What Is a Lifestyle Business and Why Seniors Love This Business Model?
Team Schuman is a big fan of the lifestyle business concept. Why?
Not everyone can afford to do a start-up business when they retire. The money is just not there nor is the energy. Doing a lifestyle business may be the answer to having a secure retirement time. it is worth checking out.
To learn more about this type of business opportunity, just continue to read our article. it has the information that gets you on the right track and makes sure you understand what is involved. Take a few minutes to see if this is an opportunity you can use to help make your retirement time better.
What is a lifestyle business?
It is not rocket science nor is it complicated to understand. A lifestyle business is an enterprise where you, the founder, use your hobby or some other interest and create a business out of that option.
The purpose of the lifestyle business is to make a certain amount of money each month and no more. There is no push to drive sales or earn as much as possible as quickly as possible.
Also, it is something that seniors can do when they get the time. This type of business is not something that takes up all your time and energy.
Why do seniors like a lifestyle business?
There are many benefits to this kind of business operation that appeals to seniors. Those are coming up, but one important factor is the appeal. You can use a hobby or some other interest to make money.
Here are some other benefits that make this business opportunity appealing and interesting to seniors:
#1. No need for large capital investment- you do not need to worry about obtaining or paying back loans. Plus, you do not need to worry about financial pressure. There is little to no money to be paid back.
#2. Your own schedule- you can work 9 to 5 if you want but that is not necessary for this business venture. You set your own schedule or work around other activities you like to do.
Then if you automate the business, you will have more time for yourself as you spend less time on your business.
#3. Less risk- with lower overhead costs, your chances of success are greater. Plus, you may be able to finance the venture yourself without taking a big hit to your life’s savings.
#4. It is a flexible business- you get to make it what you want it to be. If you are comfortable making only $1000 per month, then you can take the right steps to curb your income at that level. if you want more, you work harder to achieve that goal.
#5. Profits come quicker- with a start-up or investment in a traditional business, you may have to wait years to see any sort of pay-off. With a lifestyle business, it is possible to start seeing profits a lot quicker
#6. Location independent- this is something many seniors may enjoy the most. They are not locked down top any one location to do this business. They can still enjoy traveling, taking time to see the grandkids, and more. You can do a lifestyle business from just about anywhere.
Also, because you won’t have any commuting time on your hands, you can use that once lost time to work your business and be more efficient. That leaves you more time for living and spending it with your mate.
Things to know before you leap!
This all sounds good and seems to be a sure thing. However, like any business, there are things you should know and investigate before you get started.
#1. Taxes- you have to know the tax laws governing the revenue from this new business and you need to know your tax status as a senior. Talk to an accountant to see where you stand on this issue.
#2. Expenses- sometimes your hobby or interest will cost you more than the sales you bring in. You need to make sure to keep your costs low and that includes buying supplies as well as your time.
#3. Target audience- just because you enjoy a particular hobby or interest, does not mean everyone will or does. You need to know how large your target audience will be in order to calculate potential profit
How To Start a Lifestyle Business
There are steps to take in order to open up one of these business ventures:
#1. Make the right decisions- not only do you need to pick the right type of business you need to make sure the target audience is there to sustain it. Conventional wisdom says to pick a business a customer wants but you need to consider what you want and create a balance between the two.
#2. Decide on hours of operation- how many hours do you want to work? What type of work do you want to be doing? Do you want to automate or hire employees to help? And so on.
#3. Go with your strengths- do not open a business just because it is trending right now. Those trends disappear only to be replaced by a new one. Go with the business in areas you are strong in.
#4. Take your time- there is no need to rush into anything. Haste makes waste they say so be patient and take your time analyzing which hobby or interest would make a good business venture. There are lots of examples to choose from:
Amazon FBA enterprise
Invest in other people’s lifestyle businesses- this takes some money and cash reserves
Write- an e-book, create a course, or freelance your writing talent
Be a value added reseller
Summary: What Is a Lifestyle Business and Why Seniors Love This Business Model?
There are lots of business opportunities that can become a lifestyle business. This business option is worth looking into as any extra money during your retirement years can be applied in many different ways.
It just takes a little business sense to make sure you can make a go of it and have the business fit your lifestyle.