The Lifestyle Business Model
So many people dream of controlling their own destiny by being their own boss, working from home and making money online. Just imagine waking up leisurely at 8 am and opening your computer to see that you have made $1,000 or more while we slept. You look at dream cars, homes and vacations that you hope to one day make a reality. With the lifestyle business model, your dreams can come true.
You can start a business full time, part time, from home, while traveling, online or with brick and mortar in a commercial location. Each business requires the right kind of business model, including your home business.
The key is to choose the best business model that best fits into your plans for your desired lifestyle. Most people want the lifestyle business model, however they unknowingly create another time consuming job.
My website is about finding ways to build a lifestyle business without building overcomplicated systems. I used to make the mistake of chasing every business opportunity and new system. Fortunately, after years of struggling to make consistent income, I realized that I first needed to really reevaluate the type of lifestyle I wanted to live.
What is a lifestyle business?
A lifestyle business is one that is created for the purpose of sustaining or supporting the income and personal requirements of the owner(s). The real goal of a lifestyle business is to build and sustain a pleasant and harmonious balance between the life and work of the business owner.
Your lifestyle business should generate enough revenue to let you enjoy your current lifestyle, expanding to accommodate your desired life goals.
Personal gratification is usually a key point for most entrepreneurs. Your business model is set up based on your personal interest or passion. Starting with your hobbies or simply something that entertains you. This ensures that you actually love and enjoy working on your business.
As an owner, you have the freedom to do whatever you want with your time and resources, so you can decide how much time is devoted to your work time and your personal time. You are able to pursue your interests and indulge in your passion while running your company.
The key to a lifestyle business models is to mix business with pleasure. You can make a full-time from something you are having fun with. You have the authority to decide how you want to run your business, what products and services to add, pricing, hours of operation and everything involving your business.
Who should start a Lifestyle Business?
Most people are under the impression that, when you start a lifestyle business, it is a full-time commitment. You can start your lifestyle business as a side hustle, while holding down a regular job.
Some very successful lifestyle entrepreneurs started their businesses as side hustles. They decided to go full-time when their business started succeeding and they were earning enough to sustain their lifestyle even if they quit their previous job.
Unemployed and Underemployed
There are people who start building a business when their work hours are cut or they become unemployed. They usually tired of their income being tied to someone else’s decisions. They want to be their own boss and determine their own income.
Caregivers and parents
It takes a lot of time and energy to care for young children and those who are sick or elderly. With rising cost of childcare and other caregivers, many entrepreneurs have made the decision to work from home. They want their business to fit around the day-to-day needs of those they care for.
Students of all ages
It is very hard to work and go to school. Thanks to the internet, many high school and college students are making a living running their own business online. They have started websites, blogs, social media influencing, YouTube channels, dropshipping ecommerce and more.
A Lifestyle Business vs. Being Self-Employed
The difference between running a lifestyle business vs. being self-employed, is that being self-employed is still strictly a job, When you are self-employed you set up a business that you open up every day. A lifestyle business does not have these designated hours. You can work on your business at any time, because it works around your lifestyle.
A Lifestyle business vs. A Startup
When we compare a lifestyle business vs a startup we get complete opposites. A startup is established to grow at a fast pace and earn a lot of profit over a short period. The main objective is growth and revenue, so its owners continually seek funding for its growth and expansion activities. The owners of a startup are responsible to many and must show an ROI.
In contrast, a lifestyle business’ funding will be provided by the owners or the founders. They may take a small investment from family and friends, but the goal is to pay them pack, not giveaway shares of the business.
Examples of Lifestyle Businesses
Think flexible when you think of a lifestyle business model. Here are some of the most common examples of thriving lifestyle businesses that almost anyone can start today.
Blogging: This is most probably one of the typical lifestyle business models. As a blogger, you can share your passion with words, images, videos and more. You can monetize your blog with sponsored posts, affiliate links or your own offers. Many bloggers make $10,000 monthly or more through blogging.
Online stores. E-commerce through dropshipping and affiliate marketing can be considered as a lifestyle business. You don’t have to handle any products and you can run these business with your own website while on vacation.
Freelance novelists, poets, journalists: Instead of getting employment in established organizations or companies, many writers travel, go places, experience things and then write about them.
Consultants and coaches. Do you have expert knowledge in a specialized field? Becoming a consultant or coach in matters ranging from finance, law, technology, health, travel, real estate, how to make money online, and more.
YouTube Business. Even kids are making millions with social media channels. Many can earn through the platforms advertising network as well as affiliate offers.
When you start your own lifestyle business you are making a decision to take more control over your financial life. You are deciding to mix your business with your pleasure and build an asset that you will enjoy having for years to come.