The Secret to Living the Life of a Wealthy Entrepreneur
A lifestyle entrepreneur is someone who creates a business that allows them to live the life they want. Learn what distinguishes a lifestyle entrepreneur from other types of business owners.
What Does It Mean to Be a Lifestyle Entrepreneur?
A lifestyle entrepreneur chooses the type of lifestyle they want to live and then establishes a business to support it. It's not like other entrepreneurs, who prioritize their business first and then adjust their lifestyle to fit it.
Freedom (such as working a certain amount of hours or traveling whenever they want) and enthusiasm are important to lifestyle entrepreneurs. They may only want to work for as long as it takes to achieve a particular amount of money, which will allow them to maintain their preferred lifestyle. As a result, they may be less concerned with the expansion than other entrepreneurs.
What Does It Take to Be a Lifestyle Entrepreneur?
People used to find a job and then construct their life around it. The lifestyle entrepreneur, on the other hand, creates a job that revolves around their personal life. Their enterprises generate revenue, but that revenue is utilized to fund their passions, hobbies, interests, and objectives.
Although home companies have always existed, the internet now allows anyone to create and operate a global business from anywhere in the globe, including while traveling. The lifestyle entrepreneur can work on the go thanks to cloud computing, cellphones, and laptops.
Natalie Sisson, author of "The Suitcase Entrepreneur," for example, built a business around her passion for travel. She helps other entrepreneurs who desire to enjoy a life of travel and freedom through coaching and information products. She runs her business on her phone and laptop, which allows her to travel freely and live a life she likes.
In a similar vein, Tim Ferriss, a lifestyle entrepreneur, distributes books and creates podcasts about business and personal development. His book The 4-Hour Workweek, which teaches readers how to construct a career that prioritizes lifestyle above work, is well-known. His business helps him achieve his financial goals, and his lifestyle influences the things he sells.
How to Start a Lifestyle Business
To succeed as a lifestyle entrepreneur, you'll need to chart out a strategy. The instructions below will teach you how to accomplish it.
Decide on the lifestyle you want to live.
You must first choose the lifestyle you wish to build your company on. You might want to consider the following questions:
- What do you hope to achieve in life?
- What are your interests and ambitions?
- Do you wish to travel and work at the same time?
- Do you just wish to make enough money to support a larger cause?
IMPORTANT:Travel isn't required for lifestyle entrepreneurship. It can free up time for you to raise your children, care for ill family members, or pursue a hobby or volunteer job. However, it all begins with determining what kind of life you want to live and then creating a job around it.
Identify your passions
What are your interests and passions? You might be able to merge your passion with your business in some situations. If you enjoy food and travel, for example, you might be able to create a lifestyle company around a travel food blog.
Create a list of ideas that are related to your interests.
Selling your services, selling physical items, and selling knowledge are the three main methods to generate money.
Make a list of your hobbies and come up with business ideas that revolve around them. If you enjoy gardening, for example, you may start a landscaping business (selling talents), sell gardening supplies (physical things), or offer a gardening course (information).
Investigate Your Concepts
Select a couple of your best ideas and investigate whether or not they might assist you in creating the life you desire. They're not the home business for you if they don't provide you the flexibility to follow your lifestyle objective specified in the first step.
Portability (if you wish to travel), flexibility, and earning potential are all factors to consider. You'll also need to figure out if your ideas have a market.
Make a business plan.
Make a list of everything you'll need to start your lifestyle company. A website and an email list service are required. However, you must think about what you're giving and how you'll give it. List all of the tasks and equipment you'll need to get started in this stage.
After that, create a lifestyle business strategy. This should include all of the information included in a standard business plan, including your product and service concept, financials, marketing, and so on. However, you'll want to pay close attention to ensure that it will support the life you choose.
Take good care of your paperwork.
Obtain any licenses and licenses required to officially incorporate your company and set up its structure. You still need to choose a house if you want to be a traveling lifestyle business. Even if you don't live there for the majority of the year, you must have a physical address that will appear on all of your company records.
Create a pricing and marketing strategy
Create a price structure for your goods or services. Make sure you're charging enough to cover your living expenses, but not so much that you're unable to find a market ready to pay your rates.
In addition, you'll need to create a website and an email marketing funnel. Essentially, this is your company hub. This is where you'll pitch yourself, your products, and your services.
You'll need to identify your ideal client/customer, determine the best way to contact them, and develop materials and methods to bring your company in front of them. Email, social media, blogging, podcast interviews, and videos are all excellent methods to get the word out about your company.
Wherever possible, automate, systematize, and outsource.
Things like digital product delivery following a sale or social media scheduling tools are examples of automation.
Systems are the processes that allow your firm to function smoothly. Lead generating systems, sales funnels, and sales procedures are examples.
Many of the day-to-day responsibilities of your business, such as customer service, social media management, public relations and marketing, and bookkeeping, may be handled by a virtual assistant (or many). The more work you can outsource to others, the more time you'll have to focus on your lifestyle objectives.
Important Points to Remember
A lifestyle entrepreneur is someone who creates a business that helps them achieve their own goals.
The majority of lifestyle entrepreneurs place a higher value on flexibility than on business success.
Lifestyle entrepreneurs, like other entrepreneurs, should have a business plan and goals, but these goals will serve their larger lifestyle objectives.