What is a Lifestyle Business
“In the world through which I travel, I am endlessly creating myself." ― Frantz Fanon
what is a lifestyle business?
The term "Lifestyle Business" means different things to different people. Here's one definition:
"A lifestyle business is a business that is set up and run by its founders primarily with the aim of sustaining a particular level of income and no more; or to provide a foundation from which to enjoy a particular lifestyle." Wikipedia
However, I believe a lifestyle business isn't necessarily running a tiny business as an alternative to having a job. Rather than simply being self-employed, having a lifestyle business is about working in a way that sustains the lifestyle you want.
A lifestyle business also doesn't have to be small, either in revenue or employees. You can build a lifestyle business:
- that will make you a little on the side while keeping your "day job"
- that will provide a nice second income while allowing you time to spend with your children
- that will comfortably sustain and support you (and your family)
- that will grow into a six-figure business,
- that will become a million-dollar business
It's up to you! You decide what you want/need from your lifestyle business.
use your talents and interests
A lifestyle business gives you the freedom to work on the projects you want to work on, even if they're extremely varied. Many of your passions and interests can be utilised and monetised as part of a lifestyle business.
In terms of the work that you choose to do, it can be just about anything: from selling an eBook on improving your golf swing to teaching children to knit. Just about any skill, talent or interest can be turned into a money-maker with a bit of creative thinking.
My own lifestyle business (or rather businesses - I NEVER get bored!) involves a combination of playing with kids on beaches (as a specialist child photographer), teaching mums how to photograph their own kids (with in-person workshops and online courses) and teaching others with a passion how to start their own lifestyle businesses.
who do you think is having more fun - me or the kids?
think you could never make money with your interests/passions?
Often lifestyle businesses are started by people with no special skills who discovered aspects of their personal passions that could be monetized, and were able to restructure their lives in ways that gave them greater freedom and fulfillment. And sometimes it's just a crazy idea... check this out...
10 bizarre business ideas that made millions
you can start small
Sometimes, achieving that perfect blend of passion and income doesn't depend on stopping what you currently do. You can start small, committing just a little time and money, and wait to take the real plunge when you're sure it's going to be successful. It's all about finding the intersection between your “expertise" — even if you don't consider it such — and what other people will pay for.
You don't need an MBA, a business plan or even employees. All you need is a product or service that springs from what you love to do anyway, people willing to pay, and a way to get paid.
avoid the 9-5 structure
The grind of working 9-5 has become a fact of life for most of us. In a lifestyle business, you have the freedom to choose your working hours, and do as little or as much work as you want day-to-day or week-to-week, right from the offset.
As well as a flexible schedule, there is also flexibility in terms of where you are based. Lifestyle business owners often don't have offices, and can easily work from home or on the road while travelling. A laptop, an internet connection and a mobile phone is sometimes all you need!
why not a traditional business model?
traditional business startups are risky (and expensive)
For every startup that becomes Facebook, there are hundreds (perhaps, thousands) that fail completely or make just enough get by. The level of pressure and commitment involved with building a company from the ground up is intense, whereas lifestyle businesses focus on the individual and usually involve few overhead costs. You can make a start with very little financial input and little or no risk. Salaries, office space, equipment? Probably not necessary! I started my most recent business with less than $500 and it took me just two sales to become profitable.
don't have a business YET?
If you don't have a business yet and even if you don't even have any ideas, the best place to start is with the BONUS course Smart Start. You can then come back to More Cash ... More Joy ... to build and grow your new lifestyle business...
ready for a change?
If you are dissatisfied with your life (or just think "there's got to be more"), you don't need to wish for a magic lamp, hunt for buried treasure or wait for that lottery win. It's up to you to change your life. And the best part is, if you change our own life, you can help others change theirs.
As this course is new, we'd appreciate any feedback you might have on this Lesson. You can either drop us a line by email or comment below.
finished this topic?
Click Complete and Continue in the top menu bar to move on.