The typical situation in the world about means of livelihood is that people are usually pursuing the next promotion and the corner office that comes with it. Either that or they are seeking funding for their startups.
But owners of lifestyle startups are usually moving in a different direction. These business owners are looking for a fulfilling life with more control over their time and flexibility to work from anywhere.
While running lifestyle startups doesn’t mean working from a beach 24/7, it will give you the time to do the little things that matter. This means of earning a livelihood may not be apt for everyone, but if it sounds like the need of the hour for you, hopefully, this article will shed some light on how best to approach it. Read on for some ideas and examples that will help in getting started.
What Is a Lifestyle Startup?
In layperson’s terms, a lifestyle startup enables and supports the lifestyle you wish to pursue. That means working out of home or at the time of the day that suits you. Our choice of lifestyle business could be anything from an online store to a successful blog or podcast.
If being part of or building a million-dollar firm is what gets you excited, then a lifestyle startup may not figure in your list of priorities. But if a stable income is what you are looking for minus the hustle of a 9-5, then lifestyle startups have benefits that an office cubicle won’t be able to offer.
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Examples of Lifestyle Startups:
A lifestyle startup may or may not be a hobby that’s taken on in the form of a reliable income. Some examples would be blogging, writing, photography, or teaching. Hobbies have the potential to morph into lifestyle startups as long as it has the means to be profitable enough to sustain your desired lifestyle.
The long-term goal would be to maintain a certain lifestyle rather than scale the business.
How do Lifestyle Startups Differ From Regular Startups?
The main difference between lifestyle startups and regular ones is that a lifestyle startup generates profits at an earlier phase and tends to be less fraught with risk. However, a lifestyle business offers little or no opportunity for growth.
Startups built for scale and growth take time and more investment to mature. But over time, they will be more profitable and offer significant growth.
Another way they differ is – startups require more involvement by way of time and attention from the founders. This holds true, particularly in the formative years, and offers less work-life balance than a lifestyle startup.
Pursuing a lifestyle startup is ideal for people who wish to avoid the daily grind of an office job. Many people want to move away from a 9-5 simply because it gives them no time to enjoy the little things life offers.
When it comes to a lifestyle business, all that hard work will pay off, as you will experience both financial independence and the flexibility and freedom you crave. It can be hard work at times, but it shows dividends in the form of great satisfaction.