You’ll probably think the image above is from a stock photography site. Normally I’d think so too. But in this case I actually know better. I shot it myself just a month ago, while working remotely from a sailing boat crossing the South Pacific in Micronesia. Sounds impossible, right? We somehow managed to do it anyway.
Many people dream of doing what they enjoy every day, and making a good living from it. But only a small percentage believe this is actually possible. After all, how can you have fun and work profitably at the same time, right?
The secret lies in the type of business you create. Instead of launching a startup and growing a major corporation, a lifestyle business will give you the opportunity to optimize your life for happiness.
Benefits of a Lifestyle Business
Anyone who has successfully built a lifestyle business will vouch for the benefits of this approach, especially when compared to launching and building a startup.
Everybody knows that startups require a lot of money and an intense time investment to succeed. But having had what seems like an excellent business idea, and persuading investors to put money into a new startup, you can imagine how depressing it would be to find that the business isn’t for you. You could find yourself trapped and virtually held prisoner of your own business idea if it turns out that you don’t like it as much as you thought you would.
The reality is that in a startup you are not the boss. Even if you’re the CEO, COO, or managing director, your investors will always have the last word and their sole interest will be in maximizing their returns. In a lifestyle business, on the other hand, you remain in full control. You can regulate exactly how much time you want to focus on making money and how much you want to focus on enjoying life.
Running a Lifestyle Business Doesn’t Mean You End up Poor
Maximizing the quality of your life doesn’t mean that you cannot earn a very good living. A good lifestyle business could even be turned into a multi-million dollar company, if that’s what you want. Running a lifestyle business certainly doesn’t mean you’re going to end up being poor; it’s all about priorities.
It is a misconception that the only way to make money is to launch and then grow a startup with the aim of selling it later. While many startups do get sold for huge one-time payments, there are many sacrifices that have to be made to get there – not least of which is usually lifestyle. And what’s the point of having lots of money if you don’t have the time to enjoy it?
Truth is that many profitable businesses, from large companies to small enterprises, are able to generate a very healthy monthly revenue. Our own web and mobile app development company, Mobile Jazz generates a large volume of business with high margins. We believe this is because of the quality of work we put into the business and the reputation we have built up over time. We also have no doubt that any person or business that puts a lot of work into what they are doing and builds up an excellent reputation, is going to end up drawing business to them. Make people happy and the money will follow.
Focusing on Lifestyle Doesn’t Mean You’re Not Successful
Success comes in many different ways. Selling your company for $50 million is just one sign of success, and a week later everyone has forgotten about that news headline anyway!
At Mobile Jazz we focus on small, but continuous success stories. We’re involved with many startup projects, and almost every month we announce a successful, new project with leading partners like Google, Airbus and HP. But the fact that we have built – and continue building – a lifestyle business means we can take a week off now and then and go skiing together. This, for us, is success.
We don’t aim to appear in the news or on social media for selling our company. Our priorities lie with our lifestyle, and we’ve attracted quite a lot of attention both on- and off-line for the multiple retreats we offer every year for our employees in exotic places like Thailand, Bali and South Africa.
You Don’t Have to Think About Scale
When you build a startup, all that matters to you as CEO is scaling up the business as quickly as possible so you reach market dominance as soon as possible. This is also what’s important to investors. A successful CEO will achieve this goal, but reaching it is stressful for most entrepreneurs and typically leaves an emotional and physical trail on their personal health.
By comparison, when you build a lifestyle business, your only goal will be to ensure the business is profitable enough to sustain the salaries of yourself and your team. Any surplus money can be invested in fun things with your team of internal projects. Alternatively, if you prefer, you can decide to simply work less and enjoy your free time with family or friends, or focus on hobbies. So instead of thinking about scale, you focus on quality time doing the things you really want to do.
You Don’t Have to Deal With Bureaucracy
A startup is, by its very nature, small when it starts. But eventually most people who launch startups find that they reach the point where their schedule is packed with meetings. Sadly most of these are either unnecessary or unpleasant, often both. They find that the early pre-launch days of creativity and innovation have gone.
At Mobile Jazz we made a deliberate decision to remain a small, but highly skilled team that doesn’t need a hierarchy and so cannot develop into a bureaucracy. Our lifestyle-oriented approach gives us the freedom to constantly innovate, to develop new, fun ideas, and even to reinvent ourselves every now and then.
You’ve Got The Freedom to Change Your Mind at Any Time
The simple fact that you’re in control of your lifestyle business, and not your investors, you have the freedom to do whatever you choose to do.
For example, after four years of pure consulting at Mobile Jazz, we decided to bootstrap Bugfender, one of our internal tools, as a product-generating asset that would bring in additional revenue for the company.
Optimizing For Happiness is an initiative, more like an experiment. So by using the O4H philosophy within Mobile Jazz we were able to make this bold move. If we had been working within the confines of a startup business that had clear goals and expectations, this kind of move would never have been approved.
It’s All About the People
While startups are initially fun for most people, especially when there are three founders who are forced to spend day and night in a small room together, surviving on pizza (which might be fun but isn’t healthy), these days don’t last forever. To make any startup succeed, you need to be totally focused on your business objectives towards the goal of making money and ultimately returning it to your investors.
Mobile Jazz, on the other hand, is all about the people. Everyone can work remotely from wherever they want and you choose how much you want to work. Maybe you want to study philosophy part time? That’s cool with us. Also we want to treat our employees fairly. We do not only pay top industry salaries, but we also share the company’s profits through our bonus program.
Even though we’re colleagues, we see each other as friends, and we spend a lot of time out of work together. This may be at BBQs, going on kitesurfing or skiing holidays, or just getting together when our children play together.
At the end of the day it’s not just up to you, but rather up to all your employees to make your lifestyle business a success. The happier and more engaged they are, the better for everyone.
Remember, life is all about experiences and the people you share them with. And work is a big part of everyone’s life. So don’t take it lightly and make sure you get the most out of it.
If you want to learn more about how to start a lifestyle business, grow your company culture and make your business more successful, visit Optimizing for Happiness.
This article was originally posted on Optimizing for Happiness.
Looks super inspiring!
Inspiring post. It's easy to lose sight of what we are trying to do at the end of the day.
This give me clarity to start a business.
Exactly the stuff I need to read to remind myself of what is really importan. Thanks!
In the end, it's all about happiness. Thanks for sharing!
Totally agree. Moreover the effort should be in the direction where you feel alive, whether it be starting a startup or prioritizing the lifestyle
This is the path I want to follow for myself. For quite a while I was thinking about building a big startup, but that is not what I truly desire. I am inspired by this post!
Thanks for sharing. I prefer this lifestyle over startup pressure cooker.
Yes, it really depends on your passion. I love design so I started a design subscription agency https://www.pentaclay.com
There are people who love to build AI products. So depends on your passion and priority.
I really love how the lifestyle business works and it’s ever growing benefits
Getting like minded people together is important to achieve this. Thanks for sharing your views.
Thanks for your article. really inspiring for who makes business
I was convincing myself that I needed to build a startup and scale it rapidly but after reading your story I'm more convinced that starting a lifestyle business will suit me better. Do you also have an article showing how you started Mobile Jazz?
Thanks for this article. This is a great boost.
Great Read!!
This article is awesome. I have the same philosophy with my startup and I think that this is the real recipe for happiness. Thanks for the sharing :)
Great to hear about people doing this - what's your startup?
We are Hubern.com a software house based in Rome, we like to work remotely and decentralized :) we develop apps Android and iOS, web applications, bot and we develop also on blockchain in particular ethereum.
Very cool! Have you thought about launching on Product Hunt?
Yes, on product hunt we have Gopay, https://www.producthunt.com/posts/gopay
Nice! I've had good a good experience, which is why I asked. Would you like to connect on LinkedIn? I'd love to stay up to date on anything you're working on.
My pleasure :) my name is Pasqualino Sorice
This is my profile https://www.linkedin.com/in/pasqualinosorice
Fantastic blog. It is amazing to see the contrast between the different approaches to bootstrapping a company together. The lifestyle business sounds very ideal to me after this read. You've really shed light on the importance of bringing like minded people together and keeping everyone happy and healthy in order to build a stronger team and stronger company.
I have been full time nomad for the past 3y (as employee). I have a lot to say about it ... When my account unlock I will publish my thoughts
This is the dream for many people. Thanks for sharing.
Getting like-minded people together is crucial for building a successful lifestyle business that prioritizes happiness and work-life balance. When a team shares the same values and vision, it creates a supportive and positive work culture where everyone's passions and interests can thrive. Great post!
this line specifically : "At the end of the day it’s not just up to you, but rather up to all your employees to make your lifestyle business a success. The happier and more engaged they are, the better for everyone."
This is interesting. Good to know about your team. Great post!
It's truly heartening to see so many people appreciating the concept of a lifestyle business and recognizing its unique advantages compared to traditional startups. This discussion highlights the importance of optimizing for happiness and finding a work-life balance that brings fulfillment and joy.
I completely resonate with the idea of building a business that aligns with personal passions and values. Lifestyle businesses offer the autonomy to make decisions according to one's vision and prioritize what truly matters. Moreover, the reduced external pressures and focus on steady, sustainable growth provide a sense of stability that can lead to a more satisfying entrepreneurial journey.
Of course, it's crucial to acknowledge that the choice between a lifestyle business and a startup is subjective and depends on individual goals and risk tolerance. Both approaches have their merits, and some individuals might find excitement and innovation in the fast-paced world of startups.
Personally, I believe the key takeaway from this discussion is to remember that success and happiness don't necessarily require working endlessly to dominate a market. It's essential to find a balance that allows for personal growth, time with loved ones, and overall well-being while pursuing entrepreneurial ambitions.
I'd like to thank everyone who shared their perspectives and experiences on this topic. It's inspiring to see like-minded people coming together to encourage and support each other in their entrepreneurial endeavors. Here's to building meaningful businesses and lives that bring happiness and fulfillment to each of us!
nice post
I like the thought of trying to grow something meaningful, but not committing years of years of sleepless nights just to grow and dominate. In this model, everyone can have a slice of the pie, instead of trying to devour the whole thing. Great post!
Great article! Reminds me a lot of Basecamp. They even started off as a dev agency (37signals) and then transitioned into making their own software. But remained focused on profitability and lifestyle the entire way (and continue to do so).
Love that your team has a flexible schedule! We have this at my start up too, with our stand ups and calls being our only scheduled times to be at the computer- the rest we work at whatever time works best for us, as long as we're hitting our deadlines. It's an amazing way to work!
A lifestyle business refers to a type of business that is primarily driven by the owner's personal interests, passions, and desired lifestyle. On the other hand, a startup typically aims for rapid growth and significant financial returns. While both have their merits, there are several reasons why a lifestyle business may be preferable to a startup for some individuals. Here are a few key advantages:
Flexibility and work-life balance: A lifestyle business allows entrepreneurs to maintain a better work-life balance and have more control over their schedule. They can prioritize personal commitments and tailor their business operations to suit their lifestyle preferences. Startups, on the other hand, often demand long hours, intense workloads, and higher levels of stress, which can impact personal life and well-being.
Autonomy and decision-making: Lifestyle businesses grant owners full autonomy and decision-making power. They have the freedom to shape their business according to their vision and values without external pressures from investors or shareholders. In startups, decisions may be influenced by external stakeholders, such as investors, and founders might have to compromise their original vision to meet growth expectations.
Sustainable growth and lower risk: Lifestyle businesses typically focus on steady, sustainable growth rather than rapid scaling. They aim to provide a consistent income stream that supports the owner's desired lifestyle. Startups, on the other hand, often face higher risks and uncertainty associated with scaling quickly, securing funding, and achieving market dominance. Lifestyle businesses can offer a more stable and predictable business model.
Alignment with personal passions: A lifestyle business often revolves around the owner's interests and passions, allowing them to pursue work they genuinely enjoy. This alignment can lead to higher job satisfaction, fulfillment, and a sense of purpose. Startups, while they can be exciting and innovative, may require founders to work on projects that align more with market demands than their personal passions.
Reduced external pressures: Lifestyle businesses are typically self-funded or rely on smaller investments, reducing the pressure to meet the high growth expectations of external investors. Startups, on the other hand, often face pressure from investors to deliver exponential growth and substantial returns on their investment, which can lead to increased stress and intense performance demands.
It's important to note that the choice between a lifestyle business and a startup ultimately depends on the individual's goals, risk tolerance, and preferences. While a lifestyle business offers certain advantages, startups can provide opportunities for significant impact, innovation, and financial rewards.
wow, I thought this lifestyle business is the same as a startup. Now I know they are different.
Very cool business... Just applied :)
Thanks
great
The article suggests that creating a lifestyle business rather than a startup can provide the opportunity to optimize one's life for happiness, allowing individuals to do what they enjoy every day while making a good living. The author provides an example of working remotely from a sailing boat in Micronesia to illustrate the feasibility of this approach.
https://kotacs.com/
Great insights! I completely agree that lifestyle businesses offer unique advantages compared to traditional startups. The ability to have more control over your work-life balance, being your own boss, and having the flexibility to shape your business according to your values and interests are definitely appealing aspects of running a lifestyle business. Additionally, the lower risk and reduced dependency on external funding can provide a sense of stability and sustainability. While startups have their own merits, lifestyle businesses can provide a fulfilling and rewarding entrepreneurial journey. Thanks for sharing your perspective!
Thanks for sharing Stefan, your company MobileJazz seems like a very fun place to work. Choosing to optimise for happiness is something not many people talk about. For most of us, including me, I think the first thing we think about when building a business is just making it more profitable and just increase the money numbers, disregarding the human part of it. You seem to have found a good balance. I'm very glad for you and your company!
I like the approach of how you're collecting people together!
Love your article.
Very fair.
It always depends, on what YOU can do best.
Are you a creative person?
Then you might make use of the various social networks, which cover a user base of hundreds of millions of active users.
You can do YOUTUBE videos, instagram snapshots, tiktoks...
Or just travel & tell about your destinations in a blog.
If you are an IT guy, it may be better to
a) work at a company, and do some side hustle
b) already being self employed / successful with your start-up
Either way, it all has its pros & cons.
I will go the 2nd way.
Thanks & Regards.
A really nice article, got a new perspective. But,
I was wondering - what if a competitor enter the same market as ours, we'll have to put up a fight somehow. For that we'll have to expand or/and work more hours to compete.
This is interesting. Optimizing for happiness is healthy for a team. I'd keep this in mind to prevent burnout. Thank you for such an amazing post.
Thanks for sharing.
Thank you for sharing your approach. It feels supportive to know that more people see business and 'work' in this way.
Very well put.. Thank you for sharing, and congrats on all the success. This is certainly the type of course I seek as well.
Hi! Thanks for sharing!
I'm focusing a lot on heading towards that soon, great inspiration :))
The original source looks pretty good as well (optimizing for happiness), I'll definitely follow that one too!
I love how you (at least as far as I'm concerned) coined the term "lifestyle business"! Many people believe that this is synonymous to startup, but you're right, they're very different. Fantastic article!
Thanks for writing this :-) Really much appreciated.
Haha, he didn't coin the term. IT's been around for a while. He did write a great article on the subject.
Great article!
Reflection moment here... Thanks for sharing!
Thanks for contributing. I agree that you can make work fun and enjoy your coworkers' company. A lot of founders and those at the top have a different perspective of work-life balance than those doing the work though. I think social retreats are important for an all remote company but for those that spend everyday together, I would rather have the time off.
Great article! I particularly connect with defining your own version of success.
Thanks :-)
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