Definition

lifestyle business

Part of the Business terms glossary:

A lifestyle business is one that is geared toward supporting the owner’s income and personal requirements rather than maximizing revenue. 

The goal of a lifestyle business is to create a sustainable and pleasant work/life balance. The business should be lucrative enough to allow the lifestyle the owner desires without having to sacrifice a personal life. The type of business may also be selected on the basis of personal interest, so that time spent working is enjoyable.

The lifestyle business concept is sometimes contrasted with that of the startup, which is intended to grow rapidly and create significant profit. On that basis, a startup may attract venture backing. Because it is not intended to generate significant growth or revenue, owners of lifestyle businesses usually have to provide all the funding themselves. 

Lifestyle businesses are often considered an alternative to retirement.

This was last updated in July 2013
Contributor(s): Ivy Wigmore
Posted by: Margaret Rouse

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