listed guidelines to follow when an opportunity comes up. That way, I wouldn’t be suckered into that business opportunity so easily.

I simple decided that I would do a business ONLY if it met my business guidelines. My guidelines became my rules.

Lesson Learned

Think of the lifestyle I want to live FIRST.

Create some guidelines or rules to follow.

Work (job or business or career) should follow and serve my lifestyle. Not the other way around.

What Business Should I Do?

“Sample the buffet.” That’s what master hypnotist (Marshall Sylver) said to this man in the audience who asked “What business should I do?”

I was one of many people who had the same question in that weekend workshop I attended in Las Vegas in 2000.

You probably have the same question.

Sample the buffet. Like in a lunch or dinner buffet, you would try a piece of each delicious appetizer, entree and dessert and go back for more of the ones you really like. Right?

So, the same thing with business. Try different ones until you find the one you love. Or at least find out more about that business model.

That’s what I did when I started trying my luck in business. I tried different ways to make a buck:

– Buying-and-selling (flipping) single family homes
– Buying-and-renting (single family home, duplex and even a 23-unit mobile home park).
– I also tried a medical billing business.
– Consulting and training.
– Incorporation filing service.
– Website development.
– Network marketing.

I also attended many free and paid seminar workshops just to see  what was out there. What the possibilities were.

I talked to other people too who were trying a business. If I found it interesting, I’d check it out. And if I liked what I saw, I’d try it myself.

Eventually, I figured out what I wanted to do by eliminating what I didn’t want to do. Process of elimination in other words.

“Sample the buffet” is definitely one way to figure out what you want to do in business.

The only con about this advice is the time it will take to try many different businesses. At a certain point, you’ll know what you want and what you don’t want.

However, if you don’t know what you want, this is one way of exploring and figuring out what you want to do.

LESSON LEARNED

Sample the buffet. Try different things until you find the one that you like the most.

Your Only Job

When I get stuck…or make excuses…I watch this video for a quick kick in the butt.