The term “lifestyle business” was coined fairly recently, and it's kind of hard to find a single, clear definition.
It basically refers to a business that's created by someone not only to sustain a certain income level, but to do so while accommodating the founder's other lifestyle choices and preferences.
Entrepreneurs don't tend to have a whole lot of free time.
But if your business is going to basically be your life, it may as well be something you have some passion for.
Lifestyle businesses have their advantages.
You're your own boss. You determine your own schedule.
You can travel and take your work with you. You can focus on your biggest passions.
But it's also a business, and running a business is far from easy.
But if you're the kind of person who can't stand the typical 9-5 grind, and independence is important to you, a lifestyle business could be the perfect source of income for you.
In a recent article in Forbes, lifestyle blogger Rachel Ritlop explains why many millennials are creating this kind of business.
Most millennials are seeking more flexibility and freedom in their careers.
A lifestyle business allows the owner to make their own choices. Whether that’s to work from anywhere, or have a second stable remote job.
They can create a schedule that supports their unique definition of balance.
Unlike traditional startups, lifestyle business owners don’t need to answer to a board or worry about aggressively growing revenue and a team.
They can set as much or little time for a personal life outside of their work.
Minimal funding needed
You can start a lifestyle business today using the camera on your phone and a free social media platform.
There’s no need to seek out venture capital funding, worry about payroll, or office space even.
As the business begins to generate revenue, the owner can choose to reinvest into new tools or resources or pay himself.
Work Towards Other Goals
With freedom from a 9-5, lifestyle business owners can create their own schedule.
This gives them the ability to schedule time to work towards other goals they’ve been wanting to tackle.
Whether that’s to get in better shape or invest more time in their personal relationships.
Improved work-life balance
Unlike a traditional 9-5, a lifestyle business allows the person more flexibility and freedom to work towards work-life balance.
Furthermore, since millennials definitions of work-life balance vary from person to person, it gives the business owner an opportunity to create a career and life that suits him.
When talking to entrepreneurs or traditional employees, one thing is clear: millennials want to feel present and fulfilled in all areas of their lives.
A lifestyle business gives them the opportunity to do so.
You can learn more about starting a profitable lifestyle business over at Forbes.