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Why a Lifestyle Business Will Change Your Life
I never imagined 12 months ago that I would be able to work from a laptop in the back of a car on the way to Oktoberfest. That’s one of the amazing things about operating a lifestyle business, who know’s it could even change your life.
But first, in case you didn’t already know, what’s a lifestyle business?
What is a lifestyle business?
A lifestyle business can mean different things to different people but my understanding of it is:
A lifestyle business allows you to provide a foundation for which to enjoy a particular lifestyle.
A lifestyle business can come in many forms:
- You could be aiming to travel and work, digital nomad style
- You could be wanting to work from home and prioritise your family life
- Maybe you want to stop trading time for money
What are the advantages of running a lifestyle business?
Not everybody has dreams of travelling around the world and earning a living whilst doing so. But seriously, who would rather be working from a desk cubicle compared to on a beach in Thailand? Or how about from a penthouse with the Austrian Alps in the background?
For many, it’s something they would love to be able to do, but they are scared to make the change or they don’t know how to get started. To learn how to get started with your own business click here.
I’d definitely ask yourself this question:
Is it worth killing yourself working over 40 hour weeks for those 20 days a year where you can relax, and then have to go back to the stress of their job for the other 250 days of the year they are working?
The weekend and your holidays shouldn’t be all you live for.
A lifestyle business can have a crazy number of advantages to a regular job, to name but a few:
- You can pick your own work schedule – Want to work in your boxer shorts all day and play golf in the afternoon? Sure go crazy.
- You can (long-term) be working a lot fewer hours – Initially starting up any business is going to be difficult. You’ll have to put in a lot of work and let me tell you right now, this is not an easy get rich quick option. Yet, once you’ve built up your business, automation and passive income can give you the potential to choose to reduce your work hours.
- You can prioritise whats important in your life – For many this is family. For others its hobbies or travel, but whatever is important to you, you can prioritise with a lifestyle business.
What’s the difference between a lifestyle business & regular business?
A lifestyle business isn’t necessarily for everybody. Sometimes a traditional business may suit your business idea better. What’s the catch? There are quite a few bigger risks and much bigger start-up costs with a traditional business.
Typically, if you were to say open a shop you would need a whole host of things:
- Firstly, a shop! – Think rent costs, business rates, utility costs
- Setup costs – If you have to design a sign or get the shop setup
- Staffing costs – Wages are one of the biggest expenses for any business
Whats fantastic about a lifestyle business is it allows you the freedom to start a new business without the upfront costs and risks.
Many lifestyle businesses also allow you to start building your business whilst you are still working in your free time, this is a huge benefit! If you aren’t sacrificing your regular job’s income to start your business then that takes a lot of the pressure off from your business.
Many entrepreneurs who have started their own lifestyle business have done so in their spare time. This allows them to establish a solid foundation in their business before quitting their job, something you couldn’t always do with a traditional business.
What can I do to start a lifestyle business?
There are many different ways to make money online but each has their own pro’s and con’s, it also depends on what pre-existing skills you have. For example, if you are a graphic designer or web designer then taking your skills online as a freelancer would be pretty easy to do.
Freelancing any type of skill online can be a great way to start off the beginnings of your lifestyle business, with time and experience you can then start to implement other streams of income.
Here are some of my top suggestions for starting out your own lifestyle business
For anyone who hasn’t started working online before and is looking to start out this is my top suggestion on where to start. This is because it’s very easy to find work, doesn’t require a huge amount of technical experience and can help you build up your first income online fast. This is huge for building up your confidence when just starting out.
SEO Writing is simply writing good quality articles for websites to boost their ranking in Google or Bing. A high visibility website with good content appears on the first couple of pages of results when someone searches for that topic.
I’ll be writing a post in the next few weeks on how to get started with SEO Writing but for know feel free to check out this awesome article on Sean Ogle’s site, How to make $3,000 in your first 2 months with SEO Writing.
Trust me, when you make your first couple of pounds online it makes a big difference to your motivation levels and your confidence.
Freelance a skill
I’ve kept this topic quite broad as there are a lot of specific types of industries people work in where they have skills that they can freelance. Some of the top picks can be graphic designers, web developers or any creative industry where you are creating a product for somebody.
You can start freelancing whilst you are still working and can already have a portfolio of work and customers built up before you are ready to make the transition from side hustle to full-time.
Check out websites like upwork.com or peopleperhour.com to get a feel for what type of skills people are freelancing. I’d be careful of paying too much attention to the prices that people charge on these sites as many do not offer work to the quality you might and offer their services at very cheap prices.
My best advice when freelancing is to find the right type of clients for you and your product and never to undersell yourself.
Become a Virtual Assistant
What type of jobs do virtual assistants do?
There are loads of amazing courses out there designed to help you get started as a virtual assistant, I would advise doing some research. Read up on what type of work would be required and work out where you could best offer your services. It’d be very beneficial to set up a website to have somewhere to advertise your skills and pricing, to set up your own website. I’ll be producing a guide on this in the next few weeks.
It’s also worth noting you can reach out to local businesses as well as online businesses to offer your services.
Teach English Online
I’d recommend checking out http://teflsearch.com/knowledgebase/online/teach-english which gives some basic info on whats required of teaching English online and doing some research and consider enrolling in a course if this is something you’re considering in taking up.
What income sources can come from a blog:
- Google Adsense – When the traffic comes rolling in, adverts via Google Adsense can be a good source of income. Although not as potentially lucrative as other income sources it’s a great thing to have in place if you do receive a lot of traffic. Depending on your blog category or industry will depend on how much you can earn but don’t expect to make a lot of money from this in the early days. You can expect to earn a reasonable income from this when you’re getting around 10,000 visits a month or more.
- Affiliate income – This is a fantastic way to make a lot of money even in the early days of your blog. What’s great about affiliate income is you don’t have to create any products, you are just working on recommending products. My advice is to always be truthful and honest, I’d never have an affiliate product I hadn’t tried out for myself and liked. Some great affiliate products you can promote on your blog can be web hosting providers (often paying upwards of $50 per referral), online software products such as Thrive Leads (landing pages and Opt-in creator) or ConvertKit (email service provider). Affiliate products are great because they give your readers a way of rewarding you without any extra cost to themselves if they were going to buy the product anyway.
- Info-product creation – An info product is anything that you create usually in a digital format that gives people information. This could be in the form of an e-book, a digital download, an MP3 or an online course. Anything of this nature is usually easily distributed and can be delivered automatically without any input of your own required. This can be very beneficial, one because once people start buying your product you could literally be asleep and somebody could be giving you their hard earned cash (no more trading time for money). Secondly, these products you receive 100% of the money from whereas affiliate products you recommend you only get a small percentage usually under 50% of the cost of the item.
A lot of blogs have a mixture of the above and multiple different streams of revenue and once set up can be hugely lucrative, there are a lot of bloggers out there earning over 6 figures online through their blogs alone.
Starting a blog is one of the easiest things you can do right now to get started and even if it doesn’t eventually turn into a business it can still be a huge factor in creating positive change in your life. For me starting a blog has single handily been the biggest and best thing I’ve done for my career and creating positive change in my life.
If you want to start your own blog, next week I will be launching a full guide with all the information on how to get started.
Time to make some positive change
I hope you found this post interesting, for me a lifestyle business is a way to change your life, earn the money you need for your basic needs and then focus on what’s important to you in your life.
For me right now, that’s travelling but in the future, I think my lifestyle business will still be an integral part of my life that will allow me to focus on whatever it is that I want. You know, like golf or beer, something like that.
Any questions hit me up in the comments or an email, otherwise…