Now and again we all daydream about running our own business with the perks of having more free time, less constraints and an extra holiday or two every year. The term "Lifestyle Entrepreneur" was coined in 1987 by William Wetzel, a director emeritus of the Centre for Venture Research at the University of New Hampshire.
With a rise in lifestyle businesses, this dream is becoming increasingly doable. To be able to work from any destination in the world; from beaches to long train journeys, many people are benefiting from new technologies and strategies that make this a real possibility. And why not? Doing what you love and making an income is complete perfection.
People who start lifestyle businesses do this to generate an income that simply supports their lifestyle. The business needs to be lucrative enough so that they do not sacrifice the lifestyle they desire; therefore it tends to be a topic of interest, so time spent is enjoyable. This also leaves the owner with more control over the operations in the business.
There is a difference between a lifestyle business and being self employed. Look at it like this; if you have to open up every day and close up every night, you have definitely created another job for yourself.
Those who can call themselves lifestyle business owners will vary from writers or professional bloggers, consultants, bed and breakfast owners to ecommerce online shop owners.
Owners of lifestyle businesses are able to use very little start up capital to get going and in return have a positive cash flow from very early on in the business. This isn't about building a business that can be sold for multi millions - it's about enjoying a very balanced lifestyle that is stress free and enjoyable. Plus it's possible to work the hours they want, so dashing off on a holiday now and again is much more achievable; with the added bonus of being able to run the business from anywhere in the world. All that's need is a laptop and a good internet connection and the portable office is ready to go!
Being an entrepreneur differs a lot compared to a lifestyle entrepreneur. One of the main differences of a lifestyle entrepreneur from an entrepreneur is a focus on passion and running a business that isn’t financially driven. They are not in need of investors are stock holders but rather prefer to fulfil their personal goals.
For instance, if they enjoy baking they may start up a blog dedicated to sharing their favourite recipes with people around the world. This allows them to reach their personal goals while generating a good income.
So, if you should decide to become a lifestyle entrepreneur it is important to think about what you want to get out of it. Set goals for yourself as you grow, which may change as you go along. Do not place too much pressure on being perfect, every business can benefit from mistakes, even if it isn’t conventional. The most important aspect is to create a business you are passionate about. Ask yourself these 3 questions:
Looking at the amount of lifestyle businesses that are popping up all over the UK, it's certainly a glimpse into the future of business, with more benefits than there are sacrifices!