hey miles Becker here miles Becker calm
in this video we're going to talk about
the downsides of a lifestyle business
now I was asked in a comment by a viewer
you know are there any downsides or what
are the downsides to running a lifestyle
business and that's a very valid
teaching or promoting internet
entrepreneur kind of the dot-com
lifestyle they're really just showing
off the fancy cars the lifestyle that
kind of token shot of them with their
laptop open at the beach you know
drinking a mai tai oh look at me I'm
making money from anywhere in the world
it's great in some senses but it
definitely is not without its challenges
and without its downfalls so that's what
we're gonna talk about here first things
first
really I think the biggest one is how
much energy and how much time and effort
it takes to really build momentum to a
lifestyle business you know in this day
and age we need to generate three five
seven thousand dollars a month because
we've got to pay taxes we got to pay for
health insurance if you're in the US and
you don't get it from your government
right where you have to pay for rent we
have to pay for food we have to pay for
all these kind of lifestyle costs and in
life costs money you know and to build
up you know five thousand dollars a
month income every month actively it
takes a big push of effort before you
start to even see your first month that
hits $5,000 and that's where most people
get kind of fed up with it and
potentially quit early is they feel like
they're putting in all these results or
they're putting in all this effort
excuse me and they're not seeing the
results right away here's the kicker
though the results shift and you reach a
point with your business where you just
keep putting in the same amount of work
or you can even ease off the gas a
little bit and your income grows and
grows because your efforts compound on
each other and what I mean by this is in
this 90 day video challenge I've done
here on YouTube and beyond the beginning
I was getting very little traffic I had
very few subscribers and now every video
I'm publishing gets new views and all my
old videos get views as well so at this
point in the process one hundred and
twelve fifteen days in I'm seeing
somewhere around three to five hundred
new
views per day my first day like I
watched it you know my wife watched it
and that was it literally there was no
one there so you're kind of playing for
an empty audience at first and Mac
that's a mental challenge to get over
and most people can't get out of that
the other side of that coin is you got
to keep doing what you're already doing
to pay for your lifestyle right now and
double down and build your online
business for my wife and I we I woke up
she had to go to work at 4:30 every
morning she started at 5 o'clock she
worked the eastcoast hours from the west
coast and she worked five to three I
worked from 11 o'clock till 8 o'clock
every night so I was up when she got up
because we you know like the alarm wakes
me up too so I would get up at 5:30 I'd
start grinding on the computer when she
went to work for a couple hours in the
morning and then I'd go to work she'd
work in the afternoon and we both would
work late into the night and we did this
for like years literally we had our main
business now as our side gig for years
and we were just pushing on it pushing
on it pushing on it this is one of the
big reasons why it's important to have
something you're passionate about
because we loved what we were sharing we
loved the the message and the content so
it made it a little bit more enjoyable
than just a niche that was designed to
make money right it wasn't kind of a
by-the-numbers niche it was more of a
heartfelt niche for us so that's really
important so aside from that challenge
once you get your business going there
are additional challenges being an
entrepreneur means you got to take care
of bookkeeping you got to pay quarterly
taxes in the US or wherever you're at
you got to pay some sort of taxes you've
got to really play these business games
and eventually set up an entity and a
structure so you're not paying
self-employment tax in the US and
there's there's all these kind of
additional things you need to learn how
to do that really you you kind of like
learn the internet marketing thing you
learn your niche you learn how to make
money online and then there's these
other things you have to learn how to do
in order to stay in compliance with your
local governments essentially so that's
also challenging and this is like the
e-myth right like if you've ever read
the book the e-myth revisited that's
exactly what he talks about is the baker
goes and opens his own bakery because he
loves to bake but then all of a sudden
the bakery has
learn how to hire people has to learn
how to do HR has to learn bookkeeping
has to learn all these other things that
detract the baker from baking which is
what the baker loves to do so that
analogy plays true in this kind of
business model with that said there's so
many technologies today like Xero for
running your bookkeeping keep your
accounts separate get a good tax person
on your team and pretty much that's good
enough to get going you don't need a
business license to start you can start
an internet business for about a hundred
bucks but you just got to be conscious
of how you go about it and I've covered
some of those pieces in other videos so
moving along some other challenges it
can get kind of lonely you know luckily
my wife and I were cofounders we work
together we're passionate about what we
do so we get to communicate and we're
around each other every day so I've kind
of got a little bit of that like cooler
talk if you will we we go have a walk in
the afternoon we we have a mug of tea
and we unwind over meals and we talk
about things and that helps a lot for me
and her so if you're if you're just solo
if you're single or if your spouse isn't
into this at all and you're running
forth on this on your own you might feel
kind of like alone in this process on
your own and that can be challenging it
can be kind of mentally you know you
feel like you're alone and oh man I used
to have all the friends at work and I
used to have that cooler talk this is
why I've gotten into a few groups the
dynamite circle is one of them there's a
number of other forums that I'm a part
of and some Facebook groups where I do
communicate with people and I do go out
of my way to get to events where other
internet entrepreneurs are that way I
can kind of get around some people who
are doing similar things forge
relationships and then I stay in touch
with these people to remind myself and
to keep kind of accountable and keep
moving forward so really I want to wrap
this up soon I do think that the the
benefits significantly outweigh the
challenges right like the benefits of
being able to control your time being
able to control your location to be able
to control your income do not have a
ceiling of this is how much a marketing
manager makes or this is how much of
customer service rep makes you can make
as much as you want to make depending on
how much you hustle that's pretty
fantastic for me I was able to pay off
over forty nine thousand dollars in
student loans
with my internet-based businesses and
this was because I just doubled down I
worked 67 hours a week to really hustle
it up to build the cash flow I needed to
not only cover life to but to be able to
put two three four thousand dollars a
month towards my student loans to become
debt-free and you don't have that kind
of option and opportunity and you're
also building skills I'd say the last
thing that is the biggest challenge is
you're stepping into the unknown right
like I'm putting it all out on these
videos and there's a lot of other people
putting it out in videos so as you step
into the unknown two things happen
number one you start to kind of like
learn learn learn and the trick is to do
right learn do learn do you've got to
become an implementer not just a student
of internet marketing because it's the
implementation that gets you down your
path but there's hundreds and there's
thousands there's probably millions of
people online trying to sell you the
system right that will be the easy cash
flow super ultra profits 2017 just click
your mouse button four times and you
make 10 grand a month the type system
and they're all full of
right like you have to put in the work
there's no other way around it and it
takes a lot of work to get over that
hump and to get things rolling and
there's so many people targeting you as
a new internet marketer or as a new
online business owner they're literally
targeting you and putting their
marketing messages in front of you
getting you to subscribe to their list
for these shiny objects and they're
really trying to distract you it's
incredibly difficult surprisingly to
create a plan stick to the plan and work
the plan
I even meet people who are successful
they've achieved as a relative level of
success in their business they're making
enough to live to pay for their families
to pay for their lifestyle and then they
start thinking like okay cool this was
good but what else can I do maybe I
should start doing that maybe I should
shift and that is just such the danger
zone this game is all about building
depth it's not about building width
right we need to build build an
authority site really stick with that
site and make sure it grows to the point
where it is an absolute authority in the
niche so every time you put up a blog
post it hits the top
Google every time you put up a YouTube
video it hits the top of YouTube and you
get views and you get visitors more
people get introduced to your brand it's
people who jump around from this to that
to this back over to here to this to
that and they spend three months on this
and there's six months on that and five
months over here they never make any
progress right because they're just
jumping from one thing to the next and
ultimately it takes a bulk of work to
really push the momentum to a level that
these kinds of businesses can really pay
off for you and I can tell you from
personal experience as someone who
worked two jobs and built a business
online on the side because I was so
passionate to fire my boss to get out
from the corporate thing it is so worth
it to regain that freedom and it's not
just a freedom of income it's a freedom
of time and it's a freedom of location
if you've got kids you're able to go to
every single recital and sports game you
can drop them off every morning you can
volunteer for their field trips you get
to be there with them as they grow up if
you don't have kids travel you're able
to travel the world and build this
business why you go plug into an Airbnb
go to a digital Nomad hotspot like Las
Palmas in Gran Canaria or go to Chiang
Mai or Bali and you get to be around
other Internet entrepreneurs and you
don't feel like the odd kid right like
our friends and family don't understand
what we're doing in this lifestyle and
that's okay there are people or there's
a different life path for everyone and
this life path isn't for everyone I used
to think it was and I used to think it
was possible for everybody and it is
possible but it takes a certain type of
person who's committed at all cost to
make this work and the benefit of
realizing that commitment within
yourself seeing yourself push so hard
that you get over the hump and build
true revenue and you build a serious
lifestyle business that will pay you for
the rest of your life and help you get
out of debt and pay all your bills and
pay fill up your 401ks and your IRAs and
actually like all that adult stuff that
we have to eventually kind of think
about right and you can create this on
your own so I hope this video has been a
bit enlightening it was a fun video to
do
I do like sharing the challenges that
come with this kind of lifestyle because
it does not all rose petals and and
mai-tais it's it's it's a lot of work to
be honest and most people don't have
what it takes but I challenge you to be
one of those one two five percent of
people who stick with it who publish
every day no matter what because you
know that's the path to success and a
real quick tip and a caveat here at the
end just build your email list because
that email list is something that will
absolutely that's the biggest asset you
can own right your website your social
media aspects your YouTube chat all that
it's your email list that's the biggest
thing you can own that's your best asset
so continue working towards that you
start with zero subscribers just like we
did and then it's one and two and on and
on and on I hope this video has been
helpful for you if you liked it give me
a thumbs up here in YouTube be sure to
leave me a comment if you have any
questions about this or if I left
something out let me know in the
comments I'm happy to chat with you
there and be sure to subscribe so you
get the next videos as they're released
thanks again for your time
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