The Advantages and Challenges of Being a Lifestyle Entrepreneur
If you Google what the life of a lifestyle entrepreneur is really like, you’ll find lots of answers. The truth? Well, the truth, as always, depends on your unique situation.
As a lifestyle entrepreneur, YOU are in control of your work/life balance. It’s not your employer, manager, or anybody else for that matter. It’s you. You also set your own schedule and make your life around what you want to do, how, and where you want to do it. This sounds too good to be perfect, we agree, but that is why, naturally, everyone is attracted to this unique work style.
Well, it’s time to get realistic now and discuss lifestyle businesses in more detail. So, today, we intend to get into the advantages and disadvantages of this modern approach and answer what is a lifestyle entrepreneur, as well as strategies for those professionals wanting to jump into this lifestyle entrepreneurship. Now, let’s get to business!
What Is A Lifestyle Entrepreneur?
This lifestyle sounds too good to be perfect; we can all agree on that. But here’s what it’s about.
A lifestyle entrepreneur is someone who changes their lifestyle by starting a business based on their passion. Their driving force is not financial gain or the prospect of substantial earnings in their newfound profession. Contrarily, the ambition for these kinds of entrepreneurs is not a financial acquisition but rather the pursuit of autonomy and individual wellness. They want to be fulfilled and content. Doing something they love and making it their career is their main motivator. But here are some others that are as interesting:
- Independence and freedom
- More time for themselves
- Less anxiety
- Quality family and friends time
- Inner peace
People who run lifestyle businesses prefer not to be bound by the typical 9-to-5 job structure. So, they work from wherever they want. They also work when they want, whether that’s early morning or evening. As long as they have the essential tools to do their job, they’re good. That’s usually a stable internet connection and a laptop, so they’re quite flexible to work from any location their hearts desire that day.
What Are the 4 Main Advantages of Being a Lifestyle Entrepreneur
Life can improve significantly when you transition into a lifestyle entrepreneur, though it depends on your individual priorities and aspirations. Each person has unique preferences, and some entrepreneurs opt to work from the beach, prioritize personal interests, and allocate more time to family and friends. Below are some key advantages of lifestyle entrepreneurship.
Many lifestyle entrepreneurs prioritize freedom, considering it the primary benefit of this contemporary lifestyle. The ability to work from any location, at any time, and in any manner desired is immensely appealing. Who wouldn’t aspire to such autonomy?
However, with greater freedom also comes increased responsibility. Therefore, the lifestyle of a lifestyle entrepreneur comes with its challenges, but we’ll discuss those later. It’s important to understand that this lifestyle is especially fitting for individuals who reject the traditional 9-to-5 office routine and resist conforming to others’ expectations. They seek the autonomy to craft their own schedules according to their priorities and preferences.
More control over salary
In lifestyle businesses, your income correlates directly with your efforts. Thus, every action you take directly influences your earnings and entrepreneurial success. You’re not reliant on someone else to boost your paycheck; there are no negotiations regarding salary or the like. You have full control over your income. This entails exploring avenues to generate more revenue for your business, whether through acquiring additional clients or establishing new streams of income. The responsibility lies solely with you, and this autonomy is what makes lifestyle entrepreneurship so appealing!
You’re in charge
As a lifestyle entrepreneur, you have full control over both your life and business endeavors. This autonomy is both a blessing and a challenge, yet it’s widely regarded as the ultimate reward. You dictate your actions and approach based on your skills, passions, and capabilities. The greater command you wield over your professional and personal spheres, the higher your satisfaction levels at work and home. Consequently, the ability to steer your own course is esteemed as one of the most significant advantages of this lifestyle.
More excitement and fulfillment
For a lifestyle entrepreneur, each day presents opportunities for learning and refining strategies to enhance their company. This aspect contributes to the excitement of the journey! With the flexibility to experiment and generate income from various ventures, you have full autonomy over your financial endeavors. You can explore new skills or transition into entirely different industries at your discretion. Additionally, you retain the freedom to pivot and embark on fresh beginnings whenever you choose.
What Are the 4 Key Disadvantages of Being a Lifestyle Entrepreneur
Nothing is ever perfect. Although lifestyle entrepreneurs enjoy many positive aspects, there are also less exciting elements to consider. This holds true for everyone and everything, speaking candidly. There’s no job or lifestyle in this entire world that is perfect. Every job has its flaws. But at the end of the day, it’s up to you to pick your flaws.
So, let’s talk about the other side of the coin now. In other words, let’s see what the key disadvantages of being a lifestyle entrepreneur are so that you can understand if they’ll work for you or not.
Lots of paperwork
Unfortunately, not even a lifestyle entrepreneur can escape bureaucracy and endless paperwork related to their business. The paperwork that comes along with running a company falls on your shoulders as well, of course. During the first initial months of starting a new business, you’ll be swamped with paperwork (permits, taxes, invoices, etc.). That’s just how it is! However, if your firm starts off on the right foot and you succeed soon, you can recruit employees to help you with this. That’s when things start going your way again, and you can focus on how you want to spend your time.
Loneliness and isolation
Another significant drawback of this lifestyle is that things can get quite lonely for you. You often get dragged into working alone for hours and hours at a time without seeing anyone but your computer. This can be depressing for some people, especially if you don’t find ways to balance it out. Traditional work settings may have their flaws, but there’s a lot of human interaction going on in your everyday tasks. On the other hand, in lifestyle businesses, human contact needs to be sought out intentionally, and some business owners find this part extremely challenging.
While being your own boss comes with a newfound inner peace and happiness, things are not that simple. Running a lifestyle business can bring a lot of stress and burnout. Since everything relies on your decisions, it can be overwhelming. The pressure to succeed and keep ahead of the competition can really take a toll if you don’t manage it well.
Losing the stability of a steady paycheck is a notable downside when moving from employment to self-employment. Nobody can argue with it! That is why many wannabe lifestyle entrepreneurs hesitate to leave their current jobs. They’re either scared or insecure, which is entirely understandable. Venturing into self-employment means facing potential differences in job security compared to traditional employment.
So, Is Lifestyle Entrepreneurship Right for You?
Reflecting on the pros and cons, you may wonder if lifestyle entrepreneurship aligns with your aspirations. Before making a decision, consider these vital questions:
- What am I good at? (in terms of hobbies and jobs)
- What do I find exciting?
- If I had unlimited funds, what would I do?
- What level of financial security do I require?
- What fulfills me and makes me content?
- What is the ideal workplace for me?
- Is working from home something I can handle?
It’s crucial to grasp the positives and negatives of this lifestyle. Have you thought about the advantages and disadvantages mentioned earlier? They’re all part of the reality of being a lifestyle business owner.
Achieving success as a lifestyle entrepreneur isn’t guaranteed; it requires significant time and effort to reach your goals. Nevertheless, with dedication to putting in the necessary work, the rewards can be remarkable! This is what makes becoming a lifestyle entrepreneur so attractive and why it’s definitely worth pursuing.