Tim Ferriss called it a muse. Something that you set up and then it pays for you to actually enjoy your life and get you out of the 9-5 lifestyle. A business set up in this way takes time to create though. You cannot just set it up in a couple of days and then watch as you enjoy the fruits of your labors. It takes much longer. During the time you are setting it up you may need to work very long hours especially if you are planning to get out of your current job and are therefore setting it up at night and the weekends. However, you need to find your muse and set it up first of course so how do you do it?
A muse business needs to have certain characteristics.
Firstly, it needs to have the ability to scale. It must be something that can be scaled up without meaning any extra time because what our aim is in general in a muse business is time freedom.
Next, it should be a business that can be run remotely especially if your goal is extended travel. To do this you need the business to be an online one. No point in having a business where you need to be present in order to make sales.
It should be easily explained yet difficult to repeat. This seems a little strange but if you are able to explain it easily then others can copy you. However you want it to be easily explicable to your outsourcing team, (and yes you want an outsourcing team) so that you can start removing yourself from the equation. Difficult to repeat? Yes you don’t want your outsourcing team doing the same do you!
It should be fun. That sounds obvious but 90% of people in the World do stuff they really hate on a day to day basis without ever looking at other things to do because the “security” of their job makes them feel less worried about the future. The problem is they just don’t get it. Their security depends on the whims of somebody running a business and deciding to carry on running it and paying them. Think of those at Enron or any of the banks that suffered during the crash and see whether that redefines the word security for you.
If your business is fun there is just one problem. You may actually spend a lot more time working on it because you actually like it rather defeating the object of getting a freedom business built. However if you stick to the basics of scalability, remoteness, explicability and fun and then keep yourself disciplined you won’t be too worried about it.
It’s great to plan but the fruits will be so much more fun too.
1) The Life Design Project The ins and outs of doing this on a daily basis
2) Location Independent Just started a 12 week challenge on this.