If you look back on our articles, we have used the word “startup” quite frequently. We have discussed various ways in which you can grow your startup, find investors, plan your finances, and build a solid and successful company.
But not everyone who has a business idea is excited about being a busy entrepreneur. For many potential small business owners, the excitement of being their own boss is having more spare time to enjoy life, do things together with their family and pursue their hobbies. These people do not fancy themselves the next Steve Jobs or Elon Musk. They simply want to make enough money to support their current lifestyle, without the hassle of a 9 to 5 job.
This exactly what a lifestyle business is. It is the kind of private enterprise in which you are not bound by agreements with partners, investors or shareholders. Instead, you decide how much you work, what projects you embark on and which ones you refuse, and you are able to do that in a flexible manner, both in terms of time and location.
A lot of home-based businesses are actually lifestyle businesses. Their owners do not dream of having them listed at the stock exchange or moving into a large and shiny office building in the financial heart of the city. They simply wish to enjoy life and an influx of money to satisfy their needs. Still not sure that this is the right option for you? Here are a few reasons to support it:
1. Most Startups Fail before They Make It Big
Yes, there are startups like Facebook, Apple and Google. But for each shiny star there are thousands of other startups which do not make it past their first year. If your business idea does not catch on and attract the attention and interest of investors or business incubators, you will keep pumping money into a company which will never take off and repay your efforts and finances.
By comparison, a lifestyle business requires minimum investments and is focused more on your own skills and talents. Thus, your main capital is your time and talent in providing services or crafting products for your clients.
2. Unlike a Startup, You Can Change Your Scope of Business Anytime You Want
Startups need to focus on the core business idea, whatever it is. If it does not work out, you will have to rebrand your whole company if you want to try something new. Running a lifestyle business is simpler. You can do web design today, Christmas cards design tomorrow and coloring books for children at a later date. Flexibility in choosing what to do and how you promote yourself to your customers is among the top benefits of running a lifestyle business.
3. You Really Are Your Own Boss as a Lifestyle Business Owner
A lucky startup which managed to secure investors is no joy for an entrepreneur who wants to enjoy life and do things their way. This is because your investors have a say in anything you do and will have a claim on your time and hold you accountable for your actions. As a lifestyle business owner, your successes and your failures are yours and yours alone. You have the freedom to experiment with various marketing tactics, or to take a break from your business when you want to focus on your family, and there will be no external force pressuring you one way or another.
4. You Can Work from Anywhere
As a startup owner, you will be required to have an office and hold meetings with your investors and potential customers or partners. You will certainly enjoy some freedom later, but not before your business grows so complex that you can afford to hire managers to run day-to-day operations instead of you.
A lifestyle business owner can move around the entire planet as they please. As long as they have their laptop with a reliable internet connection, they can continue to run their business without any impediment.
5. You Do Not Have to Wait Long Before You See Profits
Last, but not least, a lifestyle business is one with a fast return on investment. You do not have to keep investing for months and years until you see the first significant profits. You do not have to put your life on pause and keep making wish lists for the day when you afford to buy those things.