How does a lifestyle business differ from a Startup?
Author: Jaya Ambika
Keywords:- Lifestyle Business, skills, startup, passion, schedule, flexibility, income, digital, freelancing
Lifestyle Business
A business will attain success when spending more time and putting in full effort. More than that, you should compete with all your competitors to promote your products. Financial availability is also important to run a business. Without all these, you can earn income with little effort in a business lifestyle business. No need to work from 9 to 5 daily. You can work freely and flexibly on your own time. Most people are willing to work like this. This has made changes in many people’s lives.
What is a Lifestyle business?
A Lifestyle business is a freedom-focused business to earn income to sustain a lifestyle that you want to live. You can start and run a business from anywhere at any time. Starting a lifestyle business is an easy and simple one. The business may be creating and selling digital courses on photo editing, freelancing, app development, influencer, starting an eCommerce business drop shipping, etc. All you need to start a lifestyle business is a laptop or PC and the internet. You can run your business from your home in a small town. Lifestyle business has changed people to turn their skills and hobbies into a business.
How to start a lifestyle business?
Before starting a lifestyle business, you have to do a self-assessment.
Identify skills
First, find the area or skill in which you are an expert. It depends on many factors like knowledge, passion, and how you want to work. For example, if you are good at photo editing then you can choose photo editing as your business.
Have right tools
After selecting the skill to start a business, the next is you have to select the appropriate tools to work. For the above example, you need a laptop or PC, photo editing software, the internet, and active social media accounts. Social media account helps you to grow your business.
Highlight skills
To get business orders you have to promote yourself to the clients. For the photo editing example, you can promote either by creating a website or by registering on freelancing sites with your skills. You can mention the photo editing software in which you are an expert.
How lifestyle business differs from a startup?
Startup business founders wanted to find solutions for the problem they are passionate about. If they get successful, then they will sell it to earn income.
But lifestyle businesses are started to boost the quality of their life or to lead a particular lifestyle.
- A lifestyle business is a freedom focused. But the startup is a growth-oriented business.
- It is mostly run by a single person or uses freelancers for some of its tasks like content writing, marketing, etc. But a startup hires a bigger team for its various functions like marketing, sales, engineering, etc.
- The resources required for lifestyle are minimum and are a low-risk business. A startup needs venture funding to get started and is a high-risk business.
- The founder has full control of the business. In a startup founder has no full control because there are investors to whom he has to report the growth details.
Advantages of lifestyle business:
- Work schedule
You can work at any time when you are free from all your commitments. No need to work daily. If you get a work order, you will work.
- Time spent at home
You will get time to spend with your families, friends, and relations. The business allows you to work from anywhere so you can enjoy your family vacation along with your work.
- Explore your passion
Most people are bored and tired of doing the same type of work. A lifestyle business is converting your hobby into a business. So you will not get bored doing your hobby. You will try to learn about new things.
- Income
The income you are earning is based on the time and effort you are putting into the business.
Disadvantages of a lifestyle business
- Fluctuating Salary
Fluctuating salary is one of the main drawbacks. Each month you will get different income based on the work scheduled for you. If you are quitting your regular work and starting your business then you should be able to tackle all the situations.
- Work Schedule
There is no regular time to work as in regular jobs. You have to wait until your business starts to run smoothly. Then only you can schedule the work.
- Responsibility
The success or failure of the business depends on you. You should take responsibility and should be able to overcome failures. But some people neglect to accept the failures.
Conclusion
Like every business, lifestyle business also has both merits and demerits. A lifestyle business is to bring changes in income and support the family. You can do your passion in your own time in addition to your work also. After getting the success you can quit the job and go with your passion. Everyone likes to turn their passion into a business. Before entering into business have an analysis about your passion and then do it. Like the proverb, “Try, try, try until you get succeed”.
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