Many of us dream of the day we get to be our own boss. We spend days plotting and planning ways to create a startup. But maybe a startup isn’t the answer, maybe a lifestyle business is instead!
To be honest, this is the first time I have ever heard of lifestyle businesses. Fizzle.co writer, Corbett Barr, laid out the definitions for us:
A startup’s job is to grow big enough to provide a return to investors. A lifestyle business’s job is to provide a great quality of life to its owners.
What does that even mean? Well, startups are considered risky. You’re throwing a whole bunch of money at something and hoping that it will take off quickly, usually so you can sell it off to the highest bidder. Most entrepreneurs will jump right back into the next opportunity and try again, over and over until they have reached their goals. If this doesn’t sound super appealing to you, then you may be interested in what a lifestyle business can offer you. Forbes counted down the top 10 reasons why Millennials should be interested in starting one. Check out some of their reasons why you should start to build your own below. Would you be willing to take the first step?
5. Opportunities to continue growing
Career progression is something that most workers are after. If you’re working for a company, it can sometimes be really difficult to climb that ladder. You end up feeling stagnant and stuck in your position. When you own a lifestyle business, the progression of the company is entirely up to you. Every decision is made by you and your own terms. Rather than being stuck in one position, you can take on whatever aspects of your company that you want, which helps in keeping you engaged with your work.
7. It’s risky not to…
This reason sort of feels like fear-mongering, but they do have a point.
When people feel unfilled in their work, they’re more likely to develop a resentment towards their job, and ultimately hate it. It can lead to increased stress levels and mental health issues. Furthermore, when people stay in a job they hate, the likelihood of becoming ill increases, including serious illnesses like heart disease.
They’re not wrong. I can say from experience that past jobs I’ve had felt soul-sucking, which lead to dread and stress. The idea that I had to get up the next day and go into said workplace was enough to get my anxiety levels raging. If you are working for yourself and your own business, it’s no longer an issue. You’re doing something that you love (hopefully) and that will make you feel fulfilled. Instead of feeling dread while you’re lying in bed trying to sleep, you’ll feel relief and excitement. That’s a pretty high selling point.
10. Improved work-life balance
Since I became a mother, I’ve been looking at career opportunities with a more critical eye than before. Work hours or distance didn’t matter as much before but now, those things moved to the top of the list.
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.
If you can’t afford to make the switch right now, work on creating your business with your free time. Maybe in a few years, you’ll find that you can step out of traditional jobs and take up the mantle at your very own company. These reasons are starting to convince me as well!