Why Lifestyle Businesses are the New Black
You know you want to start a business and become rich but you have no idea what type of business it should be. The first thing that comes to mind is — “I am going to build a startup”. But building a startup is not the only option for entrepreneurially spirited people. In most cases startups will require coming up with an unique idea, trying to chase funding and spending a couple of years making it happen. No doubt it is an exciting route but a risky one as well. For every startup that makes millions there is hundreds that fail. And even if your business is successful you still might end up with no money at the end, read a Financial Samurai story here.
If you are an aspiring entrepreneur you have a lot of other options to choose from when it comes to starting a business. You can go into retail and sell books, motorcycle parts, sporting goods, vitamins, coffee, you name it or you can enter the food industry or start a manufacturing business. Bottom line is that eventually in most cases all of those businesses will turn into a 9 to 5 job after the initial excitement wears off.
The truth is that most of you don’t want to spend the next 5–10 years building a global empire. You want a business that will support your lifestyle while giving you enough of free time to do the things that you really want to do, like travel the world or work from a beach while sipping on mimosas. You want a lifestyle business that promotes the lifestyle you want to have.
The key point of lifestyle business is enjoyment and a harmonious balance of work and life. Does that sound appealing? It does to many. That is why lifestyle businesses are booming. Here are the main reasons why:
- They are the opposite of startups. Startup business is set up with an intention to maximize the profit in a shot period of time. Its owners continually seek funding to enable growth and expansion. Lifestyle business does not go out seeking to attract venture backing. It is funded by the owners and focused on generating revenue from its clients. The benefit is that the founder of a lifestyle business is only responsible to herself. There is no pressure from the investors of making it big.
- You can choose where and when to work. No 9 to 5 or 9 to 9 work schedule, unless you want it. Flexibility is the key benefit of a lifestyle business and it is what most of you really crave. As a lifestyle entrepreneur, you truly have the flexibility to set your own schedule.
- You set the deadlines and you are in charge. You set up the business and you are not bound by any obligations to deliver certain amount of work at strict deadlines.
- You decide how much income is enough for you
- Positive cash flow early on — you don’t have to wait years to generate profit. You can start a lifestyle business with less than £500 and become profitable after first couple of sales. And a bonus: you can further minimize your business costs by running it form abroad, where it’s cheaper to live. How does moving to Thailand for a year sound?
What are the best lifestyle businesses to start?
There are thousands of business models out there to choose from. To narrow it down I divided lifestyle business into 3 categories:
- Selling digital products
Start creating content through a medium that can be used to generate a relationship with a target audience. You can then monetize that content with ads or by letting people know about your own products. You can start a blog , podcast or youtube channel to build your community then you can create an online course with Teachable or Udemy or writhe an ebook and monetize it.
- Selling physical products
There is a huge market for product-focused online lifestyle stores that focus on customized offers for its customers. Selling physical products online is a simple business model that is also easy to set up on platforms such as eBay, Etsy or Amazon
- Freelancing and Consulting
There are unlimited possibilities for freelancers and consultants out there, from web developers through novelists, poets, journalists to consultants and advisors in finance, law, technology, health, travel, real estate, and more. For everyone with the right experience this can be a route to start making money rather quickly. You can start by by registering to People Per Hour platform.
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