Many of us dream of fitting our lives around work rather than vice versa. Building your own lifestyle business could be the way to finally do it, as Transmit Startups’ communications consultant Laura White explained to Startacus.
Not everyone starting up in business has ambitions to take over the world. The motivation for some is simply to have a bit more control over their own little universe and there’s no need to apologise if that’s the case.
Having an itch to go out on your own doesn’t mean you have to have ambitions to build the next Facebook but your success is no less impressive if you’re hitting your #LifeGoals.
Think consultants, freelancers and franchisees – people who’ve turned their talents into a business and those who have started making money from their side hustle (the things they’re really passionate about).
Here are five reasons a lifestyle business could be the answer to a happy, healthy you:
- You’ll have way more flexibility. A lifestyle business is one that’s geared around creating a work/life balance – not maximising profit. It might not make you rich but it should be lucrative enough to allow you the lifestyle you want – plus the benefit of being able to set your own schedule – and that’s priceless.
- Your health and happiness can become a priority. If you work out what success means to you and build your lifestyle business around those things, rather than short-term results, you’re more likely to create a business and life that make you happy.Whether that means being able to study, spend more time with family and friends, enjoy your hobbies, travel, do some volunteering or even just avoid the supermarket or gym at rush hour. Don’t fancy retiring completely? Work just the hours that suit you.
- You can have your own business without major stress. Starting a business with the sole intention of looking after yourself is a lot less risky than setting out with an ambition to build a start-up focused on profit and growth. Stress is inevitable for all entrepreneurs, but the lifestyle entrepreneur has only themselves to answer to. There’s no worry about paying wages this month or considering other people’s views on whether to take a new contract. You can keep your overheads tight if you need to, and won’t have to wait years to turn a profit.
- You can grow as slowly or as quickly as you want. Consciously keeping your business small and nimble means you can stay in control. You can afford to be more selective over clients and projects because you aren’t overburdened by overheads and expectations.If you want to work long hours – do it. If you want to cut back, that’s okay too. You’re also free to shift your focus as you grow and evolve as a business owner and as new opportunities come your way.
- You can set up on a shoestring. Starting small with the intention of staying small means you can get going for less. Modest start-up costs and low overheads of the lifestyle business make it easy to explore self-employment without major financial commitment. Government-backed Start Up Loans, like those we can help you access, can pay for the essentials. While we can lend up to £25,000 at a rate of just 6%, there’s a swift and straightforward process called ‘give it a go’ for anyone needing £500-£5,000 to get started, with lots of support and advice.