Drinking pina coladas on the beach, checking Facebook from a hammock strung between palm trees…
Does that sound like the life of an entrepreneur to you?
Or were you picturing fifteen hours a day of stressful work alongside the manic juggling of phone calls & Starbucks lattes?
Today, entrepreneurship puts a focus on living an enjoyable life, and it’s all thanks to the lifestyle business.
First popularized by Tim Ferris in 2009, the lifestyle business is becoming one of the most popular trends in entrepreneurship, and for good reason. By offering entrepreneurs the ability to work from anywhere on a schedule that’s flexible to their needs, lifestyle businesses are changing the way people think about work and settling down – and it’s having a lasting effect on the economy.
In this article, we’ll talk about what lifestyle businesses are & how to start one.
Let’s get started!
What is a lifestyle business?
A lifestyle business is a company that offers the freedom and flexibility to work from anywhere on a schedule that’s suited to the entrepreneur’s needs. In other words, it’s a business that can be operated without having to be in an office or even in the same country as your customers.
This type of business has become increasingly popular in recent years as people are looking for more ways to have control over their lives and work. Thanks to the internet, it’s now possible to run a business from anywhere in the world with a stable internet connection (and the number of countries with stable internet only grows with every passing year).
Additionally, lifestyle businesses are demarcated by their low overhead costs. Since you’re not paying for an office or employees, your expenses are kept to a minimum, which allows you to focus on profit margins and sustainability. You can then invest a portion of these profits into – you guessed it – your lifestyle!
Why are lifestyle businesses so popular now?
Over the last few years, there has been a shift in the way people view entrepreneurship. No longer is it seen as a necessary evil for those who can’t find traditional employment. Instead, it’s becoming more and more popular to start your own business, thanks to the many benefits it offers, even if you currently have a traditional job.
The main benefit of entrepreneurship is that it allows you to be in control of your own life and destiny. You aren’t limited by the hours you work or the salary you’re given. Instead, you set your own schedule, and if your business is successful, you can earn as much money as you want.
Additionally, entrepreneurship allows you to do something you’re passionate about. If you’re working a job you hate, starting your own business can be a way to get out of that situation and do something you love instead.
Lastly, entrepreneurship is a great way to learn new skills and grow as a person. When you’re running your own business, you’re forced to learn many new things in order to be successful. This can include marketing, accounting, and even how to code. But traditionally, these are all difficult & rife with complexity. The lifestyle business turns the age-old adage of ‘work hard’ into ‘work smart’
How do I start a lifestyle business?
Luckily, starting a lifestyle business is easier than ever before. Thanks to the internet, you can start and operate your business from anywhere in the world with an internet connection.
Our take: find something you genuinely enjoy doing. The key to starting a consistent and long-term lifestyle business is working on stuff you’d have worked on anyways, even if you weren’t paid for it. This will understandably make your work much more enjoyable and help keep you motivated when things get tough.
Additionally, it’s important to have a clear vision for your business and know what you want to achieve with it. For example, set a revenue target early on and work backwards from there. This will help you stay focused on what’s important and keep your business moving in the right direction.
Another key to success is building a great team of people who share your vision and values. When it comes to lifestyle businesses, it’s often just as important to have a great support network as it is to have a great product or service.
Last but not least, make sure you’re organized and have a solid system of tools & software in place. Use automated paystub generators wherever possible, or make your invoices using the computer rather than by hand. This will help keep your overhead costs low and ensure your business runs smoothly.
So there you have it! Starting a lifestyle business is easier than ever before, and there are plenty of things you can do to increase your chances of success. Just make sure you have a clear vision, a great team, and a solid business plan, and you’ll be well on your way.