A lifestyle entrepreneur is a person who designs their business around their lifestyle. Find out what makes a lifestyle entrepreneur different from other styles of entrepreneurial .
What is a Lifestyle Business Entrepreneur?
Lifestyle entrepreneurs decide on the lifestyle they desire and build their business to support it. This is different than how most entrepreneurs work, who put their business first before designing their lifestyle.
Lifestyle entrepreneurs place a high value on passion and freedom. Some lifestyle entrepreneurs may only want to work enough to support their chosen lifestyle. They may therefore be less concerned with growth than other entrepreneurs. 1
- Alternate names: Lifestyle business, digital nomad
How Does a Lifestyle Entrepreneur Work?
In the past, people would choose a career first and then plan their life around it. Lifestyle entrepreneurs do the opposite. They build their careers around their lives. They make money from their businesses, but they use that money to support hobbies, interests, goals, and passions.
The internet has allowed people to run worldwide businesses from anywhere, even while on the road. Cloud computing, laptops, and smartphones allow lifestyle entrepreneurs to work while on the go.
Natalie Sisson is an author who created “The Suitcase Entrepreneur” to support her passion for travel. She offers coaching and information to entrepreneurs who wish to travel and live a free life. She runs her business using her laptop and phone, which allows her to travel and live a life she loves.
Tim Ferriss, a lifestyle entrepreneur, sells books about entrepreneurship and self-development and creates podcasts. His book The 4-Hour Workweek teaches readers to build a career where lifestyle is more important than work. His business helps him achieve his income goals and his lifestyle influences his business products.
How to Become a Lifestyle Business Entrepreneur
You’ll need a roadmap for success if you want to become a lifestyle business owner. These steps will show you exactly how to do it.
Decide what lifestyle you want
Decide on the lifestyle that you would like to base your business on. You can ask yourself these questions:
- What is your dream life?
- What are your goals and passions?
- Want to travel and live?
- You want to earn enough money to fund a larger mission.
Note:
Travel is not required for lifestyle entrepreneurship. You can spend more time with your family, take care of ailing relatives, pursue a hobby, or do volunteer work. It all begins with deciding the life you want to live and building a career based on it.
Pinpoint your Passions
What is your passion? You may be able combine your passion with your business in some cases. If you enjoy food and traveling, you could build a lifestyle around a food travel blog.
Brainstorm ideas that align with your passions
You can make money in three different ways: by selling your skills, physical products or information.
Create business plans based on your passions. If you enjoy gardening, for example, you can make money by starting a landscaping company (selling your skills), selling gardening equipment (physical products), and selling a gardening course (information).
Consider Your Options
Choose a few ideas that you like and see if they will help you to create the lifestyle you desire. They are not the right home business for you if they do not allow you to live the lifestyle you desire.
Consider the following: portability (if traveling is a priority), flexibility and income potential. You will also need to decide if your idea has a market.
Create a Business Plan
Create a list that includes all the steps you need to take in order to launch your lifestyle business. Included in the basics are a website, and an email list service. You also need to think about what you are offering and how it will be delivered. This step is where you list the tasks and equipment that you will need to start.
Write your lifestyle Business Plan. This should include all of the details you would find in a traditional business planning, including your product or service idea, finances, marketing and so on. You’ll want to ensure that it will support your desired lifestyle.
Do the paperwork
Get all the permits and licenses you need to legally form your structure. You still have to choose a home if you want to become a traveling lifestyle business owner. You need to have a residence listed on your documents, even if you do not live there most of the time.
Note:
Talk to an accountant or lawyer for advice on how to set up residency outside your country of residence if you are an ex-pat. If you are moving abroad or going on vacation, you will also need to think about banking and financial details.
Pricing and marketing
Pricing your product or service is important. You should charge enough to cover your lifestyle goals, but not too much so that your market is unwilling to pay.
Your website and your email marketing funnel will also be required. This is your main business center. Here you will sell your services and products.
To get your business seen by your ideal clients, you’ll have to identify them, determine the best way to reach them and develop materials and systems. You can use email, social media and blogging to promote your business.
Automate, systematize and outsource where possible
Automation includes things like digital product delivery following a sale, or scheduling social media tools.
They are the processes that allow your business to run smoothly. Lead generation systems, funnels and sales processes are all examples of systems.
You can hire virtual assistants (or more) to handle many aspects of running your business. These include customer service, social media management and marketing, as well as bookkeeping. You can achieve your lifestyle goals by delegating more tasks to others.
The Key Takeaways
- Lifestyle entrepreneurs are those who design their business around their lifestyle.
- Most lifestyle entrepreneurs prioritize freedom and business growth over the other.
- Lifestyle entrepreneurs have business plans and goals, but these are in service to their lifestyle goals.
