Given the uncertainties in the global economy, you may think that "now" is not a good time to start a lifestyle business. In fact, there are many good reasons why "now" really is a great time to start your dream lifestyle business:
Additional income
If you are facing the prospect of redundancy, starting a lifestyle business is a proactive way that can help boost your income. It is important to think strategically. Consider what goods or services people might need or want, despite uncertain economic conditions, and ask how well placed you are to deliver this.
Lifestyle businesses can usually be started in a small way, with minimal risk. Lifestyle businesses, especially those operated from home can offer competetive pricing, which is a bonus to customers.
With careful planning, a good lifestyle business will have scope for future growth.
You may be eligible for rebates and incentives
Find out if you are eligible for any tax allowances, grants or other incentives when you start or run a business. If you understand your entitlements, you may discover that starting a business is not as risky as you once thought. Concern over financial risk is often a major factor which prevents people from starting a business, - because they don't understand their entitlements.
New opportunities may present themselves
Starting and growing a business is challenging. But along the way you will meet new contacts and opportunities will present themselves. Simply meeting a new person in the course of your business can be enough to transform your fortunes. You will learn new skills when you start and run a business. These skills are transferable to other aspects of your life.
Follow your dream
If you want to "live life on your terms", then starting a lifestyle business is surely the ultimate way to achieve this goal. Be sensible and start in a small way if possible. Even with a lifestyle business, you will most likely encounter difficulties and frustrations, but don't be put off by minor setbacks.
If you lack business experience, look for a business opportunity where quality support is available. Be mindful that some franchises may not be compatible with your "work-life" aspirations, despite marketing claims to the contrary.
In the future if you wish to grow your lifestyle business, consider seeking expert advice so that you can optimise its potential, whilst maintaining your ideal work-life balance.
When you are older
Do you want to look back on your life and think, "I wish I'd had my own business?" or "I had an opportunity, but I didn't act on it."
So "now" really is a great time to start a lifestyle business. Don't waste another minute, start researching and planning today.
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