An individual classified as a lifestyle entrepreneur is someone who establishes an online business or multiple businesses, enabling them to generate a stream of income and have the freedom to travel and work remotely.
Digital nomads are commonly called so due to their ability to work from any location worldwide, as long as there is an internet connection available.
Entrepreneurs who run a lifestyle business enjoy the flexibility to travel, have autonomy over their work, and earn a living through their passion.
How to Become a Lifestyle Entrepreneur
Doesn’t it all sound grand? However, what is the actual way to begin the journey towards becoming a lifestyle entrepreneur?
This comprehensive guide offers a detailed roadmap to achieve success as a lifestyle entrepreneur in a systematic manner.
To achieve financial freedom, it is necessary to determine the precise amount of income required from your business to support yourself. Assessing your financial needs and establishing realistic goals is pivotal. Take into account your monthly expenses and set an income target that will pave the way towards attaining financial stability.
After identifying your niche, the next step is to select a business model that suits your needs. This involves determining the type of product or service you will be providing, devising marketing strategies, establishing the purchasing process for customers, and considering pricing alternatives.
Understanding your target market is crucial as it influences various aspects of your business including content creation, marketing strategies, social media campaigns, and more. By identifying your audience and their requirements, you can effectively tailor your products or services to cater to their needs.
Having a well-thought-out strategy to attain profitability is crucial for your business. Ensure you calculate the required investment for advertising campaigns and other marketing approaches to achieve the desired outcomes. The key lies in spending your resources wisely.
Creating a following for your brand is crucial in attracting potential customers. Achieving this by engaging in activities such as blogging, reaching out on social media, running email campaigns, and sharing valuable content tailored to your specific target audience is essential for success.
Creating a solid business model is crucial in effectively managing any business. By establishing a structured schedule for tasks like content creation and customer communication, it guarantees that no important matters are overlooked when the workload increases. Moreover, considering the utilization of automation tools to streamline operations can be beneficial in terms of saving time and effort in the future.
By gradually investing in marketing campaigns and enhancing online visibility, businesses can increase their sales numbers and consequently expand. As a result, it becomes necessary to augment the team size and accommodate the general expenses involved in operating an online business. This incremental approach ensures a steady and controlled growth, minimizing the need for sudden high-risk endeavors.
By dedicating themselves and putting in the effort, individuals can achieve success as lifestyle entrepreneurs and experience the numerous advantages that come with having complete autonomy over their career trajectory, such as the opportunity to travel the globe while pursuing their passions.
Benefits of Becoming a Lifestyle Entrepreneur
There are several advantages to being a lifestyle entrepreneur that should be taken into consideration.
- Flexibility – As a lifestyle entrepreneur, you can work from anywhere in the world and set your own hours. This provides an amazing amount of freedom and flexibility that traditional employment does not offer.
- Creative Control – You have the power to create whatever type of business you would like, with full control over decision-making processes. You are the boss!
- Financial Independence – Once you hit your income goals and establish yourself as a successful business, you can become financially independent and have more control over where your money is going and how it’s being used.
- Time with Family & Friends – The flexible nature of becoming a lifestyle entrepreneur also allows for more time spent with family and friends. You don’t have to worry about commuting to an office every day or taking vacations at certain times of the year; instead, you can structure your business around activities outside of working hours that matter most!
- Personal Growth – Being completely in charge of the direction of your career allows for tremendous personal growth opportunities that may not be available in traditional jobs; developing yourself professionally grants access to new resources & knowledge which grows who you are as a person!
7 Ways to Make Money as a Lifestyle Entrepreneur
1. Sell digital products
Selling digital products is an excellent opportunity for artists and musicians to generate income effortlessly and inexpensively. These products encompass a range of items, such as guides, ebooks, templates, music samples, plans, printables, and tutorials, which can be delivered digitally through formats like PDF or by granting log-in access to a portal. This avenue proves especially beneficial for creatives interested in selling their music or artwork online.
Lauren Fit Foodie, a popular food blogger, uses Instagram to offer her audience recipes and meal plans as a prime example of digital content that she monetizes.
The time it takes for the asset to be created and become operational online is a few hours.
The level of effort required varies from medium to high, depending on the product and the ability to expand the customer base. However, once established, the effort needed for maintenance is low.
You can anticipate a waiting period of approximately five days to receive funds on most platforms after selling a product.
Important information to be aware of:
- Digital goods are scalable, with no limit to the number of times you can sell the same asset.
- If you want to license your product or use licensed materials, be sure to consult with a lawyer or research licencing laws.
2. Monetize a blog
Did you know that simply having a blog can enable you to earn money online? Numerous businesses utilize blogs to generate traffic for their products, but you can also monetize your blog in various ways, such as selling advertisements, incorporating affiliate links, collaborating with brands to write sponsored posts, or offering merchandise and customized products to your audience.
It takes a few hours for the startup process to complete.
Getting started requires a moderate level of effort, but keeping up with it will demand considerable exertion.
The time it takes to receive the first payment varies depending on the way you are generating revenue from your blog.
Key information to be aware of:
- While blogging can be a low-investment business idea, it can take time to pay off.
- Use SEO practices to drive organic traffic and read about more ways to monetize a blog.
3. Create online courses and workshops
One way to monetize your expertise is by creating online workshops and courses as digital products. This is particularly beneficial if you have in-depth knowledge on a subject that people are interested in learning. To streamline the process of selling online courses, you can utilize a course platform or build your own website. Installing a digital delivery or course app on your Shopify store can also facilitate the online selling of courses.
Creating an online course typically requires weeks or even months to complete the processes of writing, shooting, and editing.
Starting off requires a significant level of effort, but once established, a moderate amount of effort is sufficient to maintain.
The time it takes to make the first payment depends on the payment structure of the course and platform you are using.
Key information:
- Research your competition: What value can you create beyond what’s already available online?
- Use free gated content to build your customer list and give potential customers a sample of your offering.
- Live elements like instructor office hours or exclusive Q&A sessions help sell your course.
4. Monetize a YouTube channel
Starting where you are, just like Cassey Ho, Wil Yeung, and Katie Carson, top YouTube influencers embarked on their journeys with a mere idea. These individuals managed to grow their audiences by creating genuine content and only later did they begin turning their channels into profitable ventures.
After achieving a subscriber base of 1,000, you may consider experimenting with YouTube ads. Additionally, you have the option to explore paid product placements or collaborate as a brand affiliate. An effective approach to enhance your personal brand is by selling merchandise like custom-branded apparel through your own website, which can be linked to your channel. This way, you can offer t-shirts, hats, and other merchandise to your devoted followers.
It will require approximately an hour or two to initiate a YouTube channel.
The level of effort needed is high for YouTube as it demands continuous creation and publication of video content.
After reaching 1,000 subscribers, you have the opportunity to generate revenue from advertisements on YouTube, marking the beginning of your earning journey. The duration for the initial payment can differ when using alternative methods.
Things to be aware of:
- Finding a niche with an underserved audience is a great option for your channel’s angle. Understand this audience and create content that adds value.
- YouTube Shorts offer a way to keep your page fresh with shorter and more casual content.
5. Become an influencer
Brands seeking influence among audiences similar to their target customers are embracing influencer marketing. The sponsorship of content produced by Amanda Rach Lee, a creator focused on productivity and stationery, is highly sought after. However, it is not necessary to have the same two million followers as Amanda to earn money as an online influencer. Although an engaged following is required, influencer marketing statistics demonstrate that even those with as few as 1,000 followers, known as nano influencers, can secure brand deals on YouTube, TikTok, Twitch, and Instagram.
Ways to receive payment as an influencer:
- Open a store online and sell merch to your fans.
- Sell sponsored posts to brands or become a brand ambassador or affiliate.
- Make ad revenue.
- Offer exclusive content through platforms like Patreon.
The time required to start up can differ, but typically falls within the range of three to four months.
Maintaining a high level of effort is essential for popular accounts as they require consistently engaging fresh content to keep their audiences interested.
The time required for the first payment differs depending on the type of monetization pursued.
Important information to be aware of:
- The Shopify Starter Plan is perfect for creators who want to get selling fast without building a website. Or, you can also use a tool like Linkpop to superpower your social bio and push fans to your store.
6. Sell services or consulting
Although the majority of people associate online selling with physical products, it is also possible to sell intangible items. You can explore the option of selling virtual services such as online personal shopping, home décor consulting, or one-on-one personal training. Establish your own online store and browse the Shopify App Store for an application that seamlessly integrates appointment scheduling and live chat features.
Setting up your website can take several hours for startup.
Difficulty level: Challenging. Consistent effort will be necessary to develop your customer base, provide services, and upkeep your website.
After selling a service, it typically takes around five days for funds to be received on most platforms.
Things to be aware of:
- Reviews and testimonials are your friend. Ask happy clients to write or record reviews and post them on your site.
7. Write and sell books or ebooks
Just like how you can make money from your knowledge by creating an online course or from your influence as a YouTuber, you can also generate income by selling books or ebooks on the internet. Various formats and genres are available, ranging from novels to memoirs to self-help books. You can consider utilizing a print-on-demand book service to print and sell physical books through your own online store, or opt for a platform like Amazon Direct Publishing to sell digital ebooks.
The start-up process can range in duration depending on the book, often taking multiple years to complete the tasks of writing, editing, and publishing.
Starting the book requires a significant level of effort, but the subsequent marketing and sales activities demand a moderate ongoing effort.
The time it takes to receive the first payment is contingent upon how and where you choose to sell your books.
Things to keep in mind:
- Grow a following for your personal brand as an author.
- Digital delivery apps can be useful if you plan to sell ebooks directly to customers on your own website.
Balancing Life and Business for Long-Term Success
In order to achieve long-term success as a lifestyle entrepreneur, it is crucial to uphold a healthy equilibrium between personal life and work.
Sustaining the amount of energy and enthusiasm required for entrepreneurial success involves various practices such as taking regular breaks, establishing limits with clients, prioritizing family time, and scheduling enjoyable activities.
Furthermore, it can be incredibly beneficial to establish connections with fellow entrepreneurs who comprehend the determination required to stay motivated. The presence of a supportive group of peers, capable of offering both encouragement and constructive criticism, is priceless in aiding your progress towards achieving your objectives.
How to Make Money as a Lifestyle Entrepreneur
It may be a challenging journey to achieve lifestyle entrepreneurship, and achieving business growth may require a considerable amount of time. Nevertheless, having a defined vision and unwavering determination can enable individuals to establish a lifestyle business that grants them full freedom to work from any location and generate enough income to quit their regular employment.
A notable aspect of lifestyle entrepreneurship, in contrast to traditional entrepreneurship, is the emphasis placed by lifestyle entrepreneurs on pursuing their passions.
Instead of being confined to desks or meeting rooms, lifestyle entrepreneurs who enjoy their work have the ability to generate millions of dollars.
By becoming a lifestyle entrepreneur, you can transform your passions into a source of income, enjoy the company of like-minded individuals, pursue your passion for traveling, and live a fulfilling life.
