A “lifestyle business” is a small business that you can run from nearly anywhere, as long as you have an internet connection. Life style businesses are all about letting you live how you want to live, designing your life as you choose, while running your own small company. Done right, in a lifestyle business you have no 80-hour work weeks, no need for venture capital funding, no rented office spaces, no warehouses, and usually no employees.
This isn’t traditional entrepreneurship of working yourself ragged to build a company.
Rather than you living for the business, the business exists to take care of your needs while affording you the freedom to live the life you choose. Your goal in a lifestyle business generally isn’t to sell the company off in ten years for a hundred million dollars – that’s an entirely different ballgame. Instead, it’s a compromise of money earned and time off.
Depending on the business you choose, how hard you work at it, how effective you are at building your business, and how much time you like to take off, your income might be $50,000 a year, $200,000 a year, or in some cases, possibly even a million dollars a year. You decide how big you want to build your business, whether you want to do it alone or with employees or contractors, where you want to work, when you want to work and so forth.
Typically, you’re going to start small – doing as much as you can handle and no more.
Then you’ll decide how much you want to grow, assuming you want to grow at all. Your business supports your lifestyle, rather than you sacrificing your lifestyle for your business as you would in a traditional startup.
With a lifestyle business, you can…
- Start with little to no money
- Easily control your costs
- Operate your business for many years
- Generate a good income
- Pursue your passions and interests
- Have more time freedom, deciding when to work and when to ‘call in sick’
- Achieve financial freedom, cranking things up to earn more, or taking on less work to have more leisure time
- Enjoy location freedom, working where you want to work
To get started in a lifestyle business, your first steps are to write down your goals and choose your business model. Your goals might range from achieving financial independence to creating your own fortune. And they might be to help a few people, change the world or anything in between.