Lifestyle Business Law and Legal Definition

Lifestyle businesses are small business reflecting the general lifestyle of an individual entrepreneur. Lifestyle businesses are not high-growth initiatives. It aims to sustain a particular level of income. The principal objective is to provide a foundation to enjoy a particular lifestyle. For example, a sign-painting business and a resume-writing business.

The advantages to starting a lifestyle business include:

being able to control most aspects of the business;

having a positive cash flow from early in the business’ growth; and

being able to pursue personal goals with profits from the business.