What is a Lifestyle business and why I want one


The last thing I want is a business that totally consumes my life.  I want to create a business that I can enjoy and also enable me to lead a lifestyle I want.  As the cheesy saying goes, I want to ‘work to live’ and not ‘live to work’.

 

A common phrase used to describe this on the internet is a ‘Lifestyle business’.   Although many people people dislike this term, I actually like it and the best term I have found to describe what I want.

Risk Averse

I’m also a risk averse person.  So I am trying to do this all on the side and slowly build it up.  This means that if a particular business venture doesn’t work out then I can just move on to the next one.  So I am halal hustling in the evenings and weekends.

Some people feel as though the only way to start a business is to quit their day job.  That is not the case at all.  In todays Internet age you can try things out and totally cut down the risk.

Working more flexibly

Like most people, the only days I have off are in the weekend.  The worse thing about it is that everyone else is also free at the same time so the shops, restaurants, etc can be really busy.

What if you want a 3 day weekend once in a while?  What if you wanted a Thusday off instead of a Saturday?  What if you need to pick up the kids one day?

Also, who says you need 8 hours a day to complete your days work?  Imagine if you got your work done in an hour.  If you wanted to then you could take the rest of the day off.

Friday lunch times are the most important time of the week for Muslims as they go to the Mosque to do the weekly prayer.  Sometimes, your rushing to and from the Mosque just so you can get back to work on time.

A lifestyle business can give you that flexibility in your hours.  You have the power to work when you want.

Your Holidays/vacations are also not restricted by the allowance given by your company.  If you wanted to then you could take more time off.  I have encountered situations when I wanted to take more time off but didn’t have enough allowance left.

You do need to make sure that you stay disciplined as you won’t have a boss to make sure you do get your work done.

However, this flexibility in hours can totally change your life.

Work where you want

Summer in London is very limited.  So whenever we do get a Sunny day, everyone is out and about and the parks are packed.

My old office used to look out onto a park.  I would get envious of all the people out in the park whenever it war Sunny.  I wanted to know what all these people do for a living while I’m working in a office.

In todays internet age, we have the opportunity to setup a business that will allow us to work from anywhere.  All you need is an internet connection.  This can be a beach, hospital waiting room or halfway around the world

What I would love to do is go on extended holidays and spend days in between doing some work.

Financial implications

Financially, there is a ceiling to how much you can earn when working for company.  Most people are on a fixed salary and maybe some sort of minor bonus.  The amount of money you earn does not increase if the company performs really well.

So why not set up a business on the side which can bring in some extra income?  If it does really well then it can eventually become your main source of income.

We live in an amazing time which offers up a whole range of Internet business opportunities.  We can try out a whole bunch of things with very little risk.

’The 4 hour workweek’ also opened my eyes to my hourly rate.  Consider the following story taken from the book:

  • An employee works for 8 hours a day and gets paid a good salary.
  • Now the employee gets promoted and ends up working 12 hours a day because of extra responsibilities

This example shows you that money is not everything.  You need find how to increase the amount of money you make per hour.

Even better, think about making money in your sleep.

My Adventures on this blog

I will be blogging about my adventures in setting up my own lifestyle business.  I have started doing a few ventures and will tell you about them in coming entries.

Contact Me

One of my main reasons for starting this blog is to meet other people.  So if you have any thoughts, comments or would just like to say ‘hi’ then please connect with me on Twitter: @halalhustleguy