I’ve wrestled with the age-old question: Should I grow my firm, or should I create a lifestyle practice? Ultimately, I decided that I wanted to grow my firm. However, growth is not everyone’s goal. And that’s OK.
In fact, after speaking with a number of firm owners that asked themselves similar questions, I learned that growth can be overrated. Here, we look at three good reasons why you may not want to grow your firm and, instead, build a lifestyle practice.
For this article, a lifestyle practice is one that is usually owned and managed by its founder or a solopreneur.
A lifestyle practice may not grow in terms of revenue or head count. The primary goal of this type of firm is to minimise overhead and maximise the take home pay for the owner. A lifestyle practice can be rewarding and offers benefits exclusively to the owner.
There are many reasons why one should build a lifestyle practice, but there are three that I want to highlight.