There are different types of business you can start and run. This includes traditional businesses that employ people and grow steadily. Then there are start-ups which are often tech companies that require a load of funding before going through many years of hard work and not making money in the hope of achieving a lucrative exit strategy. There is another option, though – starting and running a lifestyle business.
For many ambitious entrepreneurs, starting and running a lifestyle business is the best choice.
What is a Lifestyle Business?
Lifestyle businesses can be any size and they can have employees. The main difference between a lifestyle business and any other sort of business is the objective of the founder. That objective is typically to run a business that generates sufficient income to live a particular lifestyle.
In other words, lifestyle businesses are about combining making money while also living how you want to live.
Benefits of Lifestyle Businesses
- You are in control – unlike working for someone else or at the head of a larger organisation, you are in control of a lifestyle business. You can decide on the direction of travel for your business, the clients you want to work with, the products or services you want to provide, and more.
- You can stay as small or get as big as you want – as mentioned above, lifestyle businesses can be any size. However, unlike traditional businesses or start-ups, there are not the same pressures to grow. Instead, you can decide the level of income you need to live the life you want to live, keeping your business at that level.
- You can work when you want – you can structure a lifestyle business, so you only work when you want to. Taking Fridays off, starting late on a Monday, taking extended holidays in the summer – all this and more is possible in a lifestyle business.
- You can work where you want to as well – this one depends on the type of business you want to start, but many allow you to work from anywhere. For some businesses, you don’t even have to be in Ireland.
- You’ll have a better work-life balance – getting the right work-life balance is important, whatever your job. After all, there is much more to life than money and career success.
- There is less stress – it is also less stressful running a lifestyle business, not least because of the points above. In addition, you may not have to deal with some of the complications that are commonplace when running a traditional business or a start-up such as HR issues or obtaining funding.
- Tips for Starting a Lifestyle Business
- You don’t need to do something unique. Instead, do something you know works and you know people need, and do it well.
- Also, do something you enjoy and are passionate about.
- Automate as much as possible with technology and outsourcing.
- Understand you will have to work – running a lifestyle business does not mean you will have a four-hour week.
- Don’t be afraid of failure as you can learn from failures.
- Focus on providing quality and expertise.
- Enjoy it. If you don’t, it is probably not a lifestyle business, so you should consider doing something else.
Get more advice and help starting or running a business by contacting the team at Gilroy Gannon today.