Lifestyle businesses may be focused on a particular product or service, but the main goal of the business is not necessarily to maximize profits or grow as quickly as possible. Instead, the owner of a lifestyle business may be more interested in achieving a certain level of financial stability and independence, and in being able to structure their work and personal life in a way that aligns with their values and priorities.

Some examples of lifestyle businesses include:

• A small, local bakery or coffee shop that is owned and operated by a single person or a small team
• A consulting firm that is run by a sole proprietor or a small group of partners
• An online store that sells handmade or artisanal products
• A small bed and breakfast or vacation rental property

In each of these cases, the business may not have a high level of growth or profitability, but it allows the owner to have a certain level of control over their work and personal life.

Lifestyle businesses are good to discuss when analysing why many businesses are not profit maximising.