Lifestyle businesses come in all shapes and sizes, but they all have one thing in common. They allow business owners to live the lives they’ve always wanted. This often involves increased scheduling flexibility, working fewer hours, and focusing on making money from established interests and passions.
Advantages of Running a Lifestyle Business
Lifestyle businesses offer more flexibility and freedom. Business owners don’t have employees, and they don’t usually have brick-and-mortar offices or stores, so they can work from anywhere and take only as much work as they need to do what they want to with the rest of their time. There are fewer overhead costs associated with running lifestyle businesses, which means most people can work fewer hours.
Popular Lifestyle Business Ideas
Since lifestyle businesses cater to business owners’ unique passions and needs, they are, on the whole, incredibly diverse. Those who have experience in finance or economics often start lifestyle consulting businesses, while people who have always loved planning parties for other people’s enjoyment tend to get into event planning and similar fields. Stamford Catering Services works with a lot of lifestyle business owners who focus on party and event planning.
How to Decide Between Business Ideas
The most important factors to consider when starting a lifestyle business is whether the work will be enjoyable and whether it will provide sufficient income. Start out by brainstorming ideas. Write lists of personal passions, hobbies, and areas of expertise and consider how those skills and interests could be combined to provide a valuable service to others.
Now it’s time for future business owners to perform their due diligence. Take the list of potential business ideas and see how they have worked out for others in different communities. Check online forums, blogs, and even news stories to get an idea of how different business models work and get some inspiration.
Developing a Business Plan
Like traditional entrepreneurs, future lifestyle business owners need to come up with a solid business plan before they can move forward. Make detailed lists of one-time and ongoing expenses, create to-do lists, and write down details about product or service ideas. Don’t forget about marketing.
Most people start lifestyle businesses because they’re sick of spending all their time working for others and maintaining an unhealthy work-life balance. With time and plenty of hard work, business owners can expect to make good money while pursuing their passions. It’s important to note that finances might be tight in the beginning, though.
Running the business shouldn’t require much startup capital, although financing requirements are different for every field. Those who are truly committed to establishing and maintaining a healthier work-life balance might want to find ways to minimize their economic needs as they get their businesses off the ground. Try things like cooking more meals at home, buying clothes from thrift stores instead of outlet malls, and spending more time pursuing hobbies that don’t require much money like going for hikes or creating art, and embracing a more minimalist lifestyle.
The Bottom Line
Owning a lifestyle business can be incredibly rewarding. Like traditional startups, lifestyle businesses take time, effort, and money to get off the ground. They generally have lower requirements when it comes to working capital, though, and business owners have plenty of freedom and flexibility regarding work-life balance and growing the business.