Lifestyle Business Definition [2022] | What Is A Lifestyle Business?

We all know how amazing that it could be if you can be your own boss and run your business.

We all might have dreamed about being an entrepreneur no matter what business you are going to start. Just having a business is not enough. You must also look for how to boost your business.

The entrepreneurial journey becomes more worth living when you run your own lifestyle business to make money to live a better lifestyle. You can do so by our 63+ lifestyle business ideas which will not only help you find the best lifestyle business but also tells you the earning potential through in-depth guide.

Starting a blog is the best lifestyle business that today anyone can start itself to live a better lifestyle and make passive income to support yourself and to become an entrepreneur. There is no doubt that the blogging has lots of earning potential till today and in future too.

Lifestyle business not only makes your life amazing but also makes it easier for you to grow your business online.

Lifestyle Business Definition [2022]

The lifestyle business definition can be any business when you know it is of your interest or hobby. The lifestyle business is the one that an individual will start his business of interest of his choice and makes money from it to live a better lifestyle and have better work-balance with or without leaving his corporate job.

A lifestyle business is a business set up of your choice which is run by you as a founder with a goal of sustaining a particular level of income or just make passive income in order to live a better lifestyle business.

To put it in simple words, a lifestyle business is any business of your choice that supports and enables the lifestyle you want to live and have better work-life-balance in order to make an income that supports to run your lifestyle business.

What is a Lifestyle Business?

The ultimate goal of a lifestyle business is to live a better-quality lifestyle every day and meet your dreams and goals. This means, in lifestyle business plan you will ensure to sustain and support your revenue in order to make enough money to live a desired style of lifestyle.

The one who start the lifestyle business are called as lifestyle entrepreneurs. The lifestyle entrepreneurs usually start the lifestyle businesses because they want to boost their quality of life which they are leading to live a particular lifestyle. Now a days, many people are shifting towards a lifestyle business rather than start-ups as it allows them to live a lifestyle of their choice with hardly any investments.

Thus, “A lifestyle business is a business set up which is setup and run by its founders with the goal of starting a sustainable particular level of income just to put themselves in a situation of better qualitative lifestyle living.”

Many of the lifestyle businesses are being run by individuals rather than a group of people.

To start a lifestyle business many of the individuals who wants to be entrepreneurs, either run the business on their own or hire few of the freelancers who helps to manage their businesses based on hourly pays or project completion pays.

The lifestyle businesses are considered to be best because you will be your own boss and you have all the freedom in the world to run and manage your lifestyle business as lifestyle entrepreneurs. The lifestyle businesses are flexible and allows you to work from anywhere in the world.

To run a lifestyle business, you do not have to sit in an office or build a company of your own. You can run your lifestyle business from anywhere of your choice.

To run and kickstart your lifestyle business all you need is a laptop and an internet connectivity. You can start your lifestyle business from here by choosing your best lifestyle business ideas. Among these lifestyle business ideas, the Blogging and Affiliate Marketing are the most popular ones.

To give you best example of lifestyle business you can think of small enterprise businesses which are more than happy to run their business without bothering on any growth or raising money. Such businesses could be called as lifestyle business examples.

The lifestyle businesses are usually run by any individual, sole entrepreneurs, small groups or husband and wife.

However, when you compare the same to businesses (such as car manufacturing industries) which require a growth, investment, capital and so on are difficult to launch and sustain on a lifestyle business making them as non-lifestyle businesses.

A point to be noted that the lifestyle businesses are typically having limited scalability and potential of growth. But if you know how to run a lifestyle business, it’s not limited just here. You can take the business as you wish, as the current internet market provides the opportunity to expand your lifestyle business.

5 Best Examples of Lifestyle Business

There are plenty of lifestyle business examples. A lifestyle business is often considered to be a hobby or interest which you will convert it into your source of income for a sustainable period of time to live a desired lifestyle of your choice.

The best example of lifestyle business includes, affiliate marketing, blogging, cooking, training, online coaching, photography, video making, film making, and so on.

Example of lifestyle business:

1.    Blogging

2.   Affiliate Marketing

3.   Coaching

4.   Start a YouTube Channel

5.   Photography

Lifestyle Business Definition and Lifestyle Business Examples

1. Blogging

Blogging is one of the most preferred and most implemented lifestyle business ideas. Blogging has become the way to earn passive income to live a lifestyle of their choice.

Blogging is by far the best example of lifestyle business that anyone can start and make money to have a better work-life-balance. Through blogging, you can earn money in 4 to 6 digits every month.

You can start your money making blog from scratch without having coding skills. At VDiversify, we always share all the content related to blogging, which you can follow and read along to get started.

2. Affiliate Marketing

The next most preferred example of lifestyle business is the affiliate marketing which is followed by every blogger over the internet. Affiliate Marketing is considered to be the easiest ways to make money online if you have a great content to put in the form of a video or a blog post.

You can join various affiliate marketing programs online and make money online. Few of them are great and offers 50% to 100% commissions for the sales which you have completed.

3. Coaching

Coaching is also one of the best examples of a lifestyle business that many all around the world start to live a lifestyle of their choice that offers better balanced lifestyle.

You can start coaching right from your home by setting up a coaching centre or you can start online coaching classes or online courses and earn from it. Coaching has lots of scope to make money.

4. Start A YouTube Channel

If you love making videos then you can start a youtube channel which you can convert it as your lifestyle business idea. Now a days, youtube has become the best lifestyle business of almost all youngsters over the world.

Youtube not only allows you to create videos but also allows you to make money on youtube. All you have to do is just sign up for google adsense, link your youtube channel, meet the threshold limits of youtube monetization and start earning money.

5. Photography

If you are one of those who loves to take pictures and capture great amazing moments, then you can start a photography as a lifestyle business. Being a photographer not only allows you to earn money online but also offline too.

You can start posting your photos on photo stock websites where in you can sell your images online as per your price that you offer. Or else you can start a photography blog and start selling your images on your own or run affiliate programs along with google adsense to make money.

Lifestyle Firms Examples

A lifestyle firm is a lifestyle business that allows its founder or founders the opportunity to pursue their dreams and live a lifestyle by earning enough money which is worth living.

Most of the lifestyle firms promotes hobbies or any sport which will bring in enough money to live a great lifestyle. The examples of lifestyle firms include Golf Clubs, Tennis Pros, Ski Instructor, Wine Shops, Bars & Restaurants, Tour Guides and so on.

What Is A Digital Lifestyle Business?

Similar to the lifestyle businesses, the digital lifestyle business is that business which you start digitally online which allows you to earn enough money to live a particular preferred lifestyle of your choice. The digital lifestyle business has lots of potential to make money from 4 to 6 figures.

A digital business is the creation of any new business designs by blurring the digital and physical words online. The digital business promises guide in an unprecedented convergence of businesses, things and people that disrupts any existing business models. These can include the businesses from internet or even from e-commerce businesses.

Digital business is a digital transformation which is the adoption of a digital technology to transform businesses or services there by replacing non-digital or manual processes with high digital processes or with new latest digital technologies.

Digital lifestyle businesses are those which gives better results over just starting a common lifestyle business. Luckily, there are plenty of digital lifestyle businesses that anyone can start in no time. Few of the digital lifestyle businesses include,

Examples of digital business ideas:

1.    Affiliate Marketing

2.   Amazon FBA

3.   Cryptocurrency

4.   Freelancing

5.   Stock Investing

6.   Instagram Marketing

7.   Online Video Streaming

8.   Question and Answers Hub

9.   Online Music Streaming

10.    E-Mail Marketing

Thus, a digital lifestyle business is that business where-in you will be creating a personal livelihood in the form of a digital business around one’s particular preferred lifestyle. A digital lifestyle could be digital and modern in all aspects.

Lifestyle Business Advantages and Disadvantages

Starting a lifestyle business have many advantages that could entirely change your lifestyle and which will in-turn help you to have a great work-life-balance along with your regular corporate job. You must make the best of it when you have started a lifestyle business. Who knows, in future you may turn that into your one of the companies which could change many lives.

Here are few of the advantages of lifestyle business:

1.    Great Financial Rewards

2.   No Investors

3.   Personal Satisfaction

4.   Personal Growth

5.   Work-life Balance

6.   No Personal Life Sacrifice

7.   Full Freedom on Time and Location

8.   No Financiers

9.   You Are the Sole Owner

10.    You will Make Enough Money to Have Better Life

As the advantages, there are also few of the disadvantages of starting a lifestyle business which could be not so good for you when you don’t have a passion and interest on your lifestyle business.

Here are few of the disadvantages of lifestyle business:

1.    Financial Risk

2.   Stress and Health Issues

3.   Time Commitment

Lifestyle Meaning

A lifestyle meaning very simple. A lifestyle is the one’s hobbies, interests, ideas, behaviors, opinions, and behavioral orientations of an individual, group, or a culture. The broader sense of lifestyle is stated to be as a “way or style of living” has been documented since 1961. Lifestyle is a combination of determining intangible or tangible factors to live a better living.

Lifestyle Business vs Growth Business

When you think about a lifestyle business vs growth business, the growth businesses always tend to attract investors far more easily than that of lifestyle businesses, although which is not as hard as one can think. The lifestyle businesses typically increase their capital with debt financing, rather than supporting growth through outside investments.

Here are few of the difference between a lifestyle business and a growth business:

·      Lifestyle businesses look to lifestyle business profitability for personal passive income or for an individual, keeping in mind growth goals or a particular level of income, while growth business put all the emphasis on growth focusing on profits

·      Lifestyle businesses are against or little to raising outside money while growth businesses always try to focus on to raise money

·      Lifestyle businesses are more comfortable with the status quo while growth businesses are constantly looking to shake things up and reinvent their business to grow faster

Conclusion

A lifestyle business means running your own business of your choice which is of your interest or hobby in order to earn and sustain a particular level of income and to have a better work-life-balance.

The lifestyle business definition is easy to understand when you recognize your own hobby or interest which can be turned into a lifestyle business. Lifestyle businesses are great ways to make passive income. The lifestyle business ideas allow you the chance of expanding your lifestyle business.

Lifestyle businesses allows you the chance of being your own boss, where-in you not only make money but also allows you to work as and when you require and wherever required.