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What Is a Lifestyle Business and How To Start One

CEO Tinh Phung
There's a growing resistance to the traditional 9-to-5 office job and the daily grind of long commutes. People are rethinking their careers and searching for a better work-life balance. One group of individuals is revolutionizing...

There's a growing resistance to the traditional 9-to-5 office job and the daily grind of long commutes. People are rethinking their careers and searching for a better work-life balance. One group of individuals is revolutionizing the way we think about work by creating lifestyle businesses that allow them to earn a living while enjoying life to the fullest.

What is a lifestyle business?

A lifestyle business is a passion-centered company that generates enough profit to allow entrepreneurs to work and live on their own terms. The defining characteristic of a lifestyle business is the ability to create a sole proprietorship, LLC, or corporation that generates sufficient profit to support the lifestyle you desire. The specific nature of a lifestyle business varies for each entrepreneur.

Starting a business in the lifestyle niche could mean creating and selling digital courses on photo editing, freelancing as a product designer, becoming an online influencer in the productivity space, developing a niche app as an independent software developer, or starting an ecommerce dropshipping business. Any business that offers the flexibility to work from anywhere, at any time, while optimizing your lifestyle can be classified as a lifestyle business.

While the idea of a lifestyle business often conjures up images of working from the beach with a laptop and a margarita, the truth is that it offers so much more. It empowers entrepreneurs to turn their skills and hobbies into successful businesses while designing the life they truly want. This could mean working from home in a close-knit community or traveling the world, taking business calls amidst breathtaking travel photos.

Startup vs. small business vs. lifestyle business

A lifestyle business is distinct from startups and small businesses. Startups focus on building technological products or services, typically raising venture capital funding and growing a team. They aim to generate millions or billions in revenue, often taking years to find profitability. Successful startups are typically acquired or go public. While startups are embracing remote or hybrid work, they usually have a central headquarters with satellite offices.

Small businesses, on the other hand, primarily focus on providing goods or services. Business owners often rely on their savings or bank loans to fund their operations. Successful small businesses eventually become profitable and return the initial investment. Small businesses start with one or a few team members and grow as they scale. While they are increasingly leveraging the internet to expand their customer base, many small businesses are location-dependent, serving specific cities, states, or countries.

Lifestyle businesses are typically internet-based, selling digital goods or software, providing virtual services, or operating ecommerce businesses remotely. They have low upfront costs and do not require external funding. Successful lifestyle entrepreneurs have the flexibility to work from anywhere. These businesses must become profitable quickly, allowing entrepreneurs to fund their desired lifestyles, whether that means earning $50,000 per year or $1 million per year. Lifestyle businesses prioritize lifestyle over work, often reducing working hours and utilizing outsourcing and automation.

What are the benefits of a lifestyle business?

A lifestyle business offers a unique approach to work by focusing on how you want your life to look and then creating a business that enables that lifestyle. Here are some of the benefits:

Live and work from anywhere

Live and work from anywhere Burst

A lifestyle business liberates you from a specific desk, allowing you to embrace flexibility and work from anywhere, at any time. Whether you choose to travel while you work, moving from one Airbnb to another, or settle in a peaceful town while earning income online, a lifestyle business provides the opportunity to live and work where you truly desire. It goes beyond the typical two-week vacation by enabling you to satisfy your wanderlust all year round or spend more quality time with your loved ones.

Explore a passion project

Explore a passion project Burst

Creating a lifestyle business allows you to turn your hobbies and passions into income. The digital age has made it easier than ever to monetize your skills and knowledge. Whether you're an expert in photography, writing, coaching, or accounting, there is a market out there for your expertise. By finding an intersection between your skills, passion, and market demand, you can generate income while also funding the life you desire.

Sell to anyone in the world

Sell to anyone in the world Burst

Lifestyle businesses are internet-first and location-independent, allowing you to expand your customer base beyond borders. You can serve clients and customers from all around the world. Whether you're a social media consultant managing accounts for clients in different cities, an ecommerce entrepreneur with a global customer base, or an internet influencer collaborating with international brands, a lifestyle business opens doors to a wider market.

Diversify your income

Diversify your income Burst

One of the unique aspects of a lifestyle business is the ability to diversify your income streams. Unlike traditional full-time jobs or small businesses where you rely on a single source of income, lifestyle entrepreneurs have the opportunity to earn from multiple sources. By leveraging your various skills and interests, you can create different income streams within your business, providing flexibility and financial stability.

Start a low-cost business

Start a low-cost business Burst

Starting a lifestyle business involves low upfront costs compared to traditional small businesses or startups. While there are some expenses involved, such as software subscriptions, operational costs, and outsourcing, they are generally minimal. By keeping expenses low and focusing on profitability, you can create a sustainable and profitable business that supports your desired lifestyle.

Build a lifestyle business on your own terms

A lifestyle business is a flexible option for anyone looking to escape the confines of a traditional office job and design their ideal life. Whether you have a passion for software development or a talent for social media marketing, building a lifestyle business allows you to turn your expertise into a product or service that generates enough income to live life on your own terms. Embrace the freedom, flexibility, and limitless possibilities that a lifestyle business can offer.