In this post I want to talk about something that may seem obvious to some, but maybe not everyone. Are you ready?
Your lifestyle business is actually a business and is not magic!
I mean the phrase — lifestyle business — even has the word business in it!
Since we know magic is not a key ingredient of getting starting I wanted to talk about a few business topics that are.
Hours of operation
Which Business Structure?
What type of corporate structure is your new lifestyle biz going to have? Is it going to be a sole proprietorship, limited liability company, corporation, partnership,etc.?
You will want to decide which way you are going to go before you begin. Each type of structure has its pros and cons. Take some time and learn about the different types of business structures by visiting the SBA.gov site and the Choose Your Business Structure page. If you are not sure which way to go then talk to a professional to help point you in the right direction.
When it comes to a business location, we are probably talking about two different places. I say that because chances are if you’re trying to start a lifestyle business one of the reasons is you want to be free to work from just about anywhere. If so, there is probably going to be one location where you actually do the work and another place that will serve as your business address. Again the SBA.gov website gives you some great information in regards to your options.
I do my work wherever I have my computer, tablet, and/or phone, but the business address is a box at a UPS store. At the UPS store, I can have a box number that they refer to as “Suites”. With this set-up, I have no problems with my bank and my credit card company. However, my business is entirely digital and does not affect my neighbors in any way. If I were working with physical goods I would look at the other options listed on this page right here –> Choose Your Business Location & Equipment.
Not only does the page above discuss location, but it also gives some tips on equipment. Since there are so many different types of lifestyle businesses, it is hard for me to know what type of equipment you will need. However, I think I am safe in saying you will need an internet connection and a piece of equipment that gets you online. I would also suggest that you look into getting a payment portal. This could be a good ol’ fashioned merchant account or something based in the digital world like Pay Pal, Square, or any other e-commerce software.
Hours of operation.
This is your lifestyle business. So the question becomes –> When will you be working? Your actual lifestyle business may have a large impact on this time and when it will be, but I suggest you think about when the work will be done. The reason being is again this is an actual business. That means you must have some idea as to when work will occur. I suggest being honest with yourself and look hard at if you will be able to set time aside( whenever you wish) to conduct business activities.
For myself, that time is usually early in the morning before 2 pm. Even though it is nice to pick a time I do have to make sure that the time I set aside is used wisely and work toward my business goals is being completed.
Just hitting the surface.
This list is by no means everything you need to run a successful lifestyle business. But….this list will get you thinking about the type of things you will need to decide before you begin and if your idea is worth the hassle. There are still business specific things to be decided like:
Who is the customer?
What type of product or service will I provide?
Business name and logo.
and a litany of other things.
But, I think you get the idea.
If you’re just getting started or have more to add to this discussion, just comment below. I would love to see what you’re thinking.