As a professional in today’s market, everyone has to be thinking about what tomorrow brings for them and fits into their preferred lifestyle. We have been on a serious roller coaster over the past three years and with that we as workers have experienced layoffs, credit crises, foreclosures and the impending increases in taxes and inflation that seems to be written on the wall everywhere you turn. More and more people are choosing to work in a position that they enjoy and deciding to make career decisions based on lifestyle choices. The job market is still very slow and looks to continue that way for some time. People are in many cases looking at franchises or business opportunities to show them how to manage the treacherous waters of being a first time entrepreneur.
It seems that now, more than ever, the phrase “lifestyle business” is used to describe a business opportunity to advertise it’s fun, enjoyable and exciting daily activities. To most of us this hysterical proposition that work and business can actually be fun sounds about as realistic as a flying elephant. My question is, what businesses can truly fit the profile of a lifestyle business? How can something be both profitable and fun?
For one, the business model should be a lower investment concept to be considered a lifestyle business. After all, big overhead and high costs of operating do not help induce happiness and stress free work. In a market where capital is basically limited to the money you see in your bank account, a low cost business model is essential to enjoying your new business start up. Seasonal businesses that do not require a fixed location and annual overhead costs can provide a legitimate option for this.
When times are tight, so are wallets. It is important to choose a business model that fits all budgets and economic situations. Great businesses will be viable during recessions and during booms. Something like flowers makes sense in that if Mom wants flowers for Easter, Mom will probably get flowers for Easter.
Starting a new business is many times the most freeing and empowering thing that someone can do. Exploring franchises and business opportunities is always a recommendation for people who have never run their own business before. Look carefully at the industries, available capital and your capacity to manage employees and the complexities of the operation. All of these things will have an impact on your success or failure in the new business venture.