What is a Lifestyle Business?
A Lifestyle Business is developed and run by an entrepreneur just to sustain a particular level of income with no motives of making big profits. This type of individual wants to create such type of a business just because they are passionate about it and they also believe that it will reward them personally. Such businesses eventually become successful because the entrepreneur runs the business with complete passion and this success is nowhere brought with a focus on making profits.
Though the trend of a lifestyle business is a modern one, we have many entrepreneurs in the past who can be now labeled as lifestyle entrepreneurs. Today, a lifestyle business is gaining more popularity as individuals seek to achieve proper work-life balance. The ultimate purpose of a lifestyle business is to allow the owner to experience the desired lifestyle without compromising or sacrificing the personal life.
A lifestyle business plan is always created on basis of personal interest where the owner has complete control over his income and work-life balance and at the same enjoys every moment working.
Examples of Lifestyle Business
A Lifestyle Business is mostly a picked-up hobby (but not always) that can become a reliable source of income. Some examples of a lifestyle business include photography, blogging, teaching, writing, training, or cooking. One can make a way of life business from a side interest or any procured ability, and some other time when that pastime becomes sufficiently productive to keep a specific way of life, then, at that point a way of life business is successfully created.
The long-term goal of a lifestyle business may not necessarily be to grow the business but simply to maintain the current lifestyle. It is all about turning your passion into profit. A lifestyle business enables you to become the God of your destiny where you can generate an income that will fund your ideal lifestyle.
For example, a lifestyle business owner is someone who travels around the world & posts pictures and blogs throughout his journey.
Traditional Entrepreneur vs Lifestyle Entrepreneur
A traditional entrepreneur enters into a career and then builds his life around the chosen career. Though this is considered to be a perfectly normal way to live, it may sometimes not be personally rewarding and especially if you are not passionate about what you are doing. But for a lifestyle entrepreneur, they build a career based on their lifestyle which they are passionate about.
And the money made by such lifestyle businesses is used by owners to support one’s lifestyle.
Qualities of a Lifestyle Entrepreneur:
It is very important for lifestyle business entrepreneurs to be flexible no matter what the type of business may be. They should know when to change the tactics and when new challenges arise.
Though the focus is not on profits, a business owner needs to be committed to the chosen lifestyle business models. This may include an extensive amount of market research.
If you are a lifestyle business owner, it is important to be independent so that you create a business out of your lifestyle business ideas that are based on your passion.
It is important to set realistic goals because money is still needed to be a successful lifestyle entrepreneur.
A lifestyle business may take time to be successful so it is important to have the resilience to make it a long-term career.
How to Buy a Lifestyle Business?
You don’t have to start a lifestyle business from the scratch! Yes, if you have identified an already existing lifestyle business that is up & running then you can right away acquire it. And sellers of such business may have their reasons like retirement, or move to new business, etc.
You just have to look out for the right business that will match your interest; it may be making artisan chocolates, stitching wedding dresses, or anything that will keep you going!
Benefits of Lifestyle Business:
- Spend more time with your family & friends
- Prepare your schedule & work whenever you want to
- Focus on your strength rather than building a new skill
- Get more freedom & flexibility to do what you love while you also make money from them
- Attain good personal growth
If you can create a successful lifestyle business then you can earn a significant amount which will be a passive income for you. For example, authors earn passive income by selling their books after they are published in the market. If you want to enjoy your work while you earn then you can consider becoming a lifestyle entrepreneur.
1. What is a lifestyle business example?
A lifestyle business example may include photography, blogging, teaching, cooking, etc. It is primarily working on whatever you are passionate about.
2. How do I start a lifestyle business?
First, identify your passion & then build a foundation to create a business out of it. Then grow your audience which will eventually build your revenue streams.
3. What constitutes a lifestyle business?
A lifestyle business is created based on an individual’s interest with no motives of making huge profits but to make money to sustain one’s lifestyle.