January 21, 2023
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:
Lifestyle | Legacy |
Time spent as It fits | 9-5 |
Passion/Purpose Centered | $ Centered |
Location – where you are at the moment | Location – Long Commutes |
Sole Proprietorship | Building a product with or without service |
LLC | |
Corporation | Corporation/Partnerships |
Quickly generates enough profit for owner | Takes years to find profitability |
Low up front costs | Grow as they scale |
Benefits | |
Work From Anywhere | |
Sell to Anyone Worldwide | Start Local |
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.
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