I know sighting the header of this article, you are wondering, what is a lifestyle entrepreneur? I too wondered until I finally realized that these are normal entrepreneurs. The very kind you come across, you patronize their services, and you might even be one. We question their existence due to the fact that the term isn’t widely used. We are not aware that there are lifestyle entrepreneurs amongst us. In order to be one of them, you need to follow these five steps to being a lifestyle entrepreneur. However, having already understood whom a lifestyle entrepreneur is. What are the 5 steps to being a lifestyle entrepreneur?
Who is a Lifestyle Entrepreneur?
As the name implies, these are entrepreneurs who tailor their business to support their desired lifestyle. A lifestyle entrepreneurs must first decide on the kind of lifestyle they want to have. Then builds their business around their conceived idea of how they would love to live their life. They build their business to support that lifestyle. Pretty simple right?
Most of these entrepreneurs are found doing businesses that are related to their hobbies, passions, likes and interest. They are the big boys of entrepreneurship because their system is unlike that of other entrepreneurs. Other entrepreneurs put their businesses first in an attempt to make maximum profit. But lifestyle entrepreneurs script their lifestyle to accommodate the business.
A lifestyle entrepreneur pays a greater attention to their life’s freedom. Which entails working just a reasonable amount of hours enough to give them the income they need to support their lifestyle. Thereby putting profit next to their freedom. They are less focused on the growth of the business but are rather much interested in their lifestyle (be it travelling around the world or eating steak at a 5 star restaurants). They are in business to keep the enjoyment going.
How Lifestyle Entrepreneurs Operate
As stated earlier, in order for these entrepreneurs to revolve their business around their lifestyle. They run businesses that are tied to their hobbies, interest, likes, passion & goals. Lifestyle entrepreneurs make their offices their home and leverage on the remote advantages of the Internet. The Internet allows them to live the way they want to and work at the same time. Allowing them to actively run their businesses from any part of the world. Permitting them time to travel and do other things that suits their needs. Edge computing, smart phones, and laptops help the lifestyle entrepreneur to take work on the road.
Some examples of these kinds of entrepreneurs include writers and podcasts creators, interior decorators, cooks, freelancers and any other conventional entrepreneurship. This entrepreneurship is built around the basic concepts of lifestyle & entrepreneurship.
Basically, they are entrepreneurs who make their living online. This entrepreneurship model is highly favored in the society today. With the level of trust maintained on the Internet, a lot of people avoid real time transactions and simply do their biddings over the Internet.
If you appreciate this entrepreneurial style, you can follow these 5 steps to being a lifestyle entrepreneur.
5 Steps To Being A Lifestyle Entrepreneur
Having explained how more important a lifestyle is to these kind of entrepreneurs. Here are 5steps to being a lifestyle entrepreneur.
Its no easy task, but just like another goal oriented motive. You would need the almost perfect roadmap to success.
1) Decide on the type of Lifestyle
It’s not easy to become a lifestyle entrepreneur. One has to decide what kind of lifestyle entrepreneur he/she wants to live. This is the very first step and it includes deciding on what type of life you want to live before revolving your businesses around that lifestyle. Do you want to travel a lot? Or do you want to spend most of your money on expensive restaurants? Do you work with the sole aim of buying cars?
Being a lifestyle entrepreneur doesn’t have to relate to any of these. It could be anything along the line of your passion and goals. But, you must take this first step. Working out the kind of life you want to live
2) Brainstorm Business Ideas That Align With Your Lifestyle
Not every business or business structure permits this type of entrepreneurship style. Some other conventional entrepreneurship models require more real time than facetime. So you need to draft out every element of coming out short. By choosing a business that would not be affected by your will to do what is more important to you.
Using your list of passions and interest, come up with a business that aligns with this concept. For example you love writing, or painting. You can also develop business ideas that for example allow you to sell writing materials or painting tools. Thereby making more money.
3) Develop A Business Plan
Once you have decided the kind of business you want to venture into. The next step is developing a well thought of business plan. That resonates with this business choice of yours.
A business plan involves information and data about the business. It is target audience, market size, penetration strategy as well as the viability and feasibility of the business. So draft a well thought of business plan. It makes you understand the business more. As well as serves as a guide throughout the business journey.
4) Offer Value and Charge Accordingly
When people complain about prices of other services. It is probably because the service is lacking in relation to the price set for it. As a lifestyle entrepreneur you are also allowed to do things differently and charge a price on the same level of the service you provide.
Every Entrepreneur needs a Unique Special Identification that makes them stand out from others. This step is more like a useful tip in any business. It also needed by Lifestyle entrepreneurs.
5) Automate, Systemize & Outsource
This is needed due to the fact that lifestyle entrepreneurs are a steady part of the Internet. It is easier for them to include certain digital product delivery systems or other automated means of providing service.
A well made system can also help run your business seamlessly. They include lead generation systems, sales funnels and sales processes.
You can also hire a virtual assistance.
As your business gets bigger and the more money a lifestyle entrepreneur makes. So does his desire to carry out more travels and spending, on things of interest. That level of business growth may need a virtual assistant. A face time assistant is one that can work remotely in assisting your business.
People always worked from home but the massive growth of technology makes it possible to work more effectively while doing other things in life that makes you happy. To start you would need these 5 steps to being a lifestyle entrepreneur. Good luck!