The Revival of the Lifestyle Business By James Caan

Access Years of Entrepreneurial Experience

Connect with James

There is a common misconception about entrepreneurship that I’d like to dispel immediately. People look at entrepreneurs and assume that money must be raised, and sophisticated business plans must be enacted to achieve that title or status. The reality is that this is not always the case, and lifestyle businesses are proving this point every day.

, while also providing quality of life. Professionals can start these businesses with a variety of skill sets, including consultants, content marketers, e-commerce proprietors, graphic designers, bloggers, and more.

Now is the time for innovative professionals to embark on the journey of entrepreneurship and benefit from the revival of the lifestyle business.

We’re Not Talking About a Startup

Lifestyle businesses and start-ups are two completely different entities. Startups traditionally seek rapid growth fueled by regular waves of funding or venture capital. This is not the objective of a lifestyle business, as funding is sourced from the owner.

One of the reasons I expect a resurgence in lifestyle businesses is that funding is not a core requirement. Removing the need for outside financing when economies struggle due to the ongoing pandemic makes it easier to get to work right away without relying on others.

The personalized source of funding also alters the dynamic of responsibilities. Owners only answer to themselves, allowing for flexibility in lifestyle choices. While there is more freedom in terms of personal life and lack of obligation to investors, hard work is unavoidable. Success still relies on productivity and dedication.

Now is the Time to Get Started

As I explored in my previous blog post, professionals must look toward ways to reinvent themselves during these unprecedented times. Traditional full-time employment is becoming less obtainable and more unstable.

My advice is to look to the marketplace for existing needs that you can fulfill. As soon as you see a need that you can address more effectively, or at a more competitive price, get to work immediately.  Many professionals struggle with getting started because they believe that they need to dream up an entirely new product or service and then influence potential clients’ habits. If a need already exists, and money is being spent to address it, you have a starting point.

Follow Your Passion

When you’re passionate about your work, the process becomes much more natural, and the result is more rewarding. This is why starting a lifestyle business from a place of passion is a sustainable and robust approach. As companies let employees go and begin to shift operations to account for this “new normal,” business needs will change. Ambitious professionals will be able to find ways to bring their passion to their clients’ work and fill the gaps that are opening due to the changing business landscape.

The lane is opening for professionals to take this approach to start a lifestyle business. While the unprecedented situation we all are in can be overwhelming and stressful, this uncharted territory can open the door to new opportunities for those that look in the right direction. Lifestyle businesses are reemerging for a reason, and if this career path resonates with you, you should explore it further.

Follow me on Linkedin to get my latest thoughts and download my book for free to learn more.


Access Years of Entrepreneurial Experience

Connect with James