The 3 Main Differences Between Lifestyle Businesses and Startups
A business is a business, right? Wrong! Businesses can take on many forms, but of late, the most popular are Startups and Lifestyle Businesses. This article delves into the three main differences between the two.
#1 – A Lifestyle business is an organization that is self-sustaining and can garner revenues from the jump. Startups on the other hand, do not offer immediate benefits and can be quite costly on the frontend.
#2 – Startups have a very high chance of failure and are riskier than Lifestyle Businesses. Startups require lots of attention, research, and development, and they need time to grow to provide the ROI desired.
#3 – Lifestyle businesses allow the founders/owners to live the lifestyle they want to live while running the company. And they allow the owner to call the shots. Whether they want to run a multi-million dollar company or just generate six-figures, it’s totally up to the ower.
There have been both successful Startups AND Lifestyle Businesses. The best thing to do before deciding whether you want to start a Lifestyle Business or Startup is to do your homework.
ABOUT THE AUTHOR: RICA ELYSEE
I recently left my career as a Development Executive for a national organization dedicated to educating African American men and their families about prostate cancer. I graduated from the University of Wisconsin-Milwaukee with a Bachelor’s Degree in Political Science and Women Studies. I’ve served as the Development guru implementing the unique strategy of listening to donors at the outset to develop Nurses Care for Haitian Children and the Prescott Area Women’s Shelter. I’m the Co-Founder and CEO of BeautyLynk, Owner of Boston Naturals and Editorial Director for Amour Creole Magazine. I’ve serviced clients such as the International Association for Human Values, Athletic Kids Association in San Diego, and Nurses Care for Haitian Children.