Would you describe yourself as an ambitious lifestyle business owner? That’s how John Lamerton describes himself in his book ‘Big ideas for small businesses’. I like the term. It describes most of our members.
However, I think it needs definition. Some people think a lifestyle business owner is not serious about their business. Wrong.
Lamerton defines a lifestyle business as one ‘designed to support the owner’s desired way of living.’ He points out that the focus is often on personal fulfilment and work-life balance over growth and maximising profits.
Why do people start a lifestyle business?
Many people start a business to give them more flexibility. This might be when they have children. But it can also be when they have other caring responsibilities. That might be supporting aging parents or looking after grandchildren or a sick partner for example.
Some people reach a point where the corporate ladder has lost its charm. Maybe their career has plateaued. Perhaps they’ve had enough of being overworked and underappreciated. It could be that a health scare or a death has re-enforced how short life can be.
Whatever the driver to start it will be the desire to live life on our own terms that will define how we run our own businesses.
Living life on our own terms.
Some lifestyle business owners describe themselves as digital nomads. They have designed their businesses so they can work from anywhere. They value travel and flexibility.
Others design their businesses around school hours and holidays so they can be their for their children. Again flexibility is key.
Some choose to limit their working hours or days to allow for other commitments. Those might be caring responsibilities or a desire to give back through volunteering or charity work.
Running a lifestyle business.
Lifestyle business owners may have fewer hours in which to make their money. This can encourage excellent business practices. Focus and a sound understanding of priorities are important. Being really clear about what we do and who we do it for and charging appropriately is vital. A lifestyle business owner can’t afford not to be ambitious about their business. It’s that desire and determination to succeed on our own terms that makes us ambitious and serious about our businesses.
So, would you describe yourself as an ambitious lifestyle business owner? If so, could you use support, inspiration and learning from others like you? We’d love to meet you, either online or in person. If time is tight our drop-in BizChat meetings every Monday lunchtime are just 45 minutes. You’re welcome to bring your lunch. Check out the details here.
