How do you set up a business, let alone multiple streams of income, so you don’t have to work 70 hours a week? I hesitated for a long time to even get started with one income stream because the old stereotype of bedraggled and stressed out business owner and even freelancer worried me. Having a lot of interests further complicates matters. Would I still have time to pursue them if I had to work full-time in one area? And which area would that even be?
Sounds paralyzing, doesn’t it? If it also sounds familiar, then you’ve come to the right post. There is a way out of the mess and it’s understanding that the old stereotype might still be lived by some people but that is irrelevant to us. You can, and should, build your business(es) to create the life you want to live.
How? A few years ago, Daren Smith shared some questions in his newsletter Craftsman Creative that completely blew my mind and which inspired the question I now ask myself before I set up a new income stream. When we think “business” we have preconceived assumptions about what a business is, what we “need” to do, what a product looks like and so on. But this is just one type of business. You can build your own version(s) by answering a few questions first.
Your life
Common business advice is to start with a problem you can/want to solve, the clients you want to work with and/or the products and services you want to offer. Scratch that. Start with the life you want to live instead. How much time in total do you want to work on projects that bring you money? When do you want to work? How many days a week?
Do you want to travel and how flexible do you need to be? What kind of life do you actually want to lead on a daily basis? And how much money do you need/want/dream of? In order to set up businesses that support the life of your dreams, you first need to know what that life actually looks like.
There’s no need to take notes right now, by the way, because there’s a word document with these questions you can download at the end of the post. Take your time thinking about the life you want to lead. Sit down and dream a little bit. Explore. What would really make you happy? The entire point of being your own boss is being the boss. You have the freedom to choose what you really want so figure out what rings your bell.
When you have a clear aim (which you can change any time, so think but don’t fret about it), move on to the questions about the businesses or income streams you want to set up. Always bear the life you want in mind while you answer these questions and watch out for any stereotypes you might have about businesses and business owners. One idea can be realised in many different ways. Answering a few questions first will help you figure out which way is right for you (for now).
Two versions
Let me show you what I mean. Let’s take one of my projects as an example. By giving different answers on the questionnaire I get two completely different business versions. These are not my real answers, by the way. I just want to show you the impact a few questions can have on your decisions.
Emotional Intelligence for life – Version 1:
How much time do you want to spend working in this business? 20h/week
What do you want to do with your time? Teach people in person how to manage their emotions.
Where do you want to work? Give workshops at companies and as a speaker at conferences and events.
Who do you want to serve through your business? Companies by training their staff.
How do you want to serve them? What kinds of products and services do you want to create? In-person workshops, seminars, talks.
Who do you want to work/partner/collaborate with? Maybe other speakers in the field for larger conferences.
How much money do you want to make? $700.000-1.500.000/year
What systems, tools, skills and people do you need to create and maintain this business exactly as you want it to be? Personal Assistant to handle client enquiries and prep work; a booking/scheduling tool; public speaking skills and so on.
Emotional Intelligence for life – Version 2:
How much time do you want to spend working in this business? 10h/week
What do you want to do with your time? Create evergreen content (blog posts) and online self-learning courses.
Where do you want to work? From home.
Who do you want to serve through your business? Anyone who wants to learn about Emotional Intelligence Skills.
How do you want to serve them? What kinds of products and services do you want to create? Evergreen free content, a book, online self-learning courses.
Who do you want to work/partner/collaborate with? Other people who teach EI; other blogs; influencers etc.
How much money do you want to make? $50.000-100.000/year
What systems, tools, skills and people do you need to create and maintain this business exactly as you want it to be? Freelancers who help with course creation; a part-time customer service person; platform for courses, website, e-mail automation, social media expert etc.
Anything you want
Do you see how the same idea looks very different once the business is set up in whatever way I want to set it up? There is an abundance of business models out there these days and so much support available that you really can create income streams to support your life.
What if you already have a business or income stream set up? Answer the questions too, especially if you feel overwhelmed. Our brains are problem solvers and your answers will clarify your priorities. They might spark ideas for new products, people you want to hire or tools you need. Business structures are not set in stone. As we grow and gain clarity on our priorities, we can pivot, shift our aim and even rebuild from scratch.
Businesses Scanner style
We Scanners often burst with ideas. First off let me remind you that you do not have to make money with every one of your interests. It’s ok to do things just for fun. If you do want to turn an interest into an income stream, answer the questions in the word template. I added questions for five businesses or income streams but less (or more) is, of course, perfect too.
The questionnaire is just a tool to help you gain clarity so you can choose the set-up that best works for you. You might have to go back and forth between different businesses and tweak your answers to reach your overall goals, which will spark new ideas. You might see connections between interests that serve you for several income streams and are opportunities for synergy.
If you are like me and enjoy creating in bursts, still allocate weekly hours to each project, even if you won’t stick to them. I don’t. I still gained clarity on which tasks I needed to automate and what I wanted to outsource completely. The main aim is not to create an income stream. It’s to build the life that you want. Your businesses are one part of this life. Choose sustainable and sustaining set-ups.