What is a “Lifestyle Business”?
One of the terms that has come into popular use in recent years is “lifestyle business”.
But what is a lifestyle business? And do you want to start one?
One of the simplest descriptions of a lifestyle business is that it’s a business you start to enable you to live the life you want.
By this definition, my freelance business is a lifestyle business. I earn money by writing (something I enjoy), and this affords me the flexibility to live where I want, and work on my schedule. I’m able to travel without the need to worry about taking time off, and I can engage in activities I find worthwhile. Plus, I have the freedom and flexibility to be there for my son.
A lifestyle business is generally one that focuses on the way you live your life, or focuses on making money from sharing tips or offering coaching that can help others live more fulfilling lives. It’s a pretty nebulous concept, and a number of ventures can fall into the category of lifestyle business.
For many running lifestyle businesses, it’s not about building a brick and mortar store or developing a product. It’s not “entrepreneurship” in the “traditional” sense. Many lifestyle entrepreneurs work online and provide services or develop courses or make money from their websites and/or podcasts.
Advantages of a Lifestyle Business
As a freelancer, I know there are a lot of advantages to running this type of business. Some of the things I like about what I do and the way I run my business include:
- Flexibility: This is my favorite aspect of a lifestyle business. I like the flexibility that comes with freelancing and working online. I choose my clients and work hours. I can work on the days I prefer. I can make as much or as little money as I want.
- Freedom: I can do what I want with my time and my clients. I have the freedom to travel as well. I’m not tied down to a single location.
- No employees: While some lifestyle entrepreneurs expand to the point where they hire employees, that’s something I don’t have an interest in. I have a virtual assistant (independent contractor) and that’s it. I like the idea of a small operation without the headache of extra responsibility.
- Make enough to live the life I want: One of the things I like about a lifestyle business is that there are usually very few overhead costs. When you mainly need access to the Internet and a computer, you don’t have to worry about how much you’re spending on your business. I’ve even considered cutting back on what I make because my current location is so inexpensive.
Think about what you want to accomplish with your business. Do you want to be famous? Do you hope to change the world with a product? Do you just want to earn enough money to live the life you want without the need for a “traditional” job? Figure out what you want from life, and what you hope to accomplish with your business. Then decide if a lifestyle business is the right way to go about getting what you want.