Choosing a business model is one of the biggest decisions in life, right up there with choosing a life partner.
A majority of your waking hours will be invested in your career, so a wrong choice means the difference between a spring in your step at the start of the day or teeth grinding and head banging all day long.
Mistake #1: Ignoring Your Passion Often money takes priority over passion, and that's a huge mistake.
Yes, it is important to be in a moneymaking field.
Think of the income difference between sand painting vs.
selling fine artwork.
If you find your job dull and boring, soon you'll dread going to work and wonder why simple tasks seem so tedious.
Life becomes very hard, and that's not what you had in mind when you created your business, is it? Take a little time to think about the things you look forward to, the things that make you forget the clock.
When you can tie your passion to your career, you're on your way to a life you love.
Mistake #2: Forgetting Both Kinds of Wealth While the average person focuses solely on income, there are actually two aspects to wealth: income and net worth.
Yes, you need enough money to meet your basic needs, but at the same time don't forget to store up "freedom chips" or "stored energy.
" Only these will allow you to be financially free.
With enough net worth, you can do whatever you like, when you want, and with your favorite people.
This is the definition of ultimate freedom.
Does your business provide you with a career or a hobby? You can tell with one simple test.
Does your work bring you enough income to live your ideal life? No matter how much you love something, if doing that won't pay the bills, you have a hobby.
Look for some aspect of your passion or some application of it that will bring you the weekly, monthly, and yearly income you need and deserve.
Then do a little checking in get clear on your motivation.
Money motivates for only a limited time.
Your big why will sustain you through the ups and downs we all experience in our small business.
Your why will last over time.
Money will let you provide your family the best health care benefits, support your favorite charities, and give you access to traveling to places most can only dream of visiting.
When your business model includes both facets of wealth, you and your family will be set for life.
Mistake #3: Overlooking the Career Time Factor Unfortunately, very few people consider the time element when creating their business model.
In most cases, you trade time for money.
When a business provides financial freedom but no time freedom-your quality of life suffers, and your family suffers.
You won't have the ability to enjoy your life, as you imagined you would.
Both passive and residual incomes are necessary for true success.
An easy way to create residual income is to determine what causes your clients their biggest challenge.
Provide them with a solution for that specific challenge with some resources that also create residual income for you.
An example would be a chiropractor's office that sells massage chairs, back supports, and a food supplements.
Once you find a product or resource that fits with your business, you'll have a natural and effortless offering to your current clients that will provide you both residual and passive income.
When you create your business model, be sure to start with your passion, tie that to the 2 facets of wealth, and make sure you have a strategy that will grow your free time.
Do this, and you will enjoy a successful small business that includes the lifestyle you dreamed of when you started out.
Now, that's a dream come true.