Prospects of working in a big company from 9 to 5 and advancing through the ranks over long years of faithful service just don’t appeal to everybody. An alternative to this type of job is starting up your own business. However, startups have their disadvantages which are too much to handle for some people. As an alternative to startups, there are lifestyle businesses. But what makes lifestyle employment so popular among young people nowadays? Is the “startup era” drawing to an end?
Virtually endless possibilities
Starting as the only employee, you are allowed to do whatever you want in a lifestyle business, provided that it puts food on the table. The difference between this and self-employment is that the former won’t necessarily make you rich, but it gives you freedom to pursue your lifestyle. The work you choose to do can be virtually anything, from selling eBooks on breeding Sphinx cats to giving hunting lessons. Whatever your talent or interest can be, you can use it for making profit.
Different definition of success
When you are starting a new company, you are putting a lot to stake, with small chances of striking gold. You are hoping for a generous return, either by a sale or generous initial public offering. However, startups are risky endeavors. For every one that you read about in Forbes, there are hundreds that fail so miserably that they are forgotten almost instantly. Such is the level of commitment and pressure one needs to take when building a name from the very foundations, that many entrepreneurs try it only once in their lifetime.
On the other hand, a lifestyle business doesn’t need a substantial bank loan or convincing investors for a considerable sum, which you have to pay them back by working long hours and sleepless nights. While a funded startup has the main function of becoming big and providing return to investors, a lifestyle business has only one function – to improve the life quality of its owner.
Size doesn’t matter
Nowhere does it say that a lifestyle business needs to be small. Just like a startup, it can develop and grow, both in employees and revenue. However, the main difference between those two is that with a startup, it is the only way to stay above surface, and with a lifestyle business it is solely related to the owner’s preferences.
The other side
Still no one should remain deluded that lifestyle jobs are only beaches and fun. If we analyze it more deeply, the majority of lifestyle businesses don’t guarantee their owners the freedom of a celebrated author or a public speaker. Retails, landscaping and restaurants, for example are all lifestyle jobs where owners need to commit dearly if they want to see returning customers. On this level the difference between funded startups and lifestyle businesses is blurred. In the same way, a funded startup can grow rapidly and provide owners with good lifestyles, but that doesn’t make it a lifestyle business.
With the flexible work hours and the choice of location, lifestyle businesses have their own set of benefits. But some entrepreneurs simply more value good, old hard work and sweat that increase the prospects of a rich harvest. The truth is that startups desperately need new management strategies to answer the new market requirements. Because the game is on and hustle never ends.