One of the most challenging parts of starting a new business is deciding or choosing what kind of business to start. You know you want to start a new business and be successful. You know you want to earn a stable income and get richer after a couple of years of operating your business.
But when you think of the kind of commerce to start, there is a big chance that you will pause for a minute and think deep. You are lucky if you already have an idea from the get-go, on what kind of startup you want to set up, but if you are still undecided, that is a different story.
For starters, it’s not that simple like you get it right the first time the idea comes into your mind. There are a lot of things you need to consider here and you need to evaluate yourself – the amount of money you are willing to spend, your capabilities in handling the business, as well as your interest (whether you are up for the job or not).
The good news is, new entrepreneurs and owners have a lot of choices when it comes to trade and commerce. They can enter the retail industry or enter the food or restaurant industry. If they have the right mindset and resources, they can even start venturing in the Information Technology trade or try their luck with the manufacturing world. But there’s another industry that’s starting to get famous: the lifestyle industry.
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What exactly is this new industry?
Trade and commerce, as we all know, are designed to maximize the earnings and revenue of the person doing it as much as possible. The definition doesn’t strictly apply to lifestyle commerce only. This trade is considered as one that is designed for the sole purpose of supporting or sustaining the income, as well as the personal requirements of its owner.
To some extent, it is still profit-oriented, but maximizing the revenue is not on the top priority. Instead, the primary goal of this industry is the sustenance and the creation of a harmonious and pleasant balance of work and personal life of the owner. It generates enough revenue and income to let them enjoy their current lifestyle without affecting their own life. Enjoying what you are doing is a crucial point in this industry.
The owners set up their trade and commerce based on their passion and interest. It can be something that interests or entertain them or a hobby that they like to do during their free time. It makes sure that the owners actually enjoy and love the work they are doing on their trade. It will redefine the old philosophy of many straitlaced owners about not mixing pleasure with business. In this industry, owners can earn income from something they are happy doing.
To know more about this topic, check out https://whatis.techtarget.com/definition/lifestyle-business.
We can analyze the features of every lifestyle business into different aspects:
The owner is the only employee, or if he is not the sole owner, the owners or founders are the employees.
The entrepreneurs make a reasonable living, earning a decent income.
They have the freedom to do what they want with their resources and time, so they can decide how much money and time they need to spend and devote using their work and personal time. They are allowed to pursue their interests and satisfy their passion while running their business.
There is no other intention to exit their business and sell it off. That is why it is designed with a plan to operate it for years to come. Anyone can have the option to start lifestyle trade and make it successful. Most people are under the impression that when they begin a trade and commerce in this industry, it will be with a full-time nature.
You can start it on the sires, while you are still working at your regular job. Some successful lifestyle entrepreneurs start their career that way – they have regular jobs and are already earning a stable income, but they set up their trade on the sides. If they are starting to get the hang of it and started to get a stable income from their trade, they can now do it full-time without sacrificing their lifestyle even if they quit their current jobs.
The bottom line here is, this industry is considered as a place where owners can run their organization without sacrificing their personal life, like they can live the life that they want, not for financial gains but the reasons set up for lifestyle and personality.
Self-employed versus lifestyle business
Other people argue that there’s not much difference between being self-employed and running a lifestyle trade. After all, a lot of lifestyle businesses will involve working at the comfort of your home, with no other employees other than yourself. You will have full control of the time you want to allocate to the task at hand.
They are similar in some aspects, but being self-employed is still considered as having a jib since you still have certain hours to complete. For example, you have a business that you need to open every day, first thing in the morning, and close at a specific hour every night. This trade do not have these kinds of designated hours that closed you in. You can operate your trade at any time since it will not hinder on how you run your life.
Visit this site to find out what means to be self-employed in this time and age.
Startup versus Lifestyle trade
Startups are trendy in today’s day and age. You usually hear tips from a lot of people saying that, if you want to succeed in this line of work, you need to set up startups instead. Compared to its closest rival, startups are the complete opposite. It is established with the intent of making it expand and improve at a rapid pace and earn more profit in the shortest possible time.
Revenue and growth generation is its primary objective. That is why the owners will seek more funds continuously to fund its expansion and growth activities. On the other hand, lifestyle trades do not go out looking to attract more funds or venture backing. The founders or the sole proprietor provides all the funds.