Have you ever heard of a lifestyle business?
My definition of a Lifestyle Business is one that you set up to Start and Sustain a Lifestyle that YOU desire.
Even Forbes (Sean Ogle, 21 Sep 2012) considers that people should be building lifestyle businesses instead of Start-Ups and I totally agree. As someone that has been involved in particular in the Fintech space, I can see that although both require hard work, commitment and perseverance, some advantages are not available to startups.
- In a startup, you spend the first couple of years trying to get funding to make your business work.
- In a startup, you don’t see profits until you’ve been there for a while.
- In a startup, your business becomes another 9 to 5 or worse as you are trying to get it off the ground and as you worry how to cover payroll or meet your targets for the month promised to investors.
In contrast, a Lifestyle Business gives you:
- Freedom to do what you want when you are not working on your business, whether that is more time for your family, friends or yourself you simply have more freedom to enjoy life.
- Flexibility to work from wherever you are and you see many examples of people that travel and leverage digital systems to keep their business and lifestyle going.
- Focus on controlling your life and your business as you are usually one doing Everything! challenging you to become the best version of yourself.
But what are the steps in getting started?
- First of all, you need a REAL DESIRE to change your life. I know how comfortable (sometimes) is the 9 to 5 and how you can get used to commuting to work for hours. And I know how you get used to the idea that you only spend quality time with family, friends and yourself during weekends and holidays. However, when feeling trapped in the 9 to 5 if you want to change your lifestyle you really need to be committed to changing your mindset and challenging any preconceptions you may have had growing up or going to school. Now, a business, even a lifestyle business is hard work but you also get the perks of designing and living the life you want.
- Second, define your product to sell. Here it is very important to define your idea or product to sell. If you want to go with your own original idea I would recommend that you review skills, knowledge, challenges overcame and match these with the potential market where they could be valuable. Developing your own product may take more time but could be valuable in the long run. However, if you are not ready yet to start your own product you can sell other people’s products. This option allows you to learn and get experience in the online marketing world. A lot of online entrepreneurs start like this and then evolve to develop their own products. Whatever is your choice just stick to it until it works as what you will learn will be invaluable to evolve your lifestyle business.
- Third, you need a platform or a series of software and/or systems to support the management of your business. On the Internet, you will find many options available just remember that ‘free’ options don’t come without their challenges in terms of control, safety and flexibility. If you are experienced and have a multi-million lifestyle business it is likely that the systems will be more sophisticated and in some cases, you can outsource a lot of the activities. However, if you are new to the online world leveraging a ready to go marketing platform can really save you time and money. From setting up your website, funnel managing emails and so on, it could be beneficial to leverage proved digital systems that pretty much have everything available.
- Fourth, targeting the right customers. This may seem obvious but spending time doing research on your target customer may mean success or failure later on as your launch and try to establish your business. Therefore, spend as much time as required really getting to know the pain points, fears, obstacles, hopes and dreams from your ideal customer. From simple research on Google, Amazon, Reddit, Quora or using more formal surveys methodologies, it is really important that you get insights and direction to understand where to find your customers, what will you solve for them and how will you speak to them. At the end, having a clearly defined and ideal avatar will be helpful when you want to market to them.
- Fifth, build your list with a funnel you continuously optimise. The famous funnel to go from attracting prospects to getting their trust to give you their emails and finally purchase your product is one of the most discussed topics in online marketing. At the end of the day, a list is your asset and taking care to build, nurture and grow your asset is even more important in the online world. Here it is likely you will also want to leverage systems to create from landing pages to link these to your email management system and if these are all pre-worked for you, it can be a great benefit.
- Sixth, selling your products. As you start you may want to develop content to promote your products by blogging or you may want to go and invest in great platforms like Google, Bind, YouTube, Instagram, Facebook. Again, if you don’t have previous knowledge or experience it should be fine as these don’t require great levels of investment to start but relying on a system that has been established and leveraging the training that they can provide can be really useful to get you off the ground.
- Last but not least, masterminding with successful people that have travelled the same entrepreneurial journey can be invaluable. I have learned so much from successful entrepreneurs and having a community that supports you in the path of starting a lifestyle business can be one of the most valuable steps to minimise failure and grow your business.
I’m conscious that there are details that I have not included on this post but for me, these seven points have proven to be fundamental in my own experience building a lifestyle business and for this reason, I want to share them with others that also want to start.
Considering a lifestyle business? Let me support you in this journey and here is a great place where to start http://bit.ly/2o02eiX