6 Reasons a Lifestyle Business Is Right For You
A while back I made a confession to my email list in one of my weekly love notes. I shared that I had gotten lost somewhere on my business journey - I had become caught up in what I thought I should do.
You see, the online business world is full of entrepreneurs who are creating empires. They are earning six and seven figure incomes, employing a team and creating a huge reach. I think it's great, but what I came to realise is that it isn't the right path for me.
When I stopped and got back to the heart of what I want to create, I realised that it's what is often termed as a Lifestyle Business. It's the type of business I help my clients create, and I want to build for myself too.
A business built on a desire to have purpose + impact, and to support the lifestyle I want to have
Why a lifestyle business might be right for you
1. It allows you to use all your talents
A lifestyle business gives you the freedom to work on the projects you want to work on. If like me you're multi-passionate, all of your passions can be combined under one umbrella. For me that looks like a combination of coaching, writing, design, hosting a podcast, creating products.
Maybe you're a photographer with a passion for sharing your knowledge, creating a lifestyle business allows you to not only do photo shoots - you could also run workshops or teach e-courses.
2. It doesn't require funding
Unike a traditional or startup business model, a lifestyle business can be created with next to nothing. As your client base grows, you can upscale and invest in tools to make things easier but to start with, you need little more than a laptop and a desire to create something amazing.
You can also build a lifestyle business alongside working a full or part-time job. The beauty of a lifestyle business is you're in control of the timescale.
3. It gives you location independence
You can run a lifestyle business from anywhere with an internet connection. Want to work from a beach in Bali? You can! There are several options for this, if like me you have an element of 1:1 work, you can continue that via Skype from almost anywhere in the world. Another way to earn money and have location freedom, is to develop passive income streams. For example, creating and selling an e-book that continues to provide income without you needing to work on it, means you can earn and travel.
4. It allows creative freedom
You get to choose what projects you work on. Running a lifestyle business allows you to play and explore, to discover what works for you. Unlike other business models, you don't have to get people on board around your ideas. You can take it and run with it, and see where it leads.
5. It gives you personal profit
Unlike other business models, which often require a lot of work to get to a point of turning a profit, a lifestyle business allows you to create personal profit relatively quickly. Of course, it takes some time to build a client base but you are in control of choosing the amount of money you want to make. Unlike a 9-5 job, there is no income cap... your earning potential is directly linked to creating new revenue streams.
6. It gives you flexibility in your life
This is probably the most common reason I encounter for starting a lifestyle business. It was certainly my driving factor - I was tired of having to get permission to go to a Doctors appointment, or not being able to attend personal development events because they fell on a work day.
The whole point of a lifestyle business is that it supports your desired lifestyle, rather than trying to fit your lifestyle around your job.
Maybe you want to have time to play with your kids, or cook healthy meals for yourself. Perhaps you want to be able to start work at 11am or take a few hours off to meet friends for lunch.
For me, I'm creating a business that provides enough financially to cover my bills and allow me to live without needing to worry. To be able to go out for dinner and choose what I want from the menu without stressing about the price. To hire coaches to support my growth. To buy locally-sourced, organic produce to stock up my fridge. To take the occasional weekend away or have a vacation.
Just as importantly, I'm creating a business that allows me to be here when my step-kids come home from school, to walk the dog for an hour in the middle of the day, to take care of things at home so that Greg doesn't have to worry and can focus on what he does best.
I'd love to know what a lifestyle business looks like for you? How can you start to craft something that supports how you want to live? Leave a comment and let me know!