What is a lifestyle business?
A lifestyle business is a business intended to provide the owner a desired lifestyle. Being able to work on a particularly enjoyable area, or control your own schedule may be a much greater motivator in a lifestyle business than just the profit that can be attained. Many founders of lifestyle businesses create their businesses because they want to move away from a regular work environment, and see being their own boss as one approach to achieving this lifestyle.
Challenges of running a lifestyle business with others
The challenge of running a lifestyle business with others is that your goals of a relaxed environment, that prioritizes your personal goals at least in addition to, if not above, the firm’s overall success, may conflict with the goals of partners. For them, achieving financial success may be much more important, and things that distract from this may be a point of frustration in the business.
Ways a lifestyle business aligns with being a solo entrepreneur
Running a business as a solo entrepreneur does not face the pressures from others that can be a possible source of tensions in a lifestyle business. Given that conflict is likely a key thing you want to avoid in a lifestyle business, running a firm independently can allow you to make decisions that match your desired lifestyle, without the potential conflicts that can come from working with others.
Final thoughts: Be aware of your own limitations, and demands on your time
Of course, it is important to recognize your own limitations, especially when forming a business alone. Running things by yourself can be a great source of freedom, but if there are areas that you are not familiar with, you either need to be willing to upskill yourself, hire the help of others, or accept that there will be elements of your operations that are not as polished as they may otherwise be.