Running a lifestyle business is the ideal choice for people who do not have the ambition to build a large company like Instagram, Facebook or Apple. These people simply want to enjoy life; create a balance between professional endeavors and their personal life. They are skilled, talented and ready to put time and dedication into a business idea, but not to the point where they have to take loans and risk their family’s financial future in order to finance a startup.
A lifestyle business allows you to work as much as you need in order to reach a specific bottom line and to blend active and passive incomes in a way in which gives you sufficient time to enjoy family life and your hobbies. But how will you identify this type of business idea, the one fitting your skills or talents and giving you the freedom to take a break whenever you want?
First of all, it is important to understand that a lifestyle business needs to be legally incorporated one way or another and registered with the IRS for tax purposes. And, just like any other business idea, it needs a feasibility analysis in order to find out whether there is a potential market for your products or services.
Now, let us focus on actually picking a lifestyle business idea. Here are a few key considerations and tips:
1. Focus on Your Core Skills and Talents
What are you really good at and love doing? This is the first question to ask yourself. “Do something you love and you’ll never work a day in your life”. This quote, attributed to Confucius, should be your guiding principle. A lifestyle business should be something you love doing, are passionate and excited about, and will keep you focused on creating income for your family without getting bored or frustrated with.
In running a lifestyle business, many entrepreneurs state that they found the freedom of doing things their way, the same things which they used to do in their 9 to 5 jobs. This is one of the ways in which you can identify your lifestyle business – what you’ve been doing so far in your career, but on your own terms and applying your own business principles.
2. Set Your Lifestyle Goals and Expectations
Before you move on to considering a specific business idea, think of how much you expect to earn from it. It is important to seek realistic goals, based on your current lifestyle. Do not aim too high by setting unrealistic goals (e.g. buying a yacht or a luxury villa if your current income and lifestyle is middle class).
3. Reach Out to Someone Who Made It as a Lifestyle Business Owner
As you explore various business ideas, undoubtedly you will encounter examples of other entrepreneurs who made it as lifestyle business owners. Perhaps you are following their blog, or even purchase some of their information products. Do not hesitate to contact these entrepreneurs and express your wish to help them out with bartering or in any other meaningful way in exchange of their thoughts and inputs on your own business idea.
Entrepreneurs are, by their nature, people who want to see others succeed and expand their networks. As someone who has already gone through the initial steps of finding and setting up their lifestyle business, one of these people can offer you valuable advice and inspire you to have the courage and take the next step in setting up your business.
4. Decide What You Want: Passive or Active Income
Another important step in finding your lifestyle business idea is deciding whether you want to be actively involved in seeking your customers or focusing on creating valuable content which attracts people and helps you build a passive source of income. It makes a huge difference if you set up a drop shipping or affiliate marketing business or a business in which you actively provide services and products to your customers.
5. Consider How Mobile Your Family Is
Are you a family that stays in the same place or one that moves about, seeking business and job opportunities wherever they may arise? Depending on this specific of your lifestyle, you should opt for a business idea which can be run from a specific place or from anywhere in the world.
Basically, finding a lifestyle business idea needs just as much thought and consideration as any other entrepreneurial decision. The only specific aspect is adapting the business model to your lifestyle and life/work balance, and not the other way round.