Who owns the lifestyle brand?
Lifestyle Companies vs. Startup: What They Don’t Tell You
It’s easy to see why many people confuse startups and lifestyle companies. Both are new ventures that will require you to invest time and effort.
But while startups focus more on rapid growth, lifestyle companies take a different approach.
One of the simplest descriptions of a lifestyle business is that it’s a business you start to enable you to live the life you want make a Wish.
By this definition, my freelance business is a lifestyle business. I make money from writing (which I enjoy), and it gives me the flexibility to live where I want and work on my schedule. I can travel without worrying about time off and engage in activities that I find meaningful. I also have the freedom and flexibility to be there for my son.
Lifestyle business vs. self-employment
Others argue that there is not much difference between running a lifestyle business and being self-employed. After all, many lifestyle businesses work from home, with no employees other than themselves, and you have full control over the time you devote to the work at hand.
There are similarities, sure, but being self-employed is still just a job because you stick to specific hours. For example, you start a business that you open early in the morning every day and close every evening. A lifestyle store does not have these fixed opening hours. You can run your business anytime as it doesn’t interfere with your way of life.
Scalable companies not only have the potential to outgrow their founders,
their fundamental premise is to do so. They have the ability to replicate and expand without being constrained by the limitations of a single individual. A scalable company is structured for this.
The one key component that separates lifestyle from scalable businesses is process. In order to transcend the individual, an organization must have practices and procedures that allow actions to be repeated without constant direct supervision. This does not eliminate the need for leadership, but allows for management, that is, the efficient allocation of resources (including people) to achieve set goals.
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A lifestyle business is typically founded and operated by its founder for the purpose of maintaining a certain level of income and no more. Lifestyle businesses, often started by an individual, create a foundation for enjoying a particular lifestyle and bring in just enough revenue to meet the owner’s personal needs.