A lifestyle business is one which complements your existing lifestyle, so you don’t necessarily operate it as your primary source of income in the way a formally trading corporation would. This however doesn’t mean that it shouldn’t be a professionally run operation or that it cannot become your primary source of income.
A good example of a lifestyle business is a gym. Fitness trainers are generally appointed to help clients reach their fitness goals. But in order to deliver quality service, coaches and trainers would need to take up a Personal Trainer First Aid Course and learn about the technical know-how of different types of exercise, recovery and diet. This is in alignment with creating engagement in health and fitness in a client’s lifestyle.
There are many more examples I could go through, such as perhaps being a car enthusiast who effectively organises events around racing, shows, etc, or perhaps even someone who fixes cars as a specialty, like the classics…
Why YOU should invest in a lifestyle business
So I suppose the burning question is why on earth should you invest in a lifestyle business? By invest I don’t necessarily mean taking money out of your pocket to formally invest in someone else’s venture. What I mean is why should you try and get into a lifestyle business?
So the reason why pretty much every economically active adult these days needs to invest in a lifestyle business of their own is because it’s just not enough to have a singular stream of income anymore. This applies even to those who can claim to be happy with the salaries they earn from their full-time, professional jobs and even to those businesspersons and entrepreneurs who have found that trading sweet spot to bring in consistently good earnings. Of course, when it comes to businesspeople and entrepreneurs, we’re specifically talking about those who are operating more like self-employed individuals, in this specific instance.
It’s just the nature of the financial game these days. We unfortunately live by a system that is broken and a system that is unsustainable in the long run, especially if we can honestly claim to want to make the world a better place for everyone, where if you just try hard enough then you can make a decent life for yourself. You need a second stream of income…
How to get into a lifestyle business
Now comes the main question, that is, how to enter the lifestyle business. Before we get to anything, you’re probably aware that you’re going to need a lot of capital and a way to easily move it. That, fortunately, can be set up fairly easily through a florida business banking institution or a similar bank near you. Once you have the funds and easy ways to shift them, you need to identify a problem in the market that you are interested to solve. For instance, do you feel that there aren’t enough good gyms in your area and the people around are traveling distances to get their dose of workout? Congrats, you have found the problem. Now, you have to solve this problem.
How can you do that? By setting up a gym with state-of-the-art exercise machines and some of the best fitness trainers. To keep the costs down, you can lease gym equipment instead of buying them for their full price. Well, this was just one example and based on this you can find more such ideas for a lifestyle business.
Now, as far as starting a lifestyle business goes, the key is to look toward the suggested lifestyle element. Identify just one product or service which you use or purchase religiously, thereby forming part of your lifestyle. Once you’ve identified it you can then proceed to try and take over its supply. You are now going to become the retailer of the protein shakes you and all your gym buddies consume as part of your health and fitness lifestyle regimes, for instance.
Welcome to Motivational’s. This is Elliot Grant, fitness fanatic, and your go to advisor and blog post writer, putting your fitness first.