An explanation of startup, small and lifestyle business lies in the sentence that quotes- Startup business is the one which intends to grow larger. Small business is the one which operates within fixed boundaries fixed by oneself and focuses on a certain number of customers. A Lifestyle business, however, is the one which is run by its founders with the aim of living a particular level of life. Startup and small business share some similarities, unlike a lifestyle business.
RESORT TO WHICH SORT?
The question can be answered when the benefits of each are known in Startup vs Small Business vs Lifestyle Business.
Specifically, the United States and the United Kingdom have a full scope of a startup business and plans. The mobile resources and responses make it accessible enough. A startup business is more flexible in terms of investment, returns, and budgets.
The taxation system that lingers upon the startups is friendly, for example, the corporate tax rate in the UK currently is 20%. The magnitude of bureaucracy is quite minimal and under control in startups.
An aim to create profit becomes the driving force. Startups can spread and grow as much as it aims to, in terms of policies, investments, market, and profit (returns that it would yield). A startup’s job is to propagate to provide adequate performance to its investors.
Also Read- How to Fund your Start Up [Informative Guide]
Small business means a small venture. The lower number of employees, lower objective, lesser risk, and a lower rate of return. A small business is more flexible to run as well more nimble to operate. It’s more personalized and offers a direct connection with its clients.
The adaptation skills of a small business to risks and the unfavorable atmosphere is haste and easy. It makes the entrepreneur take control of the entity and thus exercises equity as well making it a win-win situation. Generally, People always compare Startup vs Small Business.
A lifestyle is specifically founder oriented. The sole purpose that it lives on is to provide the lifestyle to the founder as desired. Such a business depends gravely on the energy, skills, and contacts of the founder. A lifestyle business isn’t set up with the aim of expansion of the same; it primarily focuses on the owner (founder).
A lifestyle business’s job is to provide a high quality of life to its owners. Lifestyle business creates a sense of freedom as there exists no burden of money-making. It also frees the entrepreneur to pursue other personal career options. Control is exercised freely and independently, which avoids a chaotic environment. The financial situation remains under the ‘single-boss,’ thus making it more desirable.
Whether a startup, a small business or a lifestyle business it may be, opportunities are growing across the globe in countries like New Zealand, United States, United Kingdom, Denmark, Georgia, Norway and many more. Business is the key to living a productive life. Startups, small business plans, and lifestyle business plans are all staircases that lead to a life of profit and control.