Chances are you’ve heard the concepts “startup business” and “lifestyle business” before. But what do they both mean? Are they different?
If you do a little bit of research, you’ll quickly find that most people define them in a slightly different manner.
A startup is a business that is created by an entrepreneur with the hopes of turning it into a full time enterprise that will bring a large product or service to the public, and will ultimately create many 9 to 5 jobs in the community. A startup wants to grow and profit as large as possible.
A lifestyle business is a business that is built to provide the owner with the lifestyle they desire. It is usually a one or two person business, and is built to provide flexibility to work and play in any fashion they desire. It is built to sustain a lifestyle, not to become a fortune 500 company.
Startups are usually built by entrepreneurs who have a desire to find meaning in their lives, and through their concept or invention choose to change or make a difference in the world by bringing their ideas to market. They have a vision to improve an existing system, or to make an impact on something that currently does not exist.
A lifestyle business is ultimately about personal fulfillment. Lifestyle business owners start up a business to bring more to their own lives. They choose to have a flexible work schedule, a better work environment, have the ability to work from anywhere at any time, earn enough money to provide the financial freedom they desire, and achieve life goals while bringing a great concept into the lives of the people that choose to do business with them.
A startup by nature is more disruptive to your life. It requires input from many people in the field, relying on expertise from many different sources. You are often working to please a crowd, and many times you are at the mercy of those around you. Risk is high; failure is equally high.
A lifestyle business is more about the success and comfort of the individual business owner. Risks are lower because you are relying on your knowledge, your skills, with power boosts along the way from people that can help you build your dream on your timetables, not theirs. The purpose is to enjoy what you are doing throughout the process.
Startup businesses are the ones that make the news. Like the recent announcement of Uber being worth $18 billion. Or Dropbox raising more than $600 million over five rounds of funding.
Lifestyle businesses rarely make headlines in the major media sources (unless you choose to do some major PR for an upcoming launch). They exist simply out of a desire to bring their knowledge base to a select group of people that share interests.
Which one is right for you?
Do I have a product, service or invention that I want to change the world with? Do I have a desire to grow as big as I possibly can, or am I more comfortable living the best life I can while improving the lives around me that I choose to touch?
Are you willing to take big risk on the chance of big rewards? Do you have the time to invest to accomplish long term goals, or do you need instant access to improving your financial commitments in the near future?
As you guessed, there is no wrong or right answer. There isn’t a wrong or right approach. It simply comes down to preference and what your Big Idea truly involves.
Now Is The Time For Lifestyle Businesses
Yet, for most people with entrepreneurial aspirations, for women truly wanting to continue earning a decent living and contributing to other peoples lives, the answer more and more comes down to creating a lifestyle business opportunity.
A lifestyle business means:
You won’t have to wait years to turn a profit. Because your overhead is low – you can run one with a laptop and Internet connection – you can be profitable with your very first sale.
You can work from anywhere. With a laptop or a tablet, you can run it from your kitchen table, a seat in the back of your favorite coffee shop, carpool line, or even on the beach with a pina colada in hand.
You can work when you want, where you want. Want to spend the summer in Europe? Or bring your kids to school and pick them up in the afternoon? Take a painting class on Wednesday afternoons? Your business is structured around doing what you want to do. You decide.
You can minimize stress. You’ll never have to worry if you’ll receive a pink slip at the end or the month, or if you can make payroll for your staff of employees. When you choose to work harder, you’ll bring more in. If you want time off, you adjust your schedule accordingly. You have no one to answer to but yourself.
If a lifestyle business is something you’ve always dreamed of, I invite you to take the first step today and download my brand new Visioneering You guide. Its free, and it provides you with the basic tool you’ll need to “see” your Big Idea as big as it truly can be. Because you have to see it in order to achieve it. And I show you how easy it can be.