Forget startups - Harness your passion with a Lifestyle Business
The key to a good working life? In our opinion it's running a business that dovetails with what you love, a business you're genuinely passionate about. In other words a so-called 'lifestyle business', where you own the company 100% and build it around your lifestyle so it doesn't feel like work.
We're not alone in following our passion. It turns out plenty of successful entrepreneurs recommend starting a lifestyle business rather than pursuing a startup, with all the pain it can bring. Here's why we love running our own lifestyle business, and why we recommend it over and above traditional start-ups.
Why lifestyle businesses tick more boxes
Kicking off a startup means working nine to five at the very least, potentially an awful lot more. Too many startup companies morph into toxic roles for the people who set them up, with endless working days and seven day weeks. You're drowning in the fine detail, with so much to do that you can't see the wood for the trees. You're exhausted. You seem to be working harder than anyone else. And you face a potential wait of years before you start to make real money.
In contrast, working for yourself means your overheads are a lot lower. On your own you can turn a fast profit from your lifestyle business. You can work from a beach in Thailand if you like, becoming a real digital nomad. A lifestyle business lets you choose when, how and where you work.
Startups tend to eat a whole lot of other people's money, which can be incredibly stressful. A lifestyle business is funded by you and only you, which takes the pressure off. A lifestyle business promotes the life you want to live, whether it's spending more time with friends and family, travelling the world or simply enjoying life at home instead of running yourself ragged to make money for someone else. No investors, no staff, no partners and no expectations to meet except your own.
Are all startups bad? Are all lifestyle businesses brilliant? Of course not. But if you want to maximise your enjoyment in your work while remaining in full control of your life, a lifestyle business might be exactly what you need.
16 top lifestyle business priorities
What are your priorities when setting up a lifestyle business? We searched the internet for recommendations made by people who have created successful lifestyle businesses. Many of them are the direct opposite of what an entrepreneur would recommend you do to create a start-up. Here they are:
1.As Joe Vitale famously said, create a vision that “scares you a little and excites you a lot."
2.Build a business that supports the life you want
3.Do it for love, not to make vast amounts of money
4.Put quality first – sell things you can be proud of, that benefit the human race
5.Believe in yourself, believe you will succeed
6.Don't quit your day job too soon – you need cashflow to survive the early days
7.Keep your family involved so they can offer moral and practical support
8.Remember that business plans are mostly nonsense. Nobody can predict the future, so plan a maximum of 3 months ahead at any one time and keep your plan to one page
9.Constantly seek inspiration: podcasts, videos, ebooks, books, online courses and more – you'll find everything you could possibly need online
10.Focus hard on building your audience. They matter more than anything else
11.Make a simple website containing all the information people would need when exploring services or products like yours – there's no need to go overboard
12.Use social media – but bear in mind it isn't everything, just another marketing tool
13.Network face to face
14.Set a realistic goal at first. Don't aim for your first million, aim to make enough to cover your minimum monthly income
15.Don't take crazy risks. Take it slowly and stay safe
16.Remember sales and marketing is everything, your most important skill whatever your business
Last but not least?
If you run out of time, don't knock yourself out trying to stay on top of everything. Delegate the work that you don't have time or inclination to do to someone like us. We run a lifestyle business ourselves, based directly on our skills and passions, so we understand exactly where you're coming from.
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