what_is_a_lifestyle_business_and_how_to_start_a_lifestyle_business

What Is A Lifestyle Business? How To Start A Lifestyle Business, Ultimate Thriving Guide [2022]

Lifestyle

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Let’s Understand, What Is A Lifestyle Business?

Need better work-life balance? Or want to make money from online business? Then start a lifestyle business. Well, the coronavirus pandemic has thought us many things and hit our lives and livelihood very badly. All of your hard earned money and savings gone in a matter of months and many lost their jobs too.

However, if you see on the positive side of it you will understand that, it has also though us many things not only saving money but also to be independent and earn a passive income so that you can support you, your family and your lifestyle. Thanks to the lifestyle business ideas which makes this possible for any individual to get started with their business.

Today, in this article we are going to teach you what is a lifestyle business or you can simply say the definition of lifestyle business. Not only that, we are also going to guide you on how to start a lifestyle business to live a better lifestyle. If you want to live a better lifestyle and don’t know how to start, then you are in right place.

Lifestyle business (business,lifestyle_) has gained lots of popularity over the years, in-fact from 2012. More and more young minds through blogging are finding ways to build their work-life balance so that they can live a better life. Lifestyle entrepreneur is the one that makes it possible.

More than 18,000 people search over the Internet for lifestyle business every year in order to find ways to make money online for better lifestyle. This article will show you all the information you need about a lifestyle business.

We have lined up a series of lifestyle business articles, which will surely inspire you to find a better work-life balance.

Stay Tuned for it!

Now, let’s dive right in to understand, the definition of a lifestyle business.

what_is_a_lifestyle_business_and_how_to_start_a_lifestyle_business

What Is A Lifestyle Business?

A lifestyle business is a business set up (online or offline) which is run by its founders and aims at making money and sustaining a certain level of income which supports the livelihood and helps to enjoy a desired lifestyle.

This means, if you are a owner then you will be investing your passion towards a healthy lifestyle business. This helps the owner to support his lifestyle by making passive income which fulfills his personal requirements, desires, better-work-life-balance and not aims to maximize the revenue. You can understand, the lifestyle business vs growth business from here.

The ultimate goal of a lifestyle business is to create a sustainable and better work-life balance. The lifestyle business focuses on fulfilling the owners desired lifestyle without sacrificing his personal life.

If you have a passion on something which is of personal interest, then convert that into a lifestyle business idea that makes the time you spent working on it more enjoyable. A lifestyle business doesn’t have to be small nor too big. Lifestyle business can be a tiny business or a small business that you can run or aim for big which you can later convert into a big company.

What does lifestyle mean in business? In business, the lifestyle business is the one that is either run by an individual or by family members and can be with less employees and in terms of revenues it could be less or high too. But, at the end, the owner with an entrepreneur mindset can live his/her life the way they want even by working at the corporate job too.

20 Definitions of Lifestyle Business [2022]

There are many definitions of lifestyle business that people the people define all around the world about what is a lifestyle business. Some definitions are different depending upon the lifestyle business that they run. To define lifestyle business, one must understand the goal of a lifestyle business. Thus, the ultimate goal of lifestyle business is to have a better work-life-balance.

If you want to understand thoroughly and clearly, then we recommenced you to read all the below definitions.

1. Lifestyle business is the life you desire to live

2. Lifestyle business is the business that you can run to have a better work-life balance

3. Lifestyle business is the business where-in the owner can spend his time on his passion turning it into a business as a source of passive income to live better work-life balance. This is the best possible lifestyle business definition that anyone can come up with

4. Lifestyle business is the business where-in an individual can turn into an entrepreneur to have better work-life balance

5. Lifestyle business is a business setup run by its founders to have a better sustainable life via sustaining a particular level of income

6. Lifestyle business is a business that doesn’t have to be small at all either in revenues or employees to have a better work-life balance via making money online or offline

7. Lifestyle business is the business that it allows the Entrepreneur or the owner to live how he or she wants to live now, while you are running the company too

8. Lifestyle business is that business which allows you to start enable you to live the life you want

9. Lifestyle business is the business where the owner can run his or her company without sacrificing his or her personal life so that he or she can live the life they want

10. Lifestyle business is that whichever you make it for living the desired life you want without sacrificing your current company

11. Lifestyle business is the one that aims towards supporting owner’s income and his personal requirements rather than focused and maximizing revenue

12. Lifestyle business is the one that is setup with a sole purpose of enjoying a particular and desired lifestyle

13. Lifestyle business is the one that enables and promotes the lifestyle you want to live

14. Lifestyle business is the one that serves you the best as much as you serve it

15. Lifestyle business is the one where-in you focus on combining making money while also living the life you want side by side

16. Lifestyle business isn’t intended to make plenty of money. It’s more focused on to make enough money to live comfortable life while having freedom to work enjoyably to have a good work-life balance while doing the work that you love enjoying

17. Lifestyle business is that business which is designed to focus on founder’s talent on business which generated enough revenue so that it supports their desired lifestyle

18. Lifestyle business is not a startup. It’s more of supportive business idea that enables you live the life you want by making money online or offline

19. Lifestyle business is a business idea that supports your lifestyle

20. Lifestyle business is that business which pays you equally in revenue, quality of the time spent, awesome experiences and more enjoyable life

5 Features of a Lifestyle Business

A lifestyle business is not the one where the purpose is not aimed at maximizing the revenue and earning as much as profits as possible. The lifestyle business is more focused on supporting you via generating enough extra revenue so that you can have work-life balance.

The lifestyle business generates just enough revenue for the business owner so that he or she can enjoy his or her current lifestyle which isn’t going to affect his or her personal life.

The key fact of lifestyle business is to enjoy the lifestyle business he or she do. Your passion, interest or hobby anything can be turned into a lifestyle business. Here you will be enjoying with love and joy. This means the owner can earn money online or offline from just they are having fun with.

The 5 Features of a Lifestyle Business:

1. If lifestyle business has single owner, then the owner is the only sole employee

2. In case of more than one owner or the founders, the owners are going to be the business employees

3. In lifestyle business, the sole owner has full time and can spend his full time on what he loves

4. In lifestyle business, the owner has full freedom and can do whatever he wants with his time

5. The owner makes enough money via lifestyle business and makes his life enjoyable and maintains work-balance

These 5 features of a lifestyle business easily helps anyone to make understand about what is a lifestyle business. Not only that, with this they also can able to create their own lifestyle definition too.

14 Examples of Lifestyle Businesses [2022]

If you have the passion to work on something and sell, then you can become a lifestyle businessmen. There are plenty of lifestyle business examples out there in the world that you can start for.

They say, “lifestyle business is the holy grail of entrepreneurs in the 21st century.”

Who doesn’t want to have the freedom where-in the lifestyle business brings all the money enough for living desired life of your which a large corporation can’t bring?

Isn’t it sounds great?

Actually, not only it sounds great, it also sounds amazing and its damn true too. Work for yourself anywhere in the world and make money more than enough over 6 to 7-figures a month.

Back in late 90’s this could have been just a dream. But, today, it’s a real thing. You can surely be an entrepreneur independently, if you think of these lifestyle business examples. If you need an inspiration, then here is the list of 14 examples of lifestyle business that you can work on and make money online or offline.

Examples of Lifestyle Business Ideas:

1. Professional Blogging:

Talk about blogging? There are thousands of examples that shows how much a blogging is best suited ideal for a lifestyle business. If you want know how to make money from blogging, then you can read, how to start a blog to make money?

This is for the simple fact that, there are plenty of blogging benefits. If you have an interest on something or have a hobby, then hop into professional blogging. If you are newbie, then you can just start a blog on blogger in just 10 minutes to get started quickly and from there you can carry on to learn more about blogging.

This sounds crazy, right?

But trust us there is no other way of having a lifestyle by earning passive income from blogging, that not only could help you make enough money but also helps you live the desired life you wish for.

Here are few examples of blogging that you can think of which are making money in 6-figures a month:

  • Bike198.com
  • Psd.TutsPlus.com
  • TimothySkyes.com
  • CarAdvice.com.au
  • CoolestGadgets.com
  • SmashingMagazine.com
  • Mixergy.com, and so on

Blogging is a great way of starting a lifestyle business that allows you to explore many more ways of making money online ranging from displaying ads to display affiliate marketing links.

2. Consultants or Advisors:

Are you having a particular skill which is great for you? Don’t have any idea that what to do with that skill? Then, why can’t you think of becoming a consultant or an advisor and offer services that matches your skills. This could be a great source of passive income that makes your lifestyle better.

You can work as a consultant to small enterprises or small businesses or to schools or colleges and offer your services as a consultant or advisor.

3. Affiliate Marketing via Niche Websites:

You already own a well targeted niche website and want to earn money online. Then you should opt for affiliate marketing.

There are many affiliate programs over the internet that offer affiliate links and helps you to earn a commission on each sale. Or you can also partner with clients or popular websites matching to your targeted niche website and display their affiliate links to make money.

Here are few of the popular examples of affiliate marketing that you can choose for:

  • Amazon Associate Program
  • Flipkart Associate Program
  • ClickBank Affiliate Program
  • Affiliate Network
  • CJ by Conversant
  • FlexOffers
  • LinkConnector
  • RevenueWire
  • ShareASale, and so on

4. Writers or Journalists:

You love writing about things, right? One of the best ways of lifestyle business is that you can start writing for popular websites on the topics you love.

Becoming a journalist by writing content in the form of articles on a partnered website or as a guest post on guest posting websites can help you earn enough money that helps to live a lifestyle that you want.

This is best for young minds and students who need pocket money. Guest posts are a great ways to start earning money online that could even turn into a lifestyle business too.

Here are few of the examples of websites that allow you to guest post by writing articles in the form of blog posts and earn money:

  • MakeALivingWriting.com
  • DameMagazine.com
  • BootsnAll.com
  • ThePennyHoarder.com
  • Achs.edu
  • 5BestThings.com
  • Blog.IwaWine.com
  • WriteNaked.net
  • TutorialBoard.net
  • ElitePersonalFinance.com
  • ListVerse.com
  • Cracked.com
  • YourOnline.biz
  • Strecher.com
  • TransitionsAbroad.com
  • BrainChildMag.com, and so on

5. Online E-commerce Stores:

If you have a list of products or your own designed or manufactured products or even hand crafted products and don’t know how to sell and where to sell? Then, start a lifestyle business by starting an e-commerce online store.

Post the products, promote and do a bit of SEO, that’s it! You are good to go to earn money online. This will also explore many ways of making money online. That is by monetizing your website via Google AdSense or Affiliate Links to earn passive income.

Here are few examples of best e-commerce websites that earn money:

  • Luhsetea.com
  • BoardofSouthSea.co.uk
  • BirdandKnoll.com
  • SpunkyBuds.com.au
  • EarthEasy.com
  • OneHorseShy.com
  • Ziiiro.com
  • Kershaw.kaiusa.com
  • StoryVille.com
  • Made.com
  • BloomingDales.com
  • DIY.com
  • Us.LkBennett.com
  • JohnLewis.com, and so on

6. Freelancing:

Freelancing is also one of the best ways you can earn money online and turn it into a lifestyle business. Fiverr is one of the best platforms where you can start freelancing and earn money and make it as your lifestyle business.

Fiverr is the place where you can find many customers who will be looking for freelancers or you can say specific skills for which you will be get paid once you complete their project.

Create your account today on fiverr and start making money.

Don’t go waste your skills. Invest them on freelancing websites. Find a website where you can get hired for doing the work they offer and earn money. Need a passive income to live your desired lifestyle, then freelancing is the way to go.

Here are few of the websites that offer freelancing opportunities:

  • Upwork.com
  • DesignHill.com
  • Toptal.com
  • LinkedInProFinder.com
  • WeWorkRemotely.com
  • Behance.net
  • SimplyHired.com
  • Dribble.com
  • Fiverr.com
  • PeoplePerHour.com
  • Guru.com
  • Freelancer.com
  • Angel.co
  • DesignCrowd.com
  • 99Designs.com
  • Magazine.WorkingNotWorking.com
  • Experts.WebFlow.com, and so on

7. App Development:

Do you have programming skills? Why don’t you invest your time on app development? Build your own apps and monetize them with adds and earn money. Also, you can offer in-app purchases for users to earn money.

Here are few of the examples of websites that allow you to monetize your app:

  • Audienceplay.com
  • CJ Affiliate (CJ.com)
  • AdSense.com
  • ExoClick.com
  • AudienceNetwork from Facebook
  • AdBlade.com
  • Clickky.biz
  • AdNow.com
  • AdCash.com
  • PropellerAds.com, and so on

8. Web Designing:

Web designing has gained a lot of popularity over a period. If you are good at web designing, then you can offer services of the web designing those who in need of. Target small enterprises or small businesses to develop website and offer it to them.

Your clients will surely pay you the money you want, and you can earn enough money to diversify and have a healthy lifestyle form web designing business. You can use the free blogging sites to create websites or blogs for your clients.

9. Public Speaking Through Podcasts or Webinars:

Are you one of a great public speaker? Then why can’t you start podcasts? Build your website and start podcasting. Pick a topic of your interest and start podcasting or partner with podcasting websites and earn money.

You can also partner with clients to host webinars and earn money from it too. Here are few of examples of making money by monetizing a podcast via following methods:

  • Affiliate Marketing
  • Sponsors and Advertising
  • Online Courses
  • Offer Services
  • Coaching and Consulting
  • Crowdfunding and Donations
  • Premium Content
  • Events
  • Physical Products
  • Books
  • Public Speaking
  • Combine Methods and so on

10. Start a YouTube Channel:

No age is limited if you are creative. Share your ideas or teach something or do fun things, whatever it maybe you can create videos a post them on YouTube.

Create a YouTube channel, post videos and monetize via Google AdSense and earn money. Turn your hobbies and interests on YouTube a lifestyle business by earning money in the form of a passive income.

11. Short Film Making or Video Making:

Are you good at video creation and video editing? Then start creating videos for corporate offices or events for your clients and get paid. Or post them online on YouTube, Vimeo or DailyMotion to earn money online by monetizing your videos. Turn your hobby a lifestyle business and live a desired lifestyle.

12. Online Coaching, Online Webinars or Teaching:

Are you good at teaching? Then start creating online courses online and earn money by allowing purchases to users. Or partner with clients to host webinars online or offline and get paid. You can also start your own website and offer online paid courses.

Here are few of examples of websites that allow you to post your online courses and turn it into lifestyle business:

  • Udemy.com
  • Coursera.com
  • Lynda.com
  • Byjus.com
  • Skill Share, and so on

13. Selling Products and Services on your Website:

Start a website and post your products and offer your services. Once someone purchases your content then you can earn money turning your passion into a lifestyle business.

14. E-books:

Have deep knowledge on any niche or topic? Create a niche website and post your e-books on your website. Once people start purchasing you will start earning money. Or upload them on e-books offering websites and earn money.

Here are few of examples of websites that allow you to post your e-books and earn money turning your hobby into a lifestyle business:

  • Payhip
  • Amazon Kindle
  • Blurb
  • Lulu
  • Tradebit
  • Nook Press
  • Kobo Writing Life
  • Smashwords
  • Scribd
  • PayLoadz
  • E-Junkie
  • Feiyr
  • Selz
  • Gumroad
  • Booktango
  • Clickbank
  • Book Baby
  • Shopify, and so on

Lifestyle Business vs Startup [2022]

If you are thinking of which is better to start among a lifestyle business vs startup? Well, you need to understand both startup and lifestyle business first before you get started.

In short, startups and lifestyle business are completely opposite. Both are having entirely different meanings in-between. Now a days, the startups are in great boom and are most popular among young minds. If you want to get succeed in life, then start a startup.

Are you one of them? Started a Startup? Then you are in the right direction. Startups are the one which are started with an intention of growing their business, earn money and increasing profits.

In startups growth and expansion of its businesses are main objectives. Hence it requires funding and investment for its growth and expansion.

In startups the owners must put their personal life aside for a while in order to heavily invest time and money just to fulfill their responsibilities for generating revenues and increase growth of a business.

However, in lifestyle business, doesn’t require an additional funding or investment. In lifestyle business, the sole owner will be responsible entirely to himself not others. He can spend his time the way he wants and earn enough money for his lifestyle living. As far as startup is concerned it must earn money in order to return the money to investors and financiers.

You can learn more about startup vs lifestyle business from here: lifestyle business vs growth business, which is nothing but a startup.

Lifestyle Business vs Self-Employed [2022]

Are you a self-employed? Or you are running a lifestyle business?

Confused, right?

Even though both are same, still there is a lot of differences between the two. Don’t worry, we will take you through both of them. Let us understand what these two words, lifestyle business and self-employed mean.

To put it in simple words, the self-employed means a job which is independent. You are running a business wherein you must have to open it every day for a specific period of time and thus it’s still a strict job.

In self-employed you must worry about the money you make, think of increasing revenue and generating high profits and constantly focus on improving and increasing sales growth.

Whereas a lifestyle business is the one that is not a job. It can be independent business which you have chosen based on your hobby or interest. In lifestyle business you don’t have to worry about increase of revenue nor employees. It’s all about making enough money to have better lifestyle and work-balance.

In lifestyle business you have your own time and can spend the way you want and how much you want. Here you can also concentrate on your regular job and can spend time on your lifestyle business to earn passive income for your lifestyle.

Why You Should Start A Lifestyle Business? [2022]

If you are new here and asking yourself why I should start a lifestyle business? then you are in the right place.

You might already be working in a corporate office and have a job and salaried. But the earnings are not enough to you have a better living life. Hence, you want to earn passive income so that you can have a work-lifebalance and live a better life.

If so, then why can’t you start working on a lifestyle business? If you are one of them then you can live a lifestyle that you want just by starting a lifestyle business with any one of the lifestyle business ideas. A lifestyle business have many benefits and advantages over the other types of businesses.

Here are few of the 6 advantages of starting a lifestyle business over other types of businesses.

6 advantages of lifestyle business over businesses:

1. All the time is yours:

All the time is yours and can spend the way you want and when you want. In lifestyle business there is no time limit or strict timings. You can spend the time as and when you want. You can either plan for days for a specific amount of time or you can randomly work on any timings of your choice.

2. You don’t have to sacrifice your personal life:

In lifestyle business you don’t have to sacrifice your personal life for to live a lifestyle business or to start a lifestyle business. You can parallelly work on a lifestyle business idea of your choice and earn enough money to live a life you want which is of your desired lifestyle.

You can give enough time and focus on personal life and can spend little bit of spare time on lifestyle business.

3. No Investors to return the money:

In lifestyle business you don’t have to worry about investors and other Investing related things. This is because you don’t need any investors to invest on your lifestyle business which you have started. It’s your business and your invests. So, whatever the profits are, all goes to you as there will be no  any investors.

4. No Financiers to answer for:

You will end up winning as there won’t be any financial constraints. The money you will be making or the money you will be earning from your lifestyle business is for to support your lifestyle and to a better livelihood. Thus, you will have full freedom on financial part.

5. You have Full Freedom on both Time and Location:

As said above you will love the freedom of time as well as the location by starting a lifestyle business. There are no restrictions on where to start on which location to start. You can be on any island or desert or in mountains or in any other places, you still can work on your lifestyle business and make enough money. Go on a vacation or tour, you can still work on your business lifestyle to live a better desired life.

6. You are the Sole Owner of your Lifestyle Business and Earnings

There are no restrictions on sole ownership as you can run the lifestyle business with others too.

But if you chose to be an individual then you can work as the sole owner of your lifestyle business.

Being a sole owner of your lifestyle  business, you can have full control on your earnings too. The enough money you make will surely add up to your work-lifebalance and better lifestyle.

How to Start A Lifestyle Business? [2022] | A Step-by-Step Guide To Start A Lifestyle Business

First things first. To start a lifestyle business, you need to find your passion and area of interest which helps you to build a your first lifestyle business. If you are looking for how to build a lifestyle business or how do I start a lifestyle business, then this article is the one for you.

Once you get started you can earn enough money and if you want, you can expand the same and turn your passion into a full time business.

To get started just follow these 7 simple steps which will explain you on how to start a lifestyle business on your own.

How to Start A Lifestyle Business? | Lifestyle Business Criteria [2022]

Step-1: Find Your Passion and Area of Interest

You can’t just start a lifestyle business unless and until you find your passion and interest. Your passion and interest is what it makes you to build, a successful lifestyle business. Not only that, along with your business, this will help you to build a successful website for a targeted niche of your business.

Without your passion and interest, it becomes difficult for you to get started with a lifestyle business. Those with 100% passion and interest have been expected to succeed immensely turning their lifestyle business into a full time business and now they are earning in 6-figures per month.

Passion and interest is equal to a successful lifestyle business. A lifestyle business is something that you should love, have fun and enjoy all the time which is stress free too. Without these pillars there are chances of failing of most of the businesses.

The first and foremost thing one must recall when you are starting a lifestyle business, the first thing you must do is to find your passion. A passion is the one that keeps you in the hunt of starting a successful lifestyle business from scratch. Without passion, it is very hard for anyone to start any kind of business.

In-fact, learning how to find your passion may not be as easy as it sounds, however it is well worth the effort. This is going to be your first steppingstone in the approach of starting a successful business.

People always stay in the state of mind referred to as “flow”, which makes them to lose track of the most beautiful world, its time and full of opportunities. Many people mis-understood that a work is work where you have to get a job, work under someone and do the work what they say and how they say.

This is the mindset that many of us have. The point here is that the work is not something to get a job, in-fact it is that passion which you do having fun, interesting and exciting. Having to work on something which is of your passion leads to the fulfillment of life and have better lifestyle.

If you are one of them, who is looking for how do I find my passion, the best recommendation that we can give you is to find and discover what you love. If you are still confused and not finding your passion, then you can follow below steps to find one.

How to find your passion:

1. Identify any trait of yours such as hobby or interest which you already love doing

2. Try to find out hours you love spend in reading about

3. Brainstorm yourself or along with like-minded people to find your passion

4. Read books based on failure stories more than successful stories

5. Go and ask others about their passion to get an idea, especially to your role models

6. Remember not to quit your current job without you putting yourself into a position where you can stand on your own legs

7. Try it first and give your best, before you change your carrier or before you shift to your online business idea

8. Conduct deep-dive and thorough research, before you conclude on something

9. Practice and Practice as much as possible to find your passion

10. Do remember not to quit while trying, keep on trying until you find your passion

Step-2: Define and Set Your Goals

Once you find out your passion you should ask for yourself, What are my personal goals? What i am going to accomplish once I start a lifestyle business of my interest? What do I want?

So, knowing what you want in your life and what kind of lifestyle that you want live is the best way to start your lifestyle business. Here are two factors that you should consider while defining your goals:

1. Freedom: The amount of freedom that you want to have in starting your lifestyle business. This covers all kinds of freedoms such as time freedom, location freedom and financial freedom, etc.

2. Money: The amount of money that you want to earn. Or in other words, the amount of revenue you want to generate from your lifestyle business that supports your lifestyle or living.

The other important factor between deciding on a which type of lifestyle business is that, is to set your goals. This is the place where the soul-searching is required to find out what are your personal goals? what are your company’s goals? what are your business goals?

Along with setting goals, what you want to accomplish is the key important factor in deciding the type of a lifestyle business that you are going to start. In starting any lifestyle business, the goals are the ones that matters a lot and play a major role in building the lifestyle business.

The lifestyle businesses are businesses that are started with a primary goal of helping and supporting an entrepreneur to maintain a comfortable lifestyle. The profits in lifestyle businesses may be less when compared to growth businesses. However, the quality of life is high and allows you to have a better work-life-balance, which in-turn allows you the ability to put on multiple other interests such as travelling, YouTuber and so on.

No matter which type of lifestyle business you start a growth-based lifestyle business or a stagnant lifestyle business, both gives you the option of emerging as an entrepreneur. It’s best to get advice from those who are already masters in these fields which will easily help you to make your decision.

Step-3: Focus on Finding and Solving Problems

Once you defined your goals, now you should start finding problems that people are searching over the Internet so that you can deliver solutions for the same. If you are offering solutions of your interest on a targeted niche, you will surely end up having more customers for your lifestyle business.

If you focus on your passion you will surely end up solving problems of your visitors. You can also do research on lifestyle businesses that targets your niche to improve upon. This will help you to solve the problems even better and offer good solutions.

For this, you must ask yourself how to identify problems worth solving? 

When is a problem worth being solved?

A problem worth being solved needs to fulfill the following criteria:

1. The problem must be relevant

The true relevant problems always appear where the customers have no solutions or only have inadequate solutions at their fingertips when they are carrying out their tasks repeatedly again and again or in a certain context, and where the customer is having high level of frustration or is suffering a lot.

Thus the problem can either be widespread or might be concerning many customers or it might be a niche problem for a small group of customers. Here whatever the situation could be, the ultimate solution to this problem must have a high and greater significant impact on the customer’s life or livelihood and solve their real problem and must provide significant benefits over the existing solutions.

2. The problem must be solvable

When you think of solving a problem you can solve a problem with an appropriate effort by using problem solving tools such as 8D analysis or A3 report. To solve any problem, the following requirements must be met that helps to start a lifestyle business with ease.

  • The appropriate entrepreneurial or personal performance of your lifestyle business
  • The necessary resources in the form of time, employees, technology, skills, etc.
  • Available innovation and technology
  • The social acceptance of a solution

3. The problem must be marketable

The solution that has been identified must be a profitable one for the lifestyle business that you start or to your customers and this all depends upon how much the customers are willing to pay for your solutions. The more effective is the solution, the more marketable is the solution. The customers only will market your solution and recommend to others too.

4. Identify problems worth solving during conversations

The best ways to identify a problem is to directly talk to the group of customers. This is the most effective approach to identify problems as you will be directly talking to your customers. This will not only help you to understand your customers problem but also helps to understand their needs and requirements so that you can offer them a better solution.

Once you found out the problem and gathered its insights with your conversation with customers, now its time to validate those insights by research and experiments that will help you effectively solve the problems with your lifestyle business.

5. Identify problems worth solving by observation

The best way to start with a lifestyle business is to identify the problem with your observation which you can make in your day to day life. This is the best approach in finding a problem and starting a lifestyle business with your solution and idea. You can also start a lifestyle business by observing the technical, economical or even social developments that are taking place in and around of your skills, hobbies and interests.

6. Identify problems worth solving by detecting deficient solutions

This approach can be adopted by focusing on a lot of potential lies in existing solutions which helps to address the problem inadequately. With this you can identify, how new solutions can be successful when addressing the shortcomings of existing solutions.

7. Create problems worth solving intentionally

This approach helps to create an artificial problem and offers the perfect solution right away. These artificially created problems mainly create the needs on an emotional or social level, which can be much stronger than needs on a purely functional level.

Step-4: Decide and Conclude the Type of Lifestyle Business You Would Like to Start

Now you have followed the above 3 Steps, it’s time to decide on which type of lifestyle business you are going to setup.

Try to make your lifestyle business as much as automated as possible. Think of long-term run. The research you have done in previous steps helps you a lot in finding your lifestyle business efficiently.

Step-5: Buy a Domain, Hosting, Install WordPress and Set it up

To make your lifestyle business online you need to buy a domain and hosting for your niche lifestyle business website to host online, so that it can be available for visitors and customers, 24x7x365 all the time.

You can go with hostinger as they provide one of the cheapest and best hostings for your lifestyle business. You can read more about them by clicking on the below links:

Make sure that the domain you buy targets your niche lifestyle business. Also buy a web hosting that offers all features as and required. If you ask us, the best one is the hostinger that offers amazing features at cheap pricing plans.

Once you are done, don’t forget to install the WordPress directly from the hostinger h-panel which will help you design, customize and create an awesome website for your lifestyle business niche. You can also find other free blogging platforms that help you build your website.

Step-6: Promote Your Website or Blog

To promote your website or blog get yourself on quora. Quora is one of the best ways that you can promote your website and target audience.

You can also read the below article that helps to promote your website in no time. This article will guide you completely step-by-step on how to promote your blog to gain more traffic to your website.

You can make use of all other social platforms like Facebook, Pinterest, Twitter, LinkedIn and so on to promote and drive traffic to your lifestyle business website.

Step-7: Localize Your Lifestyle Business

Once you have enough authority set up Google’s MyBusiness to gain more authority. Once you are on Google, your lifestyle business is going to earn money drastically as local visitors start discovering you and come for products or services of yours.

This will also help you to boost your lifestyle business and helps to gain more customers periodically.

Advantages and Disadvantages of Lifestyle Business

When you try to compare a lifestyle business with other types of businesses, you will find so many advantages and disadvantages. However, it is up to you that which type of business you would like to start. Here are few of the advantages of lifestyle business you must know before you start any lifestyle business.

Advantages of lifestyle business:

1. Financial Rewards: After you set up your lifestyle business you will end up with great financial rewards to support your living lifestyle

2. No Investors: No question of investors or return of earnings to investors as there are no investors

3. Personal Satisfaction: As setting up a lifestyle business involves your passion and interest; you will end up having personal satisfaction

4. Personal Growth: On course of building a lifestyle business you will end up learning new skills which ensures your personal growth

5. Work-life-balance: Apart from your regular corporate job you can have wok-lifebalance and live a life of your desired choice from a lifestyle business

6. No Personal Life Sacrifice: As you will be spending time on your lifestyle business as and when required you don’t have to sacrifice your personal life

7. Full Freedom on Time and Location: You have full control and freedom on your time and location as lifestyle business doesn’t specify any time to be spent as well as location you work

8. No Financiers: No question of financiers as you don’t need someone to finance your lifestyle business as it is built up on your passion and interest

9. You Are the Sole Owner: In lifestyle business you are the only owner as this is not a startup

10. You will Make Enough Money to Have Better Life: Once you have setup and invested your time and ideas on your lifestyle business you will start earning enough money to support your life that you wish to live for

Here are few of the disadvantages of lifestyle business:

Disadvantages of lifestyle business:

1. Financial Risk: As you start with your lifestyle business, if you don’t have enough cash to run and maintain you will end up in a situation where you think of quitting because of financial risks

2. Stress and Health Issues: As you will be spending time on your lifestyle business and once you keep on going, you start spending more time. If you won’t take care of yourself, then you will end up having stress and health issues

3. Time Commitment: Even though you can spend time as you want and when you want, sometimes it becomes difficult to manage time on your lifestyle business because of your corporate job and personal life

Conclusion

Hope this article has helped you to understand what is a lifestyle business and how to start a lifestyle business? We suggest you try to work on any of the examples of lifestyle business which we listed above as the lifestyle business examples. 

To understand more about what’s a lifestyle business, you can checkout our other articles. As you already know the lifestyle business definition, hope you can now start a lifestyle business by drawing your own lifestyle business plan and monetize your website.

  • Tell us about your lifestyle business in the comments below. 
  • Also let us know on which type of lifestyle business that you are currently working on.
  • If you have a story of your lifestyle business, please comment below.
  • According to you, what does a lifestyle business mean?

Please share this article to as many as possible so that people can learn about lifestyle business so that they can support their income to live a lifestyle of their choice.

 

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