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. An example of a lifestyle business is something like becoming a fitness coach or personal trainer, this of course in line with your own interest and engagement in health and fitness as part of your 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 businesspersons 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 which is broken and a system which 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
I could write an entire post and in fact an entire book about how not to get into a lifestyle business, one of which ways would be typing into Google “Make Money Online.” This would suggest that you’re looking to get into investing and the bad news around that is that you probably don’t have the sort of capital which would make your passive investments worthwhile.
Now, as far as starting a lifestyle business goes, the key is to look towards 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.