Best business for a lifestyle change

If you want to buy a business that will give you your dream lifestyle, there’s a good chance there is one out there to suit you.

But it’s not as simple as buying a beachside café and putting your feet up on a sun lounger. You have to learn the ropes, and set up the business to ensure it runs smoothly. You also need to clearly define what your dream lifestyle looks like. Once you’ve done that, though, there’s no reason your dreams can’t become a reality.

Read on to uncover our top tips for how to clarify what your ideal lifestyle business looks like, how to choose one that can help you get there, and questions to consider before making a move.

What does a ‘lifestyle change’ really mean?

There is no superior ‘lifestyle business’ or industry. That’s simply because there is no one ‘lifestyle’. Everyone has their own idea of flexibility and what their dream looks like. Some of the most common reasons people seek a lifestyle change is wanting more time to themselves or to spend with their family, seeking a change of pace or a new scene, wanting to spend less time travelling, looking for a totally new location, or simply the freedom to make their own decisions. Depending on what you want will depend on what business you buy.

Choosing Independence

Carly Mackay, Group Franchise Development Manager for Bakers Delight, says many new business buyers crave independence.

“They want to apply their skill set to a business of their own. They’re tired of working for someone else, and have a large desire to work closer to home. They want to gain better flexibility and balance within their personal and family life.”

She says many Bakers Delight franchisees achieve their lifestyle goals. They get to spend more time with their family and friends, choose their work hours, and cash flow is good once the business is running smoothly. “While you’re not physically working, the business is still providing you with an income,” she shares.

Carly cautions that freedom to choose your hours doesn’t mean freedom to stop working. “It’s not a passive investment.”

Choosing a change of pace

Carmel Davies’ experience buying a business in 2017 echoes Carly’s insights. After a successful corporate career involving long hours and lots of travel, Carmel realised it had impacted her relationship with her children. “Enough was enough, I wasn’t happy to be away from home.”

She purchased a Kumon tutoring centre near her home in Hobart, and spent two years growing it until she could afford to quit her corporate job.

Carmel has since gone from 12-hour days, to picking and choosing her hours. “I have the freedom to work when I want. I’ve been around more when my teenage kids have needed me. Freedom of work hours feeds into every other part of your life.”

The bottom line is this: completely passive income is unlikely if you buy a business. Autonomy, flexibility, and more personal time are certainly attainable. Beyond that, it’s up to you to find a business that aligns with your personal lifestyle goals.

So what businesses make for a good lifestyle?

Researching the realities of a variety of businesses is a great way to understand what they’re actually like to own. But no one industry or ‘type’ of business will meet everyone’s lifestyle requirements. That said, we’ve rounded up a few ideas of businesses and industries that may help you get the lifestyle you want.

• Online businesses often mean you can work from home, and pick your own hours. If you like being around people, though, you mightn’t enjoy being on your own for long periods.
• Mobile ‘on the road’ businesses let you pick where you want to work, and be in the driver’s seat to plan your daily schedule. Donuts to pool cleaning to dog washes – there’s something out there for everyone.
• Construction or trade businesses can mean early starts, but if you set up your business well you can build in the flexibility you need, and choose whether you’re on the tools or not.
• Domestic or gardening businesses can get you out of the office, and into the great outdoors. You’ll need to be open to working in all weather conditions, but will have a different “office” each day.
• Bars and cafés can be open at odd hours – this might work for you, it might not. Search for an opportunity that fits with the hours you need. If you build a reliable team, you may not need to be there full time.
• Retail service businesses are often open 9-5pm, which some owners love. They can have a more business-like feel though, which isn’t to everyone’s lifestyle taste.
• Gyms and fitness centres can be great if you’re into exercise, as can any business in an industry you’re passionate about. Finding something close to home and working with others in your community can make these types of businesses very rewarding.

How to identify your best ‘lifestyle business’

Everyone has their own definition of the perfect lifestyle, so you need to narrow down the business options that will work for you by asking yourself some important questions.

Here are some of the key factors to consider:

• A business with hours that work for you. Want to be home for morning drop-offs with your kids? A bakery with early mornings might not work for you. Want flexibility throughout your day? A retail store with set hours probably won’t be a good fit. Seriously consider the hours and businesses that will give you the lifestyle you really want.
• Choose a business that aligns to your skills. Identifying your talents and playing to your strengths can be a great way of finding a business that you can be successful in. If you’re honest with yourself and assess your strengths and weaknesses you can take steps to fill any skill or experience gaps.
• Think about your passions. When you love what you do, others can tell, and as a business owner this shines through to your customers. Merging your passion with your business can be a recipe for success, and can help keep you motivated on hard days.
• A business with employees that are experienced. Employing experienced staff can give you opportunities to spend time on other things. If you don’t like the idea of managing people, then consider a business that’s more of a solo gig.
• The best business for you mightn’t be the first one that comes to mind. Write a list of what you want, and search lots of different businesses and industries. There’s a chance the best business for your lifestyle goals is one you haven’t thought of. Carmel, for example, didn’t have any specific industry in mind. “I was open to anything that offered me work/life balance and I had the skills to do…One of my peers told me about Kumon. He said I’d be a great instructor, so I started to investigate online,” she says.
• The first 12 months will probably be a steep learning curve. For this reason, you can expect plenty of hard work and some long hours before that lifestyle dream becomes a reality. Make sure you’d be happy to run the business even if you’re finding it challenging.
• Choose a business that will meet your income requirements. A business that’s fun to run is great, but you’ll still have bills to pay. Make sure your income will be enough to cover your costs.
• Make sure your budget matches your ambition. Many attractive businesses come with a corresponding asking price. Make sure you have access to enough funds before you dive in.

Decide on your dream lifestyle…then find a business to match

Once you’ve settled on what you really want, finding a business becomes simpler.

Running a business probably won’t be easy to start off with, and you’ll almost certainly have to make some trade-offs before you reach your goal. However, both owners and industry experts are certain the right business can help you achieve your lifestyle dreams.

“It’s not easy, but it’s exciting,” says Carly. And in the long run, it’s often worth it. “Many of our franchisees find they are no longer commuting to and from their job and sitting in traffic…they’re not working long hours and missing out on family time. We have many franchisees who have the flexibility to work varied hours, so they can walk the kids to and from school, play golf during the day or even hit the surf.”

And has Carmel’s work/life balance dream been realised? “A hundred percent. I can work harder on certain days and have others completely free for my own things. I have also set up my staffing structure to ensure the centre can run without my presence.”

She has a simple piece of advice for potential buyers like you who are eyeing up a lifestyle change – “do it! Just make sure you pick the right business for what you want.”

Ready to see what businesses are out there that could get you the lifestyle you crave? Search for business opportunities now!