Lifestyle Business Vs. Startup

Many people dream of combining their passion with a profitable career. However, only a few believe it’s truly possible. The secret lies in the type of business you choose to create. Instead of building a traditional startup, we take a deeper look into a lifestyle business ( also called remote business), which optimises your life for happiness. Here, we compare the two cultures using an examples from a startup called Mobile Jazz.

1. Benefits of a Lifestyle Business

Anyone who has built a lifestyle business will attest to its benefits, especially compared to a traditional startup.

Startups require significant financial investment and time. Imagine launching what seems like a brilliant idea, persuading investors, and then finding the business isn’t for you. You could feel trapped in a venture you no longer enjoy.

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In a startup, even as a CEO, your investors have the final say, focusing solely on maximising returns. A lifestyle business, however, keeps you in control. You can balance your time between making money and enjoying life.

2. Running a Lifestyle Business Doesn’t Mean You End up Poor

Maximising life quality doesn’t preclude earning a good living. A good lifestyle business could be highly profitable, even reaching multi-million pound revenues if that’s your goal. It’s all about priorities.

Startups often sell for substantial sums, but the journey involves significant sacrifices, including family, friends, health and lifestyle. If you’re the type of person who thinks, what’s the use of wealth if you don’t have time to enjoy it? Perhaps a lifestyle business is what you’re after.

Many profitable remote businesses generate healthy monthly revenues. Remote businesses can generate a substantial traction due to their dedication and reputation. It’s said that any business that invests in quality work and builds a strong reputation will attract customers. Make people happy, and the money will follow.

3. Focusing on Lifestyle Doesn’t Mean You’re Not Successful

Success comes in various forms. Selling your company for millions is one way, but smaller remote businesses celebrate continuous, smaller successes. For example, partnering with companies like Google, Airbus, and HP on startup projects, and enjoying the flexibility to take breaks for activities like skiing together. For them, this is success.

They don’t aim for media headlines about selling their company. Their priority is a happy work life balance. Who doesn’t like being able to take retreats with others in exotic locations like Thailand, Bali, and South Africa.

4. You Don’t Have to Think About Scale

Building a startup focuses on rapid scaling, often leading to stress and health issues for the CEO. In a lifestyle business, the goal is to ensure profitability for you and your team. Any surplus can be invested in fun activities or used to reduce work hours, focusing on quality time instead of scaling.

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5. You Don’t Have to Deal With Bureaucracy

Startups, though initially small, often become burdened with unnecessary meetings and bureaucracy. The creative, innovative days fade. In the example of Mobile Jazz, they chose to remain a small, to keep alive the culture of innovation and fun ideas. Many startups sell this idea of a fun loving travelling team, only a few pull it off. In the end bureaucracy creeps in. Startup culture turns into strict P&L figures, budgets are cut and optimised for growth. Team passion start to fade along with funds. In short, with fast growth comes fast death.

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6. You’ve Got The Freedom to Change Your Mind at Any Time

With a lifestyle business, you’re in control. For example, after four years of consulting, your lifestyle business can decide to bootstrap an internal tool, as a revenue-generating asset. This bold move wouldn’t be possible in a startup with rigid goals and expectations.

Optimising for Happiness (O4H) can allow lifestyle businesses this flexibility. A traditional startup wouldn’t have approved such a change.

7. It’s All About the People

Startups can be fun initially, but the intense focus on business objectives can be draining. Being a remote business is all about people. They have the flexibility to work remotely and pursue personal interests. They pay top industry salaries and share profits through incentives and activities.

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They see each other as friends, enjoying time together outside work. The happier and more engaged you are, the better for everyone. Life is about experiences and the people you share them with. Work is a significant part of life, so make the most of it.

To learn more about starting a lifestyle or remote business and enhancing your company culture, check out our monthly emails: Optimising for Happiness.