A lifestyle business, especially if you are starting it from scratch, needs to strike the perfect balance between personal fulfilment and profit. But when the market is this diverse, there are a number of avenues you could pursue as you establish an organisation.
If you are looking to move away from a more hectic corporate environment, you may want to consider a new venture that encompasses a flexible working timetable in terms of schedule and location, and a happier more stress-free atmosphere. This is known as a lifestyle business and will offer you the chance to combine success and comfort in one place, but the question remains: what model is the best for you?
We’ve outlined the benefits of some of the different types of businesses – have a read and see if any of them strike a chord with you.
The watering hole
Britain is home to the pub – a home away from home for many across the country, and often used as the local meeting point for a friendly catch-up or place to socialise in general. Because it is a fundamental establishment in British society, establishing and running a pub is a lucrative investment.
Pubs build their reputation around hearty, well-prepared food, a solid range of beverages, and good entertainment. Above all, the space needs to offer a comfortable and happy environment that extends to both customers and staff members to encourage loyalty and frequent returns within the community.
A freehouse is likely to have a higher upfront cost than a tenanted pub due to the cost of purchasing both the property and the business. But because freehouses often use independent brewers or companies, the profits are higher – this is definitely something worth thinking about.
For the health nuts
Just look at the number of people around you these days focused on their appearance and their mental and physical wellbeing – the health and fitness industry is definitely on the rise with many opportunities for growth.
If you’re looking to make an entrance into this business with a gym, fitness or personal training opportunity, you must consider the support you will need to establish it. Professionals are a must, be it in management, in physical training, or medical health support as they will form the backbone of your business – after all, you want to attract customers with the invitation of superior skills and fully-qualified staff to cater to individual needs. Investing in proper and high-quality technology is also something to bear in mind.
There is a fascination with quick health fixes these days, so it is a good time to tap into this industry. However, as experience has shown, a long-term business model will generate the best profits and returns, especially if it is based on honest solutions, effective treatments and sustainable practices to promote good health.
We lead busy lifestyles these days, and while something as formal as a restaurant might be worth looking into, we believe the real money lies with smaller café-like establishments.
Much like a pub, a café invites a social aspect as well as the need for good food and drinks. The beauty of this, however, is the range and type of café you want to run. Depending on the location and surrounding demographic, cafes
can be a posh-nosh gathering spot for women on their girls’ day out, or a more niche and artsy coffeeshop for young professionals with artisanal tastes.
When setting up and running a café, it is vital that you survey the scene and thoroughly do your market research before proceeding – it can be a make-or-break situation if not.
All in all, your lifestyle business venture needs to support your personal life and fuel your creativity, whether it is simply because you are pursuing a passion or because you’re calling the shots as a leader. To promote that flexible lifestyle and the ability to inspire your entrepreneurial capabilities, a lifestyle business is definitely the way to go; all that is left is figuring out what niche industry suits you best.