What Is A Lifestyle Entrepreneur?
Work is an integral part of life, but it doesn’t have to take up all your waking hours. The concept of a lifestyle entrepreneur is based on this notion.
This blog post explores the pros and cons of this work approach and how you can join the millions of people who have taken the leap of faith and gone out on their own.
Definition Of A Lifestyle Entrepreneur
A lifestyle entrepreneur is someone who sets out to change their lifestyle by starting a company. The decision isn’t just driven by money. In fact, many lifestyle entrepreneurs earn less money in their first few years than they did in their previous jobs.
A lifestyle entrepreneur is more concerned with the benefits to one’s well-being (rather than the monetary gains) of doing work they are passionate about. These are some of the perks of being a lifestyle entrepreneur:
- Independence
- Happiness
- Time
- Freedom
- Flexibility
The typical 9-to-5 job requires an employee to report to the same place of employment every day, whereas a lifestyle entrepreneur can work remotely from anywhere they choose. In addition, they often only require a computer and an internet connection to operate their business.
What Are The Benefits Of Being A Lifestyle Entrepreneur
Freedom
The freedom to work from any location, at any time, and in any manner is a major selling point for many aspiring lifestyle entrepreneurs.
A lifestyle entrepreneur may work around other responsibilities, such as family, to create a work schedule that works best for them and their lifestyle.
Salary Is Based On Performance
With lifestyle businesses, your income is directly linked to the work you put in. So, in the end, everything you do directly impacts how much money you make and how successful you are as an entrepreneur.
Control
When you become a lifestyle entrepreneur, your life and business are ultimately in your hands. Depending on your talents, interests, and abilities, you can decide what you want to do and how you want to do i. The more control you have over your work and life, the more satisfied you will be at work and home.
Excitement
For a lifestyle entrepreneur, every day brings opportunities to learn and develop new ways to better your company. That’s part of what makes it so thrilling!
The Disadvantages Of Being A Lifestyle Entrepreneur
Paperwork
A lifestyle entrepreneur is in charge of all the business decisions that need to be made. The paperwork that comes along with running a company falls on your shoulders as well, of course. For the first while, you’ll be swamped with paperwork (permits, taxes, invoices, etc.), but if your firm succeeds, you can recruit employees to help you with this.
Additional Responsibility
Everything hinges on you when you make the switch to lifestyle entrepreneurship. Your company’s success or failure is entirely in your hands. Therefore, some individuals are afraid to take the risk of starting a business because of the weight of responsibility that comes with it.
Indeterminate Working Hours
An inconsistent work schedule can be a downside to being a lifestyle entrepreneur. Initially, you may be required to work more hours than you would in a 9-5 job.
Inconsistent Pay
Getting rid of the stability of a monthly salary is one of the biggest drawbacks of going from an employee to an independent contractor. Many would-be lifestyle entrepreneurs are reluctant to leave their current jobs because of fluctuating incomes.
How To Become A Lifestyle Entrepreneur
Ask Yourself The Most Important Questions
It’s important to ask yourself the following questions before deciding on whether to become a lifestyle entrepreneur:
- What do I do well?
- What excites me?
- If I had unlimited funds, what would I do?
- What level of financial security do I require?
- What is the ideal workplace for me?
- Is working from home something I can handle?
Find A Workplace That’s Right For You
For some lifestyle entrepreneurs, working from home is ideal; however, others may find it isolating and unmotivating. Many coffee shops now offer free wifi to customers, and there are a number of co-working spaces that provide lifestyle entrepreneurs the professionalism of an office space at a lower cost.
There is no “right” workplace for lifestyle entrepreneurs; you just have to find the one that works best for you!
Make Use Of The Proper Instruments
There are two non-negotiables to being a lifestyle entrepreneur:
- A high-quality PC
- High-speed internet access
You don’t want to cut corners when it comes to purchasing these items.
Make sure you have the most reliable and quickest Internet connection possible. You don’t want outages or sluggish data transfers to disrupt your work.
Invest Your Time And Energy
Success as a lifestyle entrepreneur is not guaranteed, and you’ll need to put in a lot of time and effort to achieve your goals. But if you’re willing to do the work, you will likely see incredible rewards! That’s what makes becoming a lifestyle entrepreneur so attractive.
