Being a salaried worker isn’t exactly the best way to live life. It takes time away from your hobbies and family, and satisfaction is often low unless you like your work. That’s why more and more people are looking to start their own business, and many are succeeding at it already. But even businesses can take an inordinate amount of time. Enter lifestyle businesses, essentially making money out of what you love. Let’s take a look at why it’s good for you and how you can start it.
Defining Lifestyle Businesses
Unlike businesses with the primary goal of earning as much profit as possible, lifestyle businesses often have a simple goal of sustaining the business owner’s lifestyle. That’s why most lifestyle businesses are something that starts as a hobby, like writing about somebody’s interest, photography or videography, or offering training or teaching services for their unique skills. Of course, this isn’t always the case, and many lifestyle entrepreneurs have rather traditional forms of businesses like a rental property management franchise or even a food service business. Still, it’s frequent because they’re interested in those industries.
Thinking About Funding First
Most startups utilize a large capital, often through a venture investor, to fund their business. However, most lifestyle entrepreneurs tend to rely on themselves. This is all well and good, as long as you can manage your finances. Many entrepreneurs in the lifestyle business industry normally use personal funds or get a small business loan.
When you rely on yourself, you can have a bit more breathing space than when you have to report to an investor. You can manage your own pace, set your own goals, and not be worried about being aggressive with your business decisions. This will help you make
Take Control of Your Schedule
Startup CEOs usually give off the impression that they’re living a relaxed and expensive lifestyle. However, the truth is that startup businesses are very much like a full-time job that requires you to clock in a set amount of hours—sometimes more than the regular. Start-up business owners also need to make sure they’re hitting their key performance indicators, even more so if they don’t own 100% of their company.
A lifestyle business isn’t all that cozy and time-free, but you get some degree of control over your schedule at the very least. However, you need to be smart about it to ensure that you’re still fulfilling job orders. Be responsible with your own time and make sure you allow the appropriate amount of time for both work and relaxation.
Start With What You Love
Be it starting your own YouTube channel, a podcast with friends, or an arts and crafts business, you need to find what you love or are good at and put it out there. Create content—anything that you can present to the world and ask compensation for. You don’t have to immediately turn it into a full-blown business with all the bells and whistles. It’s best to start slow and manage your way up.
If you’re a creator of anything at all, think about documenting the process for the world to see. People on the internet are very interested in seeing how things are made, and you’re most likely going to fill a niche by uploading your process. You can keep it in a blog where you post pictures and write about the experience of creation, or you can make a YouTube channel where you talk about the process. Regardless, it’s best to start with what you love and share that love with people.
Take Advantage of the Internet
Here’s something that many people already know but fail to understand fully: the internet is such a powerful tool, especially for small business owners (which include lifestyle entrepreneurs). Make sure that you have an online presence, be it through the aforementioned online documentation of your process or a dedicated online store for your products or services.
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It doesn’t have to be a highly sophisticated website or YouTube channel; it should be clean and functional. You can also hire a professional web developer to help you out. What’s important is there’s an easy way for clients and customers to look at your offerings and an efficient method to make transactions with you.
Lifestyle businesses are great for creative people who want more freedom to enjoy and make some money from their business. Just remember that it’s still a job: you will experience struggles, especially early on. Persist, and eventually, you’ll find a way to make everything work.