You may have read it in Tim Ferris’ 4 Hour Work week, where he coins the revolutionary concept of escaping the rat race and reconstructing a life where you work less and live more.
Most think that it’s all about raking in buckets of money doing nothing but relaxing by the beach with your laptop.
Truth be told – it doesn’t work like that. Like any business, a lifestyle business requires just as much, perhaps even more, work, grit and hustle.
The only real difference is that a Lifestyle Business is more about a way of being and living more than anything. It’s about a life with choices, abundance and opportunities where you live on your own terms – all possible because of a business.
So how does it work exactly?
A lifestyle business is one that operates online and is aimed towards supporting the owner’s income and personal requirements. The type of business depends on the owner’s interest it’s really about organizing a business around one’s lifestyle goals, instead of the other way around where a job determines one’s lifestyle.
Working hard and doing what you love are not mutually exclusive. When you build a lifestyle business around your passions, you give yourself the chance to live life with freedom and happiness because you’re in control of everything.
By building a business around what’s best for you, you can play to your strengths. In return, you’ll be happier, more productive and more fulfilled.
You are the sole boss. And you’re not restricted by social constructs.
You make a reasonable living AND have the freedom to do what you want, when you want. Instead of being self-employed or having to take orders by an employer, a lifestyle business sustains the lifestyle you want. Whether that means spending more time watching your kids grow up or packing your things sporadically to go to Japan… the choice is yours.
Types Of Lifestyle Businesses
With some creativity, practically any interest, skill or talent can be turned into a lifestyle business, including teaching how to sew, blogging or coaching. Basically, the idea is to take what you love to do and sell you knowledge to people who want and need your help.
- Health and wellness blogging
- Dropshipping eCommerce store
- Writing and selling romance eBooks
- Affiliate marketing
- Mobile apps and games
- Personal training membership sites
- Fashion and make up vlogger
- Product reviewer on Youtube
Startup Entrepreneur VS Lifestyle Entrepreneur
The role of a lifestyle business is to provide a kickass quality of life to its owners. A startup is to grow big enough to provide a return to its investors.
The main distinction between the two is that a lifestyle entrepreneur focusses on passion and running a business that fulfils their personal goals. Start up entrepreneurs want to build businesses intended to grow rapidly, maximize revenue and create significant profits. Becuase they often attract venture capital, they also work towards the financial gain of shareholders and investors.
As lifestyle entrepreneurs don’t have funding from other parties, they usually have to provide all the funding themselves but have more control over their operations.
The 5 Reasons Why Online Lifestyle Businesses Trump Startups
Other than the fact that you can pursue personal interests with profits, there are so many advantages to building a lifestyle business over startups. Here are 5 reasons why:
1. You can work underneath the Eiffel Tower
Running an online business is completely portable meaning you’re not tied down to one physical location. As long as you have a reliable internet connection and laptop, you can vacation abroad and take your business with you. Yes, this means you could be sipping on red wine under the Eiffel Tower and still be earning an income.
2. It doesn’t take years to profit
Most businesses take tens of thousands of dollars to set up, this including office space, salaries, utilites etc. With the internet though, anyone can start with less than $500 meaning it does not take as long to make a ROI.
3. You can sleep in!
The internet never stops running, meaning a lifestyle business runs around the clock. You don’t have to wake up and stick to a 9-5 schedule because you have the freedom to choose when to work. Unless you want to be a “9-5″… you can also be a “12am – 5am”. Or a “4pm – 10pm”.
4. You live longer
It’s a known fact that stress is a huge contributor to chronic diseases, so the less you have of it, the longer you’re likely to live. As an entrepreneur, stress comes naturally with the territory but as a lifestyle business owner it’s significantly less. Compared to a startup entrepreneur, you don’t have to worry about making payroll this month, whether or not your profits beat last quarter or have to keep pleasing your investors.
5. You live life on your terms
In a startup, you’re usually playing with someone else’s money. As a lifestyle entrepreneur, you get maximum flexibility and run the show. With increased flexibility and control, you can do whatever you want. If it means playing with your kids, you can do that. If it means spending more time knitting or surfing, you can do that. You can truly life life to the maximum and to your greatest potential because you have no time or money constraints.
Are all startups bad? No way! Are all lifestyle businesses fancy wines, first class airplane rides and sunny beaches? Of course not.
If you’re looking to live a life where you have full control, freedom and security of your life, freedom and security while enjoying life to the fullest, then a lifestyle business may be what you need.
There being said, there simply isn’t enough room in a single blog post to further discuss how you can start your own online Lifestyle business today. However…
In our FREE 3 part e-course we reveal the 3 pillars you need in place to make it all a reality. After you complete this training series, you’ll walk away with the knowledge, skills and tools you need to set up a profitable online business, with us as your ongoing support in achieving a lifestyle of freedom.
And always, if you enjoyed this post, please share it and leave your comments below!