💡 Avoid this Business Model Trap (Issue 147)
Don't recreate the problem you escaped
“How in the hell did I end up creating a business that has all the pain of my last 9-5 job, but none of the perks?!”
My friend was lamenting the lifestyle they had created with their current gig. The contract with the client required commuting to work in their office every day of the week. But, as a consultant, they received none of the full-time employment perks, of course. No health insurance, retirement benefits, equipment, stock, etc. They were feeling pretty sad about the whole thing.
I made the same mistake with one of my earlier business models and first clients. As I’ve mentioned before, it is the easiest solopreneur business to start. Copy and paste your job description to create a business plan. But instead of being tied to one employer, you’re paid by clients.
However, if you’re not careful, it’s easy to slip into the familiar way of working like an employee for an employer. Working under their rules. Working where, when, and how they want you to work for them instead of how you wish you could be working.
That’s how I found myself hitting the freeway every morning at 6 AM to commute through heavy traffic to my client’s office. Then, I’d badge in, grab a cup of coffee, and head for my assigned cubicle to do work that I would rather be doing from the comfort of my home, a cozy coffee shop, or on a warm beach. I made great money doing this as a consultant, but I didn’t receive any of the usual employment benefits, of course. And I hated feeling like an employee again.
So, I promised myself to design my next business more carefully. I reverse-engineered the model by starting with my desired lifestyle first, then developing a business model that would enable that lifestyle.
For me, that meant:
No more daily commute to someone’s office.
Working where I wanted to work every day (e.g., home, coffee shop, my child’s apartment when we go for an extended visit).
Working the hours I wanted to work (e.g., no more early-morning meetings).
Working how I wanted to work (e.g., using my tools, my processes, my way).
Working with the people I choose to work with (e.g., choosing my clients, partners, vendors, etc.).
Most importantly, I created a 100% remote business that I could run on my own from anywhere in the world. Gotta love solopreneurship!
I never wanted to be tied to a single geographic location ever again. I never wanted to have my travel plans controlled by a client who required me to be in their office. I wanted to travel the world, take long working vacations, and spend several weeks with our children instead of the usual rushed visits.
For example, I am writing this newsletter right now from Juneau, Alaska, where two of our children live. We are spending five weeks visiting them! I never could have done this as an employee or with my old business model that locked me up in a client’s cubicle.
I always recommend that my clients create location-independent businesses so they have control over how, where, and when they work. You want to behave like a high-value consultant, not a copy-and-paste contractor who is filling an empty seat.
When you design your own business, you have the fantastic opportunity to take the best of how you like to work and leave behind the worst of employed life forever. Fight hard to create a business that will be more enjoyable for you to operate than any past job you’ve ever held!
Would you like to brainstorm business model ideas with me? You can schedule a complimentary call.
Larry Cornett is a business coach who works with ambitious professionals to help them reclaim their power, become more invincible, and create better opportunities for their work and lives. Do more of what you love and less of what you hate! Check out his new Invincible Solopreneurs Daily Journal!
