Investments Trying out self employment? This is why you should make it a lifestyle business

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It's time to dictate your own business.

Lifestyle businesses tend to be portable, timeless. play Lifestyle businesses tend to be portable, timeless. (Courtesy)

Thinking of ditching employment to start your own business? Good for you! This is the first step to gaining financial freedom. However, entrepreneurship is a tactful job that requires you to continuously count your costs and we’re not talking about finances.

After years of research, business experts have offered a lot of reasons why it’s better to opt for a lifestyle business instead of a start-up. Read on

1. It’s going to be an 8-5 gig

Forget the employee obligations that you tried to avoid by starting your own business. Start ups are worse. For a business to run and start making profits it means investing hours to get things done. There are a lot of deadlines and expectations from investors, that means working full time and a few extra hours.

2. Profits don’t come as easy

The thing with lifestyle businesses is that they don’t take as much time to be profitable like start ups do. It takes months, sometime years for a business to pay back the money invested and start making profits.

3. Lifestyle businesses are flexible

A lifestyle business is one which promotes the lifestyle that you live. This makes it the most flexible kind of business to indulge in. Unlike start-ups and their time and geographic sensitivity limits, a lifestyle business is something you can do while working on other things. 

4. Accountability pressure

Start ups require a lot of outside assistance. This means that you’ll have people to answer to. A partner or maybe two who think differently about how things should run, an investor who keeps second guessing your decisions, you know, accountability prorblems. With a lifestyle business however, you have to answer to nobody but yourself.

play In a lifestyle business, you have to answer to nobody but yourself. (Courtesy)

 

5. You become all rounded

As a soloprenuer in a lifestyle business, you are the main asset in that business. From sales to advertising, everything lies on your shoulders. This allows you to grow in all those areas and learn the art of business in an all-rounded manner.

6. You can work from a beach

Lifestyle businesses tend to be portable, timeless. You can start the day in Nairobi and finish it on a plane to Dubai without stalling your work. If its freedom you needed, then a lifestyle business is the way to go.

We’re not saying that start-ups are bad. No, in fact congratulations for having the discipline for it. However, you cannot compare the amount of time, money and attention it demands to the freedom that a lifestyle business has to offer. If you’re looking to maximize your business while you still have the freedom and security that comes with knowing you have full control of your work, then a lifestyle business may be exactly what you require.

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