What Is a Lifestyle Business and How Do You Start One?

Years ago, when I was working a regular job, deep inside I knew I was going to leave it eventually. It was a great job, though it didn’t make me truly happy in terms of the goals I set for myself. I dreamed of starting a business that would give me a lot of flexibility and freedom to pursue my passions while I make money.

I wanted a LIFESTYLE BUSINESS.

What does a lifestyle business mean, anyway? What are the benefits of growing a lifestyle business and how do you get started? In this article, I’m going to answer these questions. Hopefully, with the information here, you can build your own lifestyle business too.

What is a lifestyle business?

We all know that businesses exist to make as much money as possible. Gaining more profit is always the end goal. This is not the case in a lifestyle business.

Maybe you’ve heard the term “lifestyle business” from a friend or colleague but are not certain of its meaning.

Here’s what it means...

A lifestyle business is any business you start for the purpose of supporting the kind of lifestyle you have. You can even leverage passive income opportunities if you like. As opposed to a typical business that has a lot of “rules” and compels you to work as hard as you can to maximize your growth, a lifestyle business is all about enjoyment.

You may not be a billionaire but your financial gains definitely support your goals of freedom, total control over your time, personal growth, and inner peace. A lifestyle business creates for you the perfect balance between work and life, that you would never think of exiting the business.

3 biggest reasons to start a lifestyle business

• Follow your passion – The internet makes it possible for you to chase the things you’re passionate about and make a good income. For example, if you enjoy speaking, you could start your own podcast. Or if you have unused, unoccupied spaces, you could have them listed on Airbnb as rentals.
• Live life on your terms – What is the kind of life you envision for yourself? Do you see yourself reading your favorite books at the end of the day? Would you like to travel and live on an island for weeks? A lifestyle business allows you to take full responsibility for your personal happiness. It makes you realize that you are the most important person in your life.

• Start with what you have – A lifestyle business doesn’t require a physical space and a lot of money to get things up and running. Your basic tools are a working laptop and a good internet connection. If your business entails shooting videos, you can use the camera on your smartphone.

Tips to run a lifestyle business

Have an online presence.

If you have a few dollars to get a domain and hosting, you better create your own website. A website is your online presence. Think of it as a storefront where your potential customers stop by and see what you have to offer. If you can’t get a domain and hosting yet, leverage free ones from WordPress. Next, make sure that you’re present on social media. Social media is the norm these days.

Find a problem to solve.

You become successful in your lifestyle business if you can provide a solution that addresses a need in your target market. The problem you solve should be something that your potential audience is willing to spend their hard-earned money on. This is where you’ll need to research what has worked for other lifestyle businesses. Do market research and study the competition.

Create quality content.

Once you have identified a problem to solve, make that problem the basis of your content creation efforts. Through your content, provide valuable information such as tips and advice that people can apply in their day-to-day lives. Content not only educates, it also attracts traffic to your website and increases your opportunities for ranking high in Google search results.

Use tools to keep you organized and efficient.

Like with any business, tools ensure that you achieve smoother work processes. There are a lot of free tools you can sign-up for nowadays. For example, you can use Dropbox or Google Docs to store your online files. To create professional invoices, Invoice Generator would make a great option. If you use images or want to create infographics, Canva helps you edit and design visuals.

Learn as much as you can.

Remember that there are no failures in your lifestyle business – only lessons and learnings that will mold you into a better entrepreneur. Along the way, you will learn how to and how not to do things in business. It’s also important that you arm yourself with new knowledge so you’ll stay competitive in your niche. Read relevant books, blogs that offer industry updates. If you prefer videos, you can watch free online courses on Udemy.com.

Final Thoughts

If at this point in your life, you feel stuck, a lifestyle business could be the best path you can take. Stop making excuses for not living the life you desire. Your happiness depends on you.