In today’s society, more and more people are seeking to achieve a work-life balance that embraces the mindset of “working to live” and not “living to work.” She may be known for her singing, but Dolly Parton offered advice that would likely resonate with most people in the workforce today: “Don’t get so busy making a living that you forget to make a life”. Many people not only want a job that they enjoy, but they also want one that provides ample time for family and leisure. If you are looking to move away from your 9-5 and get a break from the daily grind, then a lifestyle business model might be the answer.
What is a Lifestyle Business?
A lifestyle business is just as it sounds – it’s a business that fits the lifestyle of its owner. It generally has the following characteristics:
- Allows remote work
- Provides a livable income
- Sustains a desired standard of living
- Steady income is the goal, not business growth
- Sole proprietorship, LLC, or corporation
- Based on the owner’s personal interests
Essentially, the main goal of a lifestyle business is to generate whatever income is needed while maintaining a healthy work-life balance. In contrast, a traditional start-up business requires large investments of time and money upfront with the hope that the business will grow into a profitable business.
While it’s not always the case, it is common for a lifestyle business to stem from someone’s hobby or talent. Some examples of this type of business include:
What is a Lifestyle Franchise Business?
With a lifestyle franchise business, you can take something you’re passionate about and join a business model that allows you to earn money doing what you love. Consider the following examples:
- Love golf? → start a franchise in the golf or sports industry
- Love music? → consider joining a music store franchise
- Love animals? → look into a pet grooming franchise
- Love working out? → buy a gym franchise
Instead of running your own business, you might simply want to work a job that offers the flexibility and income needed to achieve a particular lifestyle. A few types of franchises that could provide this include:
- Home-based business such as medical billing
- In-home tutoring business
- Learning academy after school hours
What Are the Benefits of a Lifestyle Business?
Due to the age of technology along with the cultural changes that COVID-19 brought, starting a lifestyle business is more accessible to people than ever before. While running a lifestyle business might not be for everyone, it’s hard to deny its benefits.
- Flexibility to live and work from anywhere – This alone is something most people couldn’t imagine 20+ years ago. But if you run a business that accommodates your lifestyle, then you can truly work from anywhere in the world. There isn’t anything to prevent your family from coming either. What an incredible opportunity!
- Pursue work that matters to you – Many people dream of doing work that’s meaningful to them. Now, with the option of pursuing a lifestyle business, you don’t have to resign yourself to the daily grind that provides little fulfillment. You really can do work that fulfills you.
- Minimal upfront costs – Unlike a traditional start-up business or a brick-and-mortar, starting a lifestyle business requires little investment. Sometimes all you need is your computer! Such a low-risk pursuit makes it even easier to give it a shot.
- Early profitability – Many start-up businesses require a substantial investment at the beginning with the plan that the business will grow and eventually become profitable. A lifestyle business can often give you profitability right away.
Looking for Work-Life Balance? A Lifestyle Franchise Might Be Right for You.
A lifestyle franchise offers a unique opportunity to achieve work-life balance while pursuing what really matters to you. If you’re interested in getting started, FranNet can help you understand your options. A FranNet consultant will provide resources and guidance from the beginning of the process to the end. Schedule your free consultation today!