How to succeed as a lifestyle entrepreneur : running a business without letting it run your life

How to Succeed as a Lifestyle Entrepreneur is a guide that shows how to use the powerful tools of business management to create a business that supports their lifestyle, without having it run their life! Filled with inspirational real life profiles, How to Succeed as a Lifestyle Entrepreneur redefines successful entrepreneurship, speaking to those men and women who put play, health, family or pleasure before work, as well as people who see owning their own business as a way to get off the treadmill, not speed it up. It is a must read for those who are thinking about jumping the corporate ship to start and run their own business: a business that doesn't run their life. Composed of one/third philosophy and two/thirds how to advice, small business consultant and committed lifestyle entrepreneur Gary Schine offers a full range of tools for would be entrepreneurs, from business planning to marketing. C O V E R 1 C O N T E N T S 6 P R E F A C E 10 Why I Wrote This Book 10 C H A P T E R 1 14 A Different Sort Of Entrepreneur 14 The Traditional Entrepreneur 18 The Lifestyle Entrepreneur 20 C H A P T E R 2 38 What Is A Business? (basic Elements) 38 Income 38 Legal Structure 39 Planning And Overall Management 39 Financial Management 40 Marketing 41 It’s A Great Idea, But Is It A Business? 42 It’s A Great Idea, But 45 Will It Fit Your Lifestyle? 45 C H A P T E R 3 50 On Becoming A Lifestyle Entrepreneur 50 Why Do You Want To Be 50 A Lifestyle Entrepreneur? 50 The Reality Of Risk 52 Failure Is A Possibility 53 Learn To Be Analytical And Objective 54 Prioritizing And Organizing 57 Your Value And Your Hourly Rate 59 Being The Best Versus 60 Being Perceived The Best 60 What Is Better? 63 Your New Colleagues 65 Summary 66 C H A P T E R 4 68 Guerilla Research: The Direct Approach 71 What Do You Want To Find Out? 73 Barriers To Entry 77 Researching Your Market Niche 79 Researching Via The Internet 83 Evaluating Research Results 89 Researching Your Competition 91 Focus Of Research 98 C H A P T E R 5 102 Marketing 102 The Four Ps 103 Marketplace Point Of View 108 What Should Be Versus What Is 110 Niche Marketing 113 Test It First 118 Uncovering The Money- Making Angle 119 Considering Your Competition 121 Using The Four Ps Of Marketing To Compete 127 Summary 128 C H A P T E R 6 130 Financing Your Venture 130 Estimating Your Revenue And Expenses 130 Financing: What Are The Possibilities? 138 Lending Versus Investing 141 Lending And The Lifestyle Business 145 Equity Investing And The Lifestyle Business 147 Summary 150 C H A P T E R 7 152 Legal Structure 152 Corporations 153 S Corporations 157 Sole Proprietorship 157 Partnership 159 Limited Liability Companies ( Llcs) 160 Professional Services Corporations 163 Legal Structures And Health Insurance 164 C H A P T E R 8 166 The Business Plan 166 Components Of The Lifestyle Business Plan 167 The Business Plan Constructor 169 Business Summary 170 Indications Of Viability 170 Breakeven 171 Goals And Objectives Of This Venture 171 Procedures 172 Summary Of Financial Needs 173 Financing 174 Management 174 Management Qualifications 174 Legal Structure 175 Marketing 175 Marketing Summary 176 Target Market 176 Competition 176 Competitive Advantages Or Distinctive Competencies 177 Competitive Disadvantages 177 Differentiation Within Niche 178 Differentiation Message 178 Getting Message To Target Market 179 Potential Problems 179 Problem Solutions And/ Or Mitigating Factors 180 Estimated Start- Up Expenses 181 Business Equipment: 182 Items For Resale 182 Other Pre- Start- Up Expenses 182 Estimated Income, First Year 183 Sample Business Plan (from Business Plan Constructor) 189 Business Summary 191 Background 191 Indications Of Viability 192 Breakeven 192 Goals And Objectives Of This Venture 193 Summary Of Financial Needs 193 Financing 193 Management 193 Management Qualifications 194 Legal Structure 194 Marketing 194 Marketing Summary 194 Target Market( S) 195 Competition 196 Buying Plan 196 Distinctive Competencies 196 Competitive Disadvantages 196 Differentiation Within Niche 197 Differentiation Message 197 Getting Message To Target Market 197 Potential Problems 198 Mitigating Factors 198 Cash Projections ( Income And Expenses) 199 For First 12 Months 199 C H A P T E R 9 202 Managing Money 202 Getting Paid Asap 203 Paying Your Bills 207 The Fixed- Overhead Trap 209 Dealing With Taxes 212 Summary 221 C H A P T E R 10 222 Setting Priorities And Managing Time 222 Managing Time 222 Prioritizing Your Time 224 Organizational Geniuses 225 Real Work 226 Flexibility In Time Management 227 C H A P T E R 11 230 The New Enablers Of Lifestyle Business 230 Technology 230 The New Self - Employment Infrastructure 240 C H A P T E R 12 242 Special Issues Of Home Business 242 Separating Work Life From Home Life 243 Tax Deductibility 244 Outdated Laws 245 Insurance Issues 245 Summary 246 C H A P T E R 13 248 Negotiating And Protecting Yourself 248 Negotiating With Yourself 251 Self- Protection 251 The Art Of Threatening Legal 259 ( Or Other) Action 259 Don’t Be Afraid Of Bigness 260 Winning The Battle, Losing The War 261 Summary 263 C H A P T E R 14 264 Health Insurance 264 Summary 269 C H A P T E R 15 270 Common Mistakes, Myths, And Misconceptions Of Lifestyle Entrepreneurs 270 My Product Is So Good, Customers 271 Will Beat A Path To My Door 271 If I Advertise, I’ll Certainly Get 272 A Lot More Business 272 It Takes A Year ( Or Some Other 273 Specified Period) For A New Business 273 To Start Making Money 273 This Isn’t A Real Business 273 Pretending To Be A Big Business 274 Charging By The Hour 275 Charging Based On Cost 276 Lower Price Means More Sales 276 Big Business Has All The Advantages 277 This Can’t Be Tax Deductible — It’s Fun 279 Overbuying Technology 279 I N D E X 282 C O V E R......Page 1 C O N T E N T S......Page 6 Why I Wrote This Book......Page 10 A Different Sort Of Entrepreneur......Page 14 The Traditional Entrepreneur......Page 18 The Lifestyle Entrepreneur......Page 20 Income......Page 38 Planning And Overall Management......Page 39 Financial Management......Page 40 Marketing......Page 41 It’s A Great Idea, But Is It A Business?......Page 42 Will It Fit Your Lifestyle?......Page 45 A Lifestyle Entrepreneur?......Page 50 The Reality Of Risk......Page 52 Failure Is A Possibility......Page 53 Learn To Be Analytical And Objective......Page 54 Prioritizing And Organizing......Page 57 Your Value And Your Hourly Rate......Page 59 Being Perceived The Best......Page 60 What Is Better?......Page 63 Your New Colleagues......Page 65 Summary......Page 66 C H A P T E R 4......Page 68 Guerilla Research: The Direct Approach......Page 71 What Do You Want To Find Out?......Page 73 Barriers To Entry......Page 77 Researching Your Market Niche......Page 79 Researching Via The Internet......Page 83 Evaluating Research Results......Page 89 Researching Your Competition......Page 91 Focus Of Research......Page 98 Marketing......Page 102 The Four Ps......Page 103 Marketplace Point Of View......Page 108 What Should Be Versus What Is......Page 110 Niche Marketing......Page 113 Test It First......Page 118 Uncovering The Money- Making Angle......Page 119 Considering Your Competition......Page 121 Using The Four Ps Of Marketing To Compete......Page 127 Summary......Page 128 Estimating Your Revenue And Expenses......Page 130 Financing: What Are The Possibilities?......Page 138 Lending Versus Investing......Page 141 Lending And The Lifestyle Business......Page 145 Equity Investing And The Lifestyle Business......Page 147 Summary......Page 150 Legal Structure......Page 152 Corporations......Page 153 Sole Proprietorship......Page 157 Partnership......Page 159 Limited Liability Companies ( Llcs)......Page 160 Professional Services Corporations......Page 163 Legal Structures And Health Insurance......Page 164 The Business Plan......Page 166 Components Of The Lifestyle Business Plan......Page 167 The Business Plan Constructor......Page 169 Indications Of Viability......Page 170 Goals And Objectives Of This Venture......Page 171 Procedures......Page 172 Summary Of Financial Needs......Page 173 Management Qualifications......Page 174 Marketing......Page 175 Competition......Page 176 Competitive Disadvantages......Page 177 Differentiation Message......Page 178 Potential Problems......Page 179 Problem Solutions And/ Or Mitigating Factors......Page 180 Estimated Start- Up Expenses......Page 181 Other Pre- Start- Up Expenses......Page 182 Estimated Income, First Year......Page 183 Sample Business Plan (from Business Plan Constructor)......Page 189 Background......Page 191 Breakeven......Page 192 Management......Page 193 Marketing Summary......Page 194 Target Market( S)......Page 195 Competitive Disadvantages......Page 196 Getting Message To Target Market......Page 197 Mitigating Factors......Page 198 For First 12 Months......Page 199 Managing Money......Page 202 Getting Paid Asap......Page 203 Paying Your Bills......Page 207 The Fixed- Overhead Trap......Page 209 Dealing With Taxes......Page 212 Summary......Page 221 Managing Time......Page 222 Prioritizing Your Time......Page 224 Organizational Geniuses......Page 225 Real Work......Page 226 Flexibility In Time Management......Page 227 Technology......Page 230 The New Self - Employment Infrastructure......Page 240 Special Issues Of Home Business......Page 242 Separating Work Life From Home Life......Page 243 Tax Deductibility......Page 244 Insurance Issues......Page 245 Summary......Page 246 Negotiating And Protecting Yourself......Page 248 Self- Protection......Page 251 ( Or Other) Action......Page 259 Don’t Be Afraid Of Bigness......Page 260 Winning The Battle, Losing The War......Page 261 Summary......Page 263 Health Insurance......Page 264 Summary......Page 269 Common Mistakes, Myths, And Misconceptions Of Lifestyle Entrepreneurs......Page 270 Will Beat A Path To My Door......Page 271 A Lot More Business......Page 272 This Isn’t A Real Business......Page 273 Pretending To Be A Big Business......Page 274 Charging By The Hour......Page 275 Lower Price Means More Sales......Page 276 Big Business Has All The Advantages......Page 277 Overbuying Technology......Page 279 I N D E X......Page 282 A different sort of entrepreneur What is a business-basic elements On becoming a lifestyle entrepreneur Great idea, but will it fly? (upfront research) Marketing Financing your venture Legal structure The business plan Managing money Setting priorities & managing time The new enablers of lifestyle business Special issues of home business Negotiating and protecting yourself Health insurance Common mistakes myths and misconceptions of lifestyle entrepreneurs. Schine, a small business consultant, reveals the philosophy, practical methods, and success stories of entrepreneurs in this guide for people who put play, health, family, or pleasure before work. He tells readers how to set up and run a business, evaluate traditional business advice, and market services. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com)