One of the most difficult parts of starting a business is deciding on what type of business it should be. You know you want to start a business and make a success of it. You know you want to become rich after a few years of running that business. But when you are asked what business it is, you would most likely pause and think.
You’re lucky if you already know from the beginning what type of business you want to set up, but it is a different story if you are still undecided. For starters, it is not so simple that you just get right to it once the idea strikes you. There are certain considerations to be made, and you have to evaluate yourself – your resources, your capabilities, and your interests – on whether you are up for it.
Fortunately, aspiring entrepreneurs and business people have a lot of options to choose from when it comes to starting a business. They could enter the food industry, perhaps, or go into retail. If they have more than enough resources, they can even venture into information technology or try their luck in any manufacturing business.
But there is another industry that is currently booming: the Lifestyle Industry.
THE LIFESTYLE BUSINESS
What, exactly, is a lifestyle business?
A business, as we all know, is set up for the purpose of maximizing revenue and earning as many profits as possible. This definition does not strictly apply to a lifestyle business, though.
A lifestyle business is one that is formed for the purpose of sustaining or supporting the income and personal requirements of the owners. It is still, to some extent, profit-oriented, but revenue maximization is not at the top of its list of priorities.
Instead, the ultimate goal of a lifestyle business is the creation and sustenance of a pleasant and harmonious balance of life and work of the business owner. It generates just enough revenue to let the owner enjoy his or her current lifestyle, without adversely affecting his or her personal life.
Enjoyment is usually a key point in a lifestyle business. Owners set up the business based on their personal interest or passion – it could be a hobby or simply something that entertains them. This ensures that they actually love and enjoy their work on their business.
This certainly redefines the age-old philosophy of many straitlaced businessmen about never mixing business with pleasure. In a lifestyle business, the owner can earn money from something they are having fun with.
ANYONE can start a lifestyle business and make it grow.
Many are under the impression that, when you start a lifestyle business, it is of a full-time nature. You can start a lifestyle business on the side, while you are holding a regular job. Some of the more successful lifestyle entrepreneurs started out that way: they had jobs and were already earning income, but they set up their lifestyle business on the side. Then they decided to do it full-time when their business started succeeding and they were earning enough to sustain their lifestyle even if they quit their previous job.
Bottom line: a lifestyle business is one where the owner can run his or her company without sacrificing his or her personal life, such that he or she can live the way he or she wants to. More than for financial gain, it is set up for personal and lifestyle reasons.
Lifestyle business vs. Self-Employed
Others argue that there is not much difference between running a lifestyle business and being self-employed. After all, many lifestyle businesses involve working from home, with no employees other than yourself, and you having full control of the time you devote to the work at hand.
There are similarities, sure, but being self-employed is still strictly a job because you adhere to specific hours. For example, you set up a business that you open up every day, early in the morning, and close every night. A lifestyle business does not have these designated hours boxing you in. You can conduct your business at any time because it does not hinder the way you live.
Lifestyle business vs. Startup
Startups are certainly popular these days. You often hear advice from many people saying that, if you want to get into business and succeed, set up a startup instead.
Compared to the lifestyle business, a startup is its complete opposite. A startup is established with the intention of making it grow at a fast pace and earn a lot of profit over that short period. Growth and revenue generation are its main objectives, so its owners continually seek funding for its growth and expansion activities. Lifestyle businesses, on the other hand, do not go out seeking to attract additional funding or venture backing. All the funding will be provided by the owners or the founders.
In a lifestyle business, the owner is responsible to no one but himself. A startup has the responsibility of making it big and earning money in order to be able to return the investment of the financiers and investors, as well as line the pockets of the owners. In the process, the owners and the employees of the business will have to do all they can, even putting their personal lives on hold, just to fulfill that responsibility.