Lifestyle entrepreneurs are similar to any other entrepreneur that you come across and patronize. You can also become one. Their existence might be questioned because the term isn’t widely used. This type of entrepreneurship is built around the basic concept of lifestyle and entrepreneurship. To become one of them, you need to follow these five steps to being a lifestyle entrepreneur. Let’s start with some basics.
Who is a Lifestyle Entrepreneur?
As the name implies, these are entrepreneurs who tailor their businesses to support the desired lifestyle. Lifestyle entrepreneurs determine the sort of lifestyle they want to enjoy, then build their businesses around how they would love to live their life. They build their businesses to support these lifestyle choices. Pretty simple right?
Most of these entrepreneurs are found doing businesses that are related to their hobbies, passions, likes, and interests. 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, and then design their lifestyle to accommodate it.
A lifestyle entrepreneur pays greater attention to such things as 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 more interested in their lifestyle (be it traveling around the world or eating steak at 5-Star restaurants). They are in business to sustain their lifestyles.
How Lifestyle Entrepreneurs Operate
As stated earlier, these entrepreneurs run businesses that are tied to their hobbies, interests, likes, passion, and goals. Lifestyle entrepreneurs set up their offices in their homes and leverage the remote advantages of the internet. The Internet allows them to live the way they want to and work at the same time. Thus allowing them to actively run their businesses from any part of the world; permitting them time to travel and do other things that suit their needs. Technologies such as edge computing, laptops, and smartphones, all help the lifestyle entrepreneur to work even while traveling.
Some examples of such entrepreneurs include writers and podcast creators, interior decorators, cooks, freelancers, and other conventional entrepreneurship. These are also entrepreneurs who make a living online. This entrepreneurship model is highly favored in society today. With the convenience of the internet, a lot of people would prefer not to go through real-life transactions and simply do their business 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
It’s no easy task but just like any other goal-oriented effort, you would need a roadmap to success.
1) Decide on a type of Lifestyle
One has to first decide on what kind of lifestyle he/she wants before revolving the business around that lifestyle. Do you want to travel a lot? Do you want to spend your money at expensive restaurants? 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 and choose what type of life you want to live.
2) Brainstorm Business Ideas That Align With Your Lifestyle
Not every business or business structure permits this style of entrepreneurship. So you need to plan every element and choose a business that would not be affected by your will to do what is more important to you.
Using a list of your passions and interests, come up with a business that aligns with this concept. If you love writing or painting, you can develop a business idea that for example allows you to sell writing materials or painting tools.
3) Develop A Business Plan
Once you have decided on the kind of business you want to venture into, the next step involves developing a well-thought business plan that resonates with this business choice of yours.
A business plan involves information and data about the business. It shows the target audience, market size, penetration strategy as well as viability of the business. So draft a detailed business plan. It makes you better understand the business. It also serves as a guide throughout the business journey.
4) Offer Value and Charge Accordingly
This step is more like a useful tip in any business which could be the difference. As a lifestyle entrepreneur, you can do things differently and charge a price on the same level of the service you provide. Just remember to consider your clients.
Every entrepreneur needs a Unique Selling Proposition that makes them stand out from others.
5) Automate, Systemize, and Outsource
This comes with a lifestyle entrepreneur’s use of the Internet. It makes it easier to include digital product delivery systems or other automated means of providing service. A well-structured system can also help you run your business seamlessly and includes lead generation systems, sales funnels, and sales processes. You can also acquire virtual assistance.
As your business grows and the more money a lifestyle entrepreneur makes, so does his desire to carry out more of the things of interest. That level of business growth may need a virtual assistant who can work remotely in assisting you with your business.
While some people have always worked from home, advancements in technology make it possible to work more effectively while doing other things that make you happy. These 5 steps to be a lifestyle entrepreneur can help this become a great business. Good luck!