A lifestyle entrepreneur is someone who creates a business for the sake of changing their life. Instead of making profits, they want to create something that will personally reward them and leave the world better than when it was before. While success may come from how passionate an individual can be about what they’re doing, this won’t happen in order to make money – only as a side effect after all else has been considered first.
A lifestyle entrepreneur is an individual who may have originally set out to make their living through a traditional job, but at some point found themselves drawn towards the freedom of entrepreneurship. While this idea has only been around since recently, there are many examples in history where individuals could be considered lifestyle entrepreneurs – think Richard Branson or Oprah Winfrey.
These people discovered that they had skills and abilities which were valuable enough for others to pay them for it online; hence why we use the term ‘lifestyle’ as opposed to something more generic like “entrepreneur.”
A lifestyle entrepreneur focuses on life rewards rather than monetary rewards and focuses more on freedom rather than business growth.
How To Become a Lifestyle Entrepreneur?
To become a successful lifestyle entrepreneur, you need to understand who a traditional entrepreneur is. a traditional entrepreneur identifies a need and starts a business to provide a solution. It may not be as rewarding compared to a lifestyle entrepreneur because you will need more time and resources to run the business.
If you want to become a lifestyle entrepreneur, you have to focus on building a career around your type of lifestyle. Any profits made by lifestyle entrepreneurs usually go to support the lifestyle of that individual. Now that you know the difference, here is how you can become a lifestyle entrepreneur:
- know the kind of lifestyle you want
- know what you are passionate about
- Look for a business that goes hand in hand with your passion
- Research and plan your ideas wisely
- Set a price and plan a marketing strategy
- Automate your business and outsource if possible. This means having an online business where necessary.
- Identify and choose a profitable target audience
write your lifestyle business plan that includes all the details you would include into a traditional business plan like the product, marketing strategy, source of funding while making sure it will fund your chosen lifestyle and your lifestyle goals
Test your market, and start slowly so that you can see the kind of response you will get. You can also try advertising your product on social media adverts to see how people respond to your services.
Signs You Are a Lifestyle Entrepreneur
Do you do something personal and exciting like traveling, creating art, or something else and write about it? Do you share your personal experiences on social media and enjoy a big following then get money from that? If you answered yes! you are a lifestyle entrepreneur.
Successful lifestyle entrepreneurs are flexible, committed, independent, and resilient. Let’s expound more on these qualities:
Lifestyle Entrepreneur Qualities
Flexible
How do lifestyle entrepreneurs run a successful business? They are flexible. You should be flexible enough and be ready to change tactics when the need arises. As an entrepreneur, it is important that you are flexible enough so there are never opportunity gaps in your target business
New challenges are one of the many things that you will find when starting a new business. As an entrepreneur, when you are flexible you will not to miss any opportunities to make money.
Don’t let changes get you down; use them for motivation and take advantage!
Committed
You need to have a business plan and commit to your idea of business. This means that you should do extensive research to see if it will be profitable enough to sustain your business.
Entrepreneurs don’t need to focus on profits, but they still have to be committed and perform market research.
Independent
When you choose lifestyle entrepreneurship as a business, you need to be an independent person. This will enable you to create a business on your own terms and conditions while you focus on your passion.
You have to be your own boss and work on something you’re passionate about if you want a lifestyle business. If the idea of working for yourself sounds appealing, then starting an entrepreneurial company may be right up your alley!
Realistic
If you want to be a successful lifestyle entrepreneur, make sure that your goals are attainable and realistic. Setting realistic goals from the onset of your business will ensure that you are successful and make money.
It’s not easy to make your first lifestyle entrepreneur campaign a success, so resilience is essential for those who want this as their career.
Resilient
Who says your business venture will pick up the moment you set it up? Setting up a business is a vigorous and strenuous activity that will take a toll on your mind as well. Your business may not be successful when you start out. You will only succeed if you are resilient enough. Lifestyle entrepreneurs also don’t have to focus on their profits but must still stay committed to researching new markets.
Future of Lifestyle Entrepreneurship
Lifestyle entrepreneurs have the opportunity to start and run their own businesses without any of the hassles that come with dealing with physical goods. Now, thanks to improvements in technology, it’s never been easier for someone who wants a career change or just more free time on weekends than ever before!
Automating most of your business tasks will create more time to spend on your lifestyle. This will also likely result in a short work week where you derive the majority of your income from passive sources.
The beginning is always tough, but once you get past that initial hump everything starts to make sense and lead towards living life the way it should be lived – with passion!
Once you decide to be a lifestyle entrepreneur make sure your business idea is viable for it to fund your desired lifestyle. Good business ideas will help you have a competitive advantage over your competitors. Avoid following opportunities that will require extra learning.
Benefits of Being a Lifestyle Entrepreneur
Many lifestyle entrepreneurs generate millions in a year from following their passion and following through on their dreams.
Control
Lifestyle entrepreneurship is a way to take control of your life. You get the chance to work with what you are good at and love doing, which brings job satisfaction as well as overall happiness into your everyday living.
Effort–Based Salary
As a lifestyle entrepreneur, the more you put into your business, the better. Your income directly correlates with how much time and effort go in; if this is something that doesn’t drive you then it’s not worth doing
Excitement
The life of a lifestyle entrepreneur is one where each day has new challenges, possibilities to grow and learn. It’s full of excitement and pleasure that will inspire you to take risks in your own business!
Freedom
As a lifestyle entrepreneur, you’ll be able to conduct your business wherever and whenever it suits you.
Lifestyle entrepreneurs are one of the most attractive perks for budding entrepreneurship because they have complete freedom over their schedules. The best part is that this style of work allows them to tailor their schedule so that they can do any type of work at any time during the day or night.
The future of Lifestyle entrepreneurs
The future is brighter than ever for those seeking lifestyle entrepreneurship. This mode of entrepreneurship is able to prosper on the internet which means that future technological advancements ought to make it even more attractive to be a lifestyle entrepreneur.
If you have skills and abilities that are valuable for others to pay for them, don’t hesitate to use them to propel your lifestyle. many will be willing to purchase products from you if it is aligned with your lifestyle. For example, they will purchase physical goods from you like gardening tools if your lifestyle entrepreneurship is aligned towards gardening.
Examples of lifestyle entrepreneurs and lifestyle entrepreneurship
Lifestyle entrepreneur builds a career around a passion for travel and freedom. Natalie Sisson and Tim Ferriss create businesses to suit their lifestyle. The internet allows individuals to establish and manage businesses from anywhere in the world.
Cloud computers smartphones and laptops let the consumer business owner perform a business at home as well. The book author of Suitcase Entrepreneur “The 4-Hour Workweek” is renowned internationally for his book, “The 4-hour Workweek”, in which. Lifestyle business owners earn money but this money is used to support hobbies interests and goals.
Conclusion
All in all, being a lifestyle entrepreneur means being responsible for your own success rather than allowing someone else to do it for you. Achieving this type of lifestyle may be a tough road ahead, but with persistence and the right knowledge, it can be done. Starting out in entrepreneurship may be intimidating to some people, but it is possible to conquer it if you have the drive, determination, and luck. The sky is really the limit when it comes to becoming an entrepreneur and becoming successful.
