What is a Lifestyle Business and How to Build it

If you want to break free of the nine-to-five and build a business doing something you love, then a lifestyle business could be the perfect avenue for you. This kind of venture is all about balance and enjoyment, and it’s a great way to pursue your passions, without stressing over cash.

If you have talent, and time on your hands, then you can start a lifestyle business and make it grow, all you need to do is consider a few important steps.

What is a Lifestyle Business?

A business created based on personal interest where you have complete control over your work-life balance is called a lifestyle business, also commonly known as a “side hustle”.

A lifestyle business is often a hobby that has become a source of reliable income. Examples are creative hobbies such as photography, painting, craft, writing, and professional blogging. Other examples of lifestyle businesses are consultants and advisors.

Lifestyle businesses have something in common: they grant freedom, flexibility, and fun that many people lack in their 9-to-5 jobs.

After identifying what a lifestyle business is, here are some tips for you to get started.

Identifying what success looks like

To build a lifestyle business and achieve a work-life balance, you should ask yourself what your ideal work-life balance would look like, the type of work schedule, and the kind of income you want to generate. By responding to these questions, you can choose the type of business that is best for you.

Lay out your Goals to find the right Lifestyle Business

Identifying your goals is essential for all types of businesses. What plans do you have for your business lifestyle, or do you want to earn money to live comfortably and support yourself? Once you know your goals, you can quickly construct a plan to achieve your business goals aligned with your lifestyle.

You need to consider your niche carefully.

Consider your interests and your target market’s needs in choosing a niche for your lifestyle business. You need to identify the type of services people are looking for and how you can serve them better than anyone else. Creating strategies for marketing and sales that resonate with them is easy once you know your ideal customers.

Your chosen lifestyle business should ideally also be something that you are good at.

Keep your Overheads Low

One benefit of a lifestyle business is that you can run it on a shoestring budget, keeping your overhead costs low, and you can reinvest more money in your business. If your overheads and expenses are low, you can charge less for your services to make your business more attractive to customers.

Taking Advantage of Technology

A lifestyle business- like any other business- requires systems and processes to support your long-term success. You can streamline your processes by automating mundane tasks and using technology to ensure operations run smoothly. Depending on your business, you may need an eCommerce platform that streamlines bookings or sales and payments in this case.

Do not try to handle everything on your own.

Books, online courses, and coaching programs can help you build your lifestyle business, and assigning tasks to others can free up some of your time. Delegating and outsourcing will allow you to focus on what’s important and keep your business sustainable.

Having reasonable expectations is helpful.
Building a lifestyle business requires realistic expectations. A lifestyle that does not meet your expectations can lead to burnout as this puts all your energy into something that did not go as planned.

The need to prepare for hard work
Like any other business, a lifestyle business requires hard work and dedication. Its success depends on providing an exceptional customer experience and going above and beyond for clients. Additionally, you may need to learn digital marketing, sales, and financial management.

You should have a solid online presence.
Engaging websites and active social media channels are essential for running a lifestyle business.

When creating a business, freedom, enjoyment, and flexibility are your top priorities.

Have trouble deciding what business suits you? Schedule a strategy meeting with us by contacting Calculated Matters at business@calculatedmatters.com.au or schedule a time with us to talk more.