6 things to consider when building a lifestyle business

There’s no denying that motherhood can be quite hectic. But that doesn’t mean you have to give up on your dream of starting a business. In fact, the concept of “lifestyle businesses” that offer individuals the opportunity to live and work on their own terms has become more prevalent than ever.

While much of the conversation around lifestyle businesses imagines single entrepreneurs who can run their business from the beach or the pool, the flexibility these businesses offer can also make them a good choice for life-focused moms. entrepreneurship.

Things to Consider When Starting a Business

Of course, building your business around your current lifestyle requires some key considerations of its own.

1. Prioritize

One of the first things to consider when starting your business is how it will help you live the lifestyle you want. For example, as a mother, you are probably not so concerned about being able to visit a new country every month. Instead, you’re more likely to seek a flexible schedule that allows you more time with your family.

Whatever your specific goals are, you should start by writing them down and prioritizing the things that will help you live the life you want as a mother. This will help you review business ideas to determine if they are what you want.

2. Find your favorite niche

Most lifestyle businesses start with the individual assessing their own skills and then identifying relevant business niches for those skills. For mothers, it’s good practice to take note of the skills you’ve developed earlier in your career and those you’ve honed during your time as a mother.

For example, if you used to work in graphic design but have developed a passion for photography since leaving your old job, either option could be a valuable niche for your business. With a little creativity, you may even be able to combine the two. What’s important is finding something you love to sustain long-term enthusiasm for your business.

3. Understand your expenses

While most lifestyle businesses have much lower operating expenses than a full-scale startup, that doesn’t mean you won’t incur business costs.

As Shopify explains, “As an internet-focused business, many of your costs will include online service subscriptions, hosting, billing, etc. (e.g. Mailchimp, Shopify, WordPress, QuickBooks, Thinkific, etc.). […] For anything you can’t do yourself, you can hire outside help to help your business grow without taking up your time (eg, freelance designer, virtual personal assistant, marketing consultant).

You will also need to consider other operating costs, such as taxes and incorporation fees. Be aware of how these affect your bottom line and household finances.

4. Identify potential revenue streams

Although you may initially focus on a single source of income for your business, many of the most successful lifestyle businesses use multiple sources of income to ensure a steady stream of income. These may include selling physical products, subscription fees, advertising or affiliate marketing, etc.

For example, a fitness brand might offer a subscription to exclusive tips or exercise plans and sell workout apparel. The entrepreneur could also participate in paid promotional posts on social networks to promote other brands. Ideally, look for passive income streams that won’t have a dramatic increase in the total number of hours you have to work each week.

Dr Rachel Gainsbrugh, Founder and CEO of Short-Term Gems, says: “By investing in luxury short-term rental properties And generating additional income through my coaching program, digital course content, public appearances and in-person events, I’ve really been able to diversify my income streams. The result is that I’ve been able to earn a lot more while having a lot more freedom in how I spend my time – and these days I often choose to spend it with my family.

5. Know where to find your audience

You have identified your niche and developed a basic business plan with income streams and a working model to help you manage your work and motherhood. The next step is to determine the most effective way to reach your audience.

In the digital age, there is no shortage of options to reach your target audience. From paid ads on Google and Facebook search to content marketing and guest appearances on industry podcasts, there are countless ways to showcase your work. Consider the platforms your target audience actively uses and the type of message that will be most persuasive to them so that these efforts are truly effective.

6. Look for ways to automate

Automation is one of the most valuable ways to ensure you can grow your business to fit your lifestyle as a mom. Automation doesn’t necessarily mean giving up control of your work. On the contrary, it can help you streamline many of your more mundane and time-consuming tasks so you have more time to focus on your family and high-value work pursuits.

Workflow automation can solve several common problems for your business, such as connecting data between the different software you use, reducing errors during data entry, automating reports, helping searching for information and streamlining customer orders. Outsourcing some tasks to freelancers can also be an inexpensive solution that allows you to save time and get quality results on activities outside of your expertise.

Ready to build

With careful preparation, you can create a business that fits right into your mommy lifestyle. It doesn’t matter if your business is helping customers with social media marketing or selling products to other moms. By taking these essential considerations in advance, you can set yourself up for a successful business that allows you to maintain the lifestyle you want.