Author: Alex Burness

Boulder can add another bullet to its diverse and ever-growing collection of mentions on "best of" lists.

Boulder is no stranger to these reports and in the last few years has been recognized for pretty much every possible trait. According to a slew of different organizations with varying degrees of credibility, it is at once the No. 1 American city for work/life balance, the city with the country's'unhappiest' workforce and the No. 4 most hippie-friendly community, among many other labels.

On Thursday, the city's resume grew, with a proclamation by Forbes that Boulder is the best place in the U.S. for starting a business in 2015.

"It's known as a mellow, artsy destination at the foothills of the Rocky Mountains, boasting sweeping views, a thriving tech scene, and a vibrant artisan food culture, but Boulder, Colorado is also a great place to launch a business," the magazine writes.

According to data provided to Forbes by personal finance site NerdWallet, Boulder and its surrounding towns and cities beat out the country's 182 other metropolitan areas that qualify as having at least 15,000 businesses and a population greater than 250,000.

Each metro area was graded based on average annual revenue of local businesses ($721,489 in Boulder's case), number of businesses per 100 people (14.1) and percentage of businesses with paid employees (23.8 percent).

If that final figure seems low, the report notes that 82 percent of the country's small businesses do not have employees and are in fact run by one or two people and powered by contract workers.

Wilmington, N.C., came in second, with 15 businesses for every 100 residents — the most of any place on the list. The Bridgeport-Norwalk-Stamford area of Connecticut came in third, followed by Evansville, Ind. and Cedar Rapids, Iowa.

I could go one of two routes. I could take one of my crazy ideas and go the startup path, try and chase down funding, spend 80 hours a week to found a company, and take years off my life while trying to make it happen. Or I could build a lifestyle business, where I was the only employee and made just enough to support myself while having more freedom to do the things I really wanted to. A few years back, I wasn’t stoked about my position as a financial analyst, and knew I wanted to run my own business. The problem was, I had no idea what I wanted that business to look like.

I took off to Thailand and decided to give the latter a shot. Three years later, I’m absolutely convinced that for the majority of the people with entrepreneurial aspirations, you’re better off starting a lifestyle business than pursuing a startup. Here are 7 reasons why:

You are not Instagram. For every startup that sells and makes millions, there are hundreds — if not thousands — that fail or, even worse, continue to just barely make it, sucking the life out of you in the process.
Building a startup is building a 9-to-5. While it’s fun to start up running on nothing but adrenaline and Red Bull, the excitement wanes and the monotony sets in after a few months. Many startup companies turn into really bad 9-to-5 jobs for the founders. They get mired in day-to-day details and work harder than anyone else, but they don’t get the benefits they signed on for as an entrepreneur in the first place. For example, Jun Loayza who, after getting over a million in funding and successfully selling two companies, left his current startup to pursue a lifestyle business.
You won’t wait years to turn a profit. So someone gave you a bunch of money and told you to go build your business — cool, but that doesn’t mean you’re profitable. When you work for yourself, your overhead is limited. Salaries, office space, benefits? That’s all on you. I started my most recent business with less than $500 and it took me three sales to become profitable. Most startups are lucky to be profitable after three years!
You can work from a beach with a Mai Tai. You know that dream everyone had after reading the 4-Hour Workweek where they’re chillin’ on a beach with a cocktail, working from a laptop? That’s really possible. Sure, those haven’t been the most productive days of my life, but a lifestyle business lets you choose when and where you work — generally, all you need is an Internet connection. This year I’ve already worked from places like Vail, Playa del Carmen, Cuba, New York, China and Jordan among others — all without skipping a beat in my business.
You’ll have more flexibility than Gabby Douglas. You say you wanted to become an entrepreneur for increased flexibility and control in your life? Fat chance in a startup, especially when you’re playing with someone else’s money. As a lifestyle entrepreneur, you truly have the flexibility to set your own schedule. Take Laura Roeder, for instance — she moved from Southern California to spend a few months in London, where she got to attend this year’s Olympic games. A lifestyle business is one that promotes the lifestyle you want to live. For many, that’s more time with friends and family; for others, it’s travel and adventure. You get to decide.
Stress is minimized. As an entrepreneur, stress will never go away — it comes with the territory. But you’d better believe that while starting up, it has the potential to be much worse. Thoughts like “How am I going to make payroll this month?” and “Revenues were 30 percent less than projections, what will the investors think?” or “My partners and I have drastically different opinions of where the business should go, what do I do?” are all common issues in a startup. A lifestyle entrepreneur has no one to answer to but themselves, thus reducing the stress that comes with common business problems. Stress of getting started can be minimized even further by running your business from abroad, where it’s cheaper to live.
You can become a modern-day Renaissance person. I can’t focus on just one thing; I’m always all over the place. Being a solopreneur has forced me to learn how to handle all aspects of business — marketing, accounting, sales…you name it, I do it. In this position, you grow your expertise and become a more well-rounded business person, and that will undoubtedly help you in any future endeavors. The phrase “Jack of all trades, master of none” isn’t always a bad thing.

Are all startups bad? Of course not. Are all lifestyle businesses beaches and daiquiris? Not a chance. However, if you’re looking to maximize your enjoyment while have the freedom and security that comes with knowing you have full control of your life, then a lifestyle business may be exactly what you need.

Courtesy of YEC

Sean Ogle is an expert at helping people turn their passions and skill-sets into sustainable businesses that can be run from anywhere on Earth. As the founder of Location 180, LLC he uses the power of his blog to get the message out on the benefits of location independent entrepreneurship.

Forbes: Boulder is America's best place to start a new business in 2015

7 Reasons Most People Should Build Lifestyle Businesses, Not Startups