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

Related Terms

Definitions

  • IT asset lifecycle

    - The IT asset lifecycle is the stages that an organization’s information technology asset goes through during the time span of its ownership. An IT asset is any company-owned information, software o... (WhatIs.com)

  • cultural fit

    - Cultural fit, also known as culture fit, is a term referencing whether a job candidate is likely to conform and adapt to a company's culture, or the core values and collective behaviors that make u... (SearchCIO.com)

  • benefit corporation (B Corporation)

    - Benefit corporation (B corp) is a type of corporate structure recognized by some state governments in the United States. In addition to being profitable, a benefit corporation assumes the legal res... (SearchCIO.com)

Glossaries

  • Business terms

    - Terms related to business, including definitions about project management and words and phrases about human resources, finance and vertical industries.

  • Internet applications

    - This WhatIs.com glossary contains terms related to Internet applications, including definitions about Software as a Service (SaaS) delivery models and words and phrases about web sites, e-commerce ...

Ask a Question About lifestyle businessPowered by ITKnowledgeExchange.com

Get answers from your peers on your most technical challenges

Tech TalkComment

Share
Comments

    Results

    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.