Is your business a lifestyle business or a start up? A lifestyle business is a business set up and run by it’s founders with the primary aim of sustaining a particular amount of income and no more; the ultimate goal is to create a sustainable and pleasant work/life balance. This way of running a business is in contrast with the more traditional way, known as a SME (small-medium sized business) or a start-up, which runs with the intention of growing rapidly and creating significant profit. Lifestyle businesses seem to be the new way of running a business and has attracted the minds of millennial entrepreneurs who want to have a work life balance.
Lifestyle businesses allow for enormous amounts of flexibility and control in entrepreneurs lives. You are able to set up and work from a schedule that suits you and your lifestyle perfectly. Essentially a lifestyle business promotes the lifestyle that you want to live, you can work when you want to- from where you want to. You’ll have flexibility in all the right senses of the word; you won’t be bending over backwards to get things done, instead you’ll be free and your schedule will be the one bending over backwards to suit you.
It’s easy to lose sight of goals and ambitions whilst pursuing a lifestyle business. Sliding into a relaxed routine with a lack of motivation is a common problem, however as a start up or SME, a structured routine is present. Having this proper format in your life enables you to push yourself further as the 9 to 5 lifestyle surrounds you with positive characters who are all working towards a common goal.
, freelancing or other lifestyle businesses can be rather isolating as you become a “solopreneuer”, however in the digital age it’s now easier than ever to work from wherever you want to. With travel being so accessible today, it would be silly not to travel when you have the chance to! Alongside this, travel could actually assist in growing your business as it allows you to meet possible new clients which could open doors to new business opportunities.
In contrast, start up businesses offers significant profitability and huge growth opportunities. Having a steady plan will ensure you have constant income and profit coming in. As well as this, if you work solidly in your constant routine, you will earn enough to be able to possibly retire early and live a comfortable relaxed lifestyle in the future.
Start up businesses allow you to reach out to a wider audience and make a big impact, be it nationally or globally. Through this comes more respect and thus more business relationships which open up new doors to branch out and grow the business. This way of running a business can impact people’s lives as it creates more jobs for people in a steady working environment. The main difference between lifestyle businesses and start up businesses is the income. Start up businesses are much more scalable (read E-myth), thus resulting in more money in the long run.
At the end of the day, the way someone runs their business is down to their own goals and personal ambitions. Both ways of running a business have their advantages and disadvantages, it’s up to you weigh up and decide what type of life you want to lead and what role your business will take.Follow me on: