The Rise of The Lifestyle Business: What is It and How It Provides The Ultimate Freedom 131

The Rise of The Lifestyle Business: What is It and How It Provides The Ultimate Freedom - letsreachsuccess.com lidiya k

Are you tired of the 9 to 5? Do you want your time back? Do your dream about traveling the world? Do you seek creative freedom and wish you could make a better use of your talents and qualities? Are you wondering what the point of the money you’re receiving is when you don’t have the freedom to go anywhere and do anything you want? If that’s you, you’re in a desperate need of building a lifestyle business.

There are a few types of people when it comes down to work, money and time.

First, there are the employees, who work in the system and blame anyone who’s outside of it.

They have fixed working hours, not much time for themselves, a job they don’t like, not many opportunities to take in order to exceed, and no motivation to be more productive.

Then, we have those who manage to get out of the system.

It can be in 2 ways. You can become self-employed and basically become the system, or take it to the next level and go for the big money by building a serious company and living the entrepreneurial life, in which case you’re working on the system.

But getting there doesn’t mean you’re free to do whatever you want with your time and money. Most often, freelancers and business owners end up creating yet another demanding job for themselves, with stress, boredom, lack of location independence, or else.

Why? Because you’re in it for the money, or never put in enough thought to create a system that will be working for itself without your role in it, so that you can do whatever you want with your time.

And that, my friends, is the opposite of what a lifestyle business is.

What is a Lifestyle Business?

What is a Lifestyle Business? www.letsreachsuccess.com by lidiya k

“Money isn’t the point. A business should be about lifestyle, impact and meaning. And you can still earn a ridiculous amount of money without sacrificing any of that, but you have to set your priorities, and that, to me, is what a lifestyle business is all about.”
Corbett Barr

That’s a business built with the sole purpose of enjoying a particular lifestyle.

Some want to travel the world. So they think of a way to offer their service in a package, find clients, outsource most of the aspects of this, and do their work while traveling. Or be able to take mini-vacations whenever they want to and just go to a tropical island and stay there for 1-3 months.

Yes, that’s absolutely possible. And you need much less money to sustain this lifestyle than you imagine.

Others are more family-oriented and make changes to their lifestyle when they have kids. They want to spend most of their time with the family and do things together, so they get out of the system, start working remotely and for themselves, and are thus able to never miss out on anything important from the kids’ childhood.

Some individuals write and self-publish their books with a lot of hard work in the beginning, but keep receiving revenue from them for a lifetime. Then, they have the creative freedom to work on any other project, learn new skills, visit new places and live an adventurous life.

Some may be in it for the hustle.

They start something on the side while on their regular job, build the connections, put in the hours, time and focus.

They may set up a small outsourcing company, build a SaaS business, create a premium brand, or come up with an idea for an innovative product, find the right people to partner with and hit a trending market.

Then, they quit their jobs, move to Thailand, Indonesia, the Philippines or a hot place for entrepreneurs in Europe like Berlin or Madrid.

What do they do there? Start living like a local, connect with other business owners in the area, start working on new projects, and think of ways to grow their existing business. They are players and they love the hustle.

There are many kinds of people and so there are many types of lifestyle businesses.

But there’s no other way for you to live the ideal lifestyle than to create a business that will let you earn just enough money to sustain it, will help you reclaim your time and take full control of it and have all the freedom and independence a man could wish for.

The Characteristics of a Lifestyle Business

1. It provides satisfactions to the owner.

a lifestyle business provides satisfaction to its owner - letsreachsuccess.com

Running a startup is often too stressful and definitely not for everyone.

It sucks your energy and time and you have to deal with partners and investors. It can take a decade of your life without letting you start something completely different on your own.

But a lifestyle business is something that will make you love your life and truly enjoy each and every day of it.

It’s for the creatives, for the independent individuals who want to be their own bosses and live a life on their own terms. For those living an unconventional lifestyle and hating everything ordinary. For the couples that want to start a small and friendly family business. For the digital nomads looking for ways to sustain their traveling.

You can always tell who’s a lifestyle entrepreneur, and who’s just a business owner with no free time, other interests other than work or peace of mind.

A lifestyle business owner is calmer. The work isn’t stressful because he’s created all he’s doing and enjoys getting things done.

Also, he has enough time for himself, for the important things in life and for the things he enjoys. There’s meaning and joy in his days, he sleeps like a baby at night and wakes up with a smile on the next day. That makes him peaceful, and not a part of the corporate world or the working systems that sucks the life out of you.

2. Business growth goes together with personal growth.

A lifestyle business is one of the best examples for the connection between doing business and improving yourself.

First of all, such people do it all on their own and start from nothing. They find a way to say no to conventional wisdom, to get clear about what they don’t want in their life (like a regular job and lack of time), and to make a plan on how to get what they truly desire.

Then, they do their research, dedicate all their free time and focus to this one project until they are able to start making money online from it and leave the system.

During that process they fight their inner demons – the fear of failure, the doubts, the desire to move onto another project that seems more tempting right now, listening to others, going back to old habits, losing focus from their vision, etc.

They stick to their values, are determined and consistent. Eventually, they get results. And because they’ve put in so much into achieving that, the reward feels even more satisfying.

Such individuals build discipline, are courageous, initiative, risky and extraordinary.

They build the successful habits that make them productive, positive and healthy so that they can run their business and live a good life too.

3. You can start with no experience, capital, knowledge or connections.

7 Things You're Doing That Will Never Make You Rich

You can found a service business with zero cash investment. What’s more, you don’t need to know the right people from the beginning, to have expertise in the niche, or to even know anything about the field.

All that can be learnt in the process of researching, finding online business ideas and making them a reality.

Housewives know nothing about business before they start a home based business on Etsy and begin making a living from it. But they are determined to learn anything they need to know – just enough so that they can start, and then more so that they can stand out from the crowd.

Freelance writers with no expertise can be amateurs for months or even years before they build their portfolio, find what they’re really good at and master it, get their first clients, improve their personal brand and start doing it full-time. Over time, when they know the ins and outs of the field, they can start an article writing service, hire remote staff and remove themselves from the job while still making money.

App developers can take a course, build stuff for clients on sites for freelancers to sustain a living, until they come up with a unique idea and create their own product, which they can either grow or sell.

The possibilities are countless.

Your lifestyle business will depend on what you’re passionate about, what you enjoy doing and are good at, what you’re interested in learning more about, how you imagine your ideal life and how much hard work you’re willing to put in now to enjoy the fruits of your labor later on.

What’s The Goal of a Lifestyle Business?

What makes it different from a startup, is that its main purpose is to make just enough revenue so that the owner can sustain the lifestyle of his choice, do what he loves and have enough time on his hands.

A startup, on the other hand, is all about maximizing profit. Almost never can a work/life balance be reached, as there’s always more customers to find, more marketing channels to try, research to do, features to add to the product, or else.

Creating a lifestyle business is like retiring earlier than you have to. You find a way to keep receiving money while having all the time and freedom you desire.

Why It’s Better to Start a Lifestyle Business Than to Pursue a Startup?

Why It’s Better to Start a Lifestyle Business Than to Pursue a Startup? - letsreachsuccess.com

I don’t know if you’re familiar with the statistics, but 90% of startups fail.

The chance of being the next big social media platform, or company offering a particular service, is really low.

You need resources that the average person can’t get, such as cash and a fantastic team.

You also need the right market, business model, product, timing, marketing strategy, influencers, advisors and investors.

There are legal challenges, misunderstandings with the team, partners or investors, and the high chance of realizing there’s no market need for the product. There are cost/pricing costs you haven’t thought of that let you end up broke even after a successful product launch.

During all that time, you’re burned out, scared, stressed out, taking decisions each of which can cost you everything and never knowing what better thing the competition is working on right now.

Are you ready for this? How will this affect your lifestyle? Your health, happiness, relationships?

Is it worth it?

Most people regret trying to be in the big game and investing so much. Even if they succeed, they are still busy and under stress 24/7.

Before they get to the real money, though, they usually need to wait years until they do things right, go through many major failures and mistakes, and at any moment someone can come up with the next best product in the market and you’ll be left behind.

Building a startup is like creating another 9 to 5 job for yourself, but with even more stress and insecurity.

Yes, you’ll still need to work harder than anyone else, to be innovative, creative, productive and consistent, to deal with fears and doubts. But you’ll be doing it on your own, won’t answer anyone else’s expectations, won’t wait years to turn your work into profits.

What’s more, you won’t wait too long until you can start making positive changes in your lifestyle like quitting your current job, moving to another place, traveling, living and working from the beach or else.

You’ll have so much flexibility in terms of working hours, clients, projects and location. Set your own schedule. Work anytime and anywhere you want. Take vacations when you want to. Start new projects when you feel inspired. Say no to clients if they aren’t the right fit for you. Work for 16 hours 3 days in a week and do whatever else you want during the rest of the time. Learn new skills and offer them too to make more money on the side or add a new income stream for more security and peace of mind.

You’re the boss. A lifestyle business lets you do all that.

Lifestyle Entrepreneurs that can teach you how do crush it:

Tim Ferriss @ FourHourWorkWeek
Dan and Ian @ TropicalMBA
Pat Flynn @ SmartPassiveIncome

If you’re a lifestyle business entrepreneur, share some details about what you do and how you got started in the comments below.

See also:
The Real Definition of Entrepreneur and What It Takes to Become One
How to Start an Online Business in 6 Steps
7 Reasons People Should Build Lifestyle Businesses, Not Startups

Save

Save

Save

Save

Get The Lifestyle Designer's Digest
Directly into your inbox every Monday.
Previous ArticleNext Article

What the Richest People in the World Have in Common 4

What the Richest People in the World Have in Common

Getting rich is something everyone dreams about.

For those facing financial hardships, getting rich seems the only way out to tide over shortage of money. For the bourgeoisie – the working class – getting rich conjures up visions of stuff they want to buy for luxury or higher social status. Millionaires also wish to get rich: they want to become billionaires and enter Forbes List of the world’s wealthiest people.

Unless you inherit a fortune or get lucky at lottery or sweepstakes, getting rich can be quite tough.

Yet, there are countless rags-to-riches stories around the world. Enterprises such as Amazon, KFC, Facebook or SpaceX have become runaway successes within a short span. The reason: their founders have several things in common, which is rare among other people.

Here we look at various traits that the world’s richest and most successful entrepreneurs have in common.

The Common Traits of The World’s Richest People

The Common Traits of The World's Richest People

1. Serving People.

“If your only goal is to become rich, you will never achieve it,” said John D. Rockefeller, who laid the foundation stone for America’s giant petroleum industry and his own enterprise, Standard Oil. The same adage holds good today.

Facebook, for example, was launched by Mark Zuckerberg and his roommate, Eduardo Saverin to allow Harvard University students to share profiles and pictures

There are countless such examples of ordinary people striking rich. However, they share one thing in common: serving people. The main objective of launching these enterprises was to make life easier or enjoyable for people rather than earning money.

2. Reading Books.

Microsoft founder Bill Gates, celebrity TV show host Oprah Winfrey, SpaceX and Tesla CEO Elon Musk, Berkshire-Hathaway CEO Warren Buffet and several other extremely rich people of the world have one more thing in common: they are avid readers.

Bill Gates reads at least 50 books every year – an average of nearly four and a half books per month.

Elon Musk owes his success at SpaceX, the project to open space tourism to his love for books and the knowledge he gained from them about rocketry. Oprah Winfrey attributes her success to dozens of books, including some 70 top titles she read on her way to success while Warren Buffet spends about 80 percent of his day reading books.

3. Long-Term Financial Strategies.

A report by CNBC states, all wealthy people depend upon long-term financial strategies rather than short-term gains. They utilized their earnings and savings to invest in safe stocks that would assure gains in the long run rather than indulging in risky trading that can offer high returns.

Such financial planning and decisions ensured they do not lose money. Further, they invested money in their enterprises without the hope of immediate returns.

These wealthy people first focused on building a brand, offering value for people to identify with the brand. And later, popularize the brand through word-of-mouth publicity, which is more effective than traditional advertising.

4. Never Say Die.

Yet another common character trait shared by the world’s richest people is, they are not quitters.

Like every other human on Earth, these wealthy folks also witnessed ups and downs in life. Some of these were so overwhelming most ordinary people would have called it quits and gone in search of easier ventures.

Brian Chesky, Joe Gebbia and Nathan Bleckharczyk, founders of Airbnb, the world’s largest hotels and accommodations aggregator were plagued with financial problems.

 

Heavily encumbered with debts, bankruptcy was staring at these entrepreneurs in the very eye. Yet, they did not budge. They innovated their service that made Airbnb the world leader in its field today.

Another excellent example is Colonel Harland Sanders, whose recipe for fried chicken was rejected as many as 1,009 times before it was accepted. Col. Sanders is the founder of global chain Kentucky Fried Chicken or KFC.

5. Accepting Criticism.

Most people flee from criticism of any sort. Rather than learning from negative comments arising out of their behavior or work, they take umbrage rather quickly. Yet, they do not bother to amend their behavior or work pattern.

All wealthy people, however, are different. They are willing to be criticized for introducing new ideas or thoughts.

Jeff Bezos, founder of Amazon, rightly says that those who will try and do something new must be willing to draw criticism.

Steve Jobs, founder, Apple, Inc. puts it in even stronger words: “If you want to make everyone happy, do not become a leader; sell ice cream instead.”

The success of Amazon and Apple proves their founders were right when it came to accepting criticism.

6. Out of The Box Thinking.

how regular life looks like and why it won't make you happy

Thinking outside of the ‘box’ or a typical mindset is often impossible for most people. Understandably, because everyone draws their mindset from factors and circumstances they are raised and educated in.

This mindset eventually becomes a formidable fetter for anyone wanting to become an entrepreneur. Generally, most people follow the flock and take professions they falsely believe as best suited for their skills. Others try to follow footsteps of their parents.

The wealthiest people in the world never followed flock or took lucrative professions of their parents.

Mark Zuckerberg’s father was a dentist and mom – a psychiatrist. Bill Gates’ dad was a banker father while his mother was a lawyer.

Despite coming from wealthy families, they chose to follow their passion rather than confine their thinking to the proverbial boxed mindset. Col. Sanders had lost his parents at a young age of six years and had to shoulder responsibilities of his siblings.

Other Examples of What The Wealthiest People Have in Common

As we can see, these qualities or personality traits are common to the world’s richest people. It sets them apart from others. Most of them launched small enterprises with the sole purpose of bettering the lives of people. Their products or services gained popularity because money was never their consideration. Widespread use of their technology, products, and services eventually led them to become wealthy.

These traits are not typical to the US or the western world, as one may mistakenly come to believe. A glance at some richest people in India and elsewhere also reveals, they share the same characteristics with their American counterparts. This amply proves that richest people around the world share something in common, regardless of where they live and flourish.

Another common trait that all rich people share in common is philanthropy.

Since childhood, they believe in giving back to the society and helping the underprivileged. They practiced charity when they were not so rich and continue to donate money for the betterment of the society even after becoming billionaires.

These richest people on the planet never waited to become wealthy. Instead, they were philanthropists since childhood – a trait most other people pathetically lack or try to foist upon themselves to gain popularity.

In Conclusion

It is not easy to become wealthy. Or everyone would become a millionaire. People who do make it to the top have a different way of thinking combined with an undying zest for learning new things and educating themselves.

They do not consider conventional learning at universities as the end of their education. Instead, they try and acquire new skills every day and find ways and means to become better humans rather than focusing on fattening their purses.

The world’s wealthiest people also share one common trait: they are not people pleasers, despite their generosity and willingness to serve the society. Because they know, trying to please everyone will get them nowhere and could mean possible failure.