The lifestyle business I run is my own. I do not want to maximize profits or revenues for my business. Maintaining and improving my lifestyle is my goal.
It wasn’t my intention to start a lifestyle business. It just kind of happened that way. I was actually trying to grow a tech startup at the time, which is a very different beast.
Since setting up this first business, I’ve sure learned a lot! I think that the main requirement of a lifestyle business is that it must allow you to separate time from income, as Tim Ferriss explains in his book,
Below I have listed a few different ideas that may help you start your own lifestyle business. The following list is intended to be helpful to you!
1.Write an eBook
Although you will probably need to write more than one eBook to be able to live off of its income, this is another way to start generating passive income and you can even do this part-time.
My website sells several private ebooks and Amazon ebooks that I have published. My business has become one of the passive income streams. From Amazon, I receive money deposited into my bank account each month
2.Create an Online Course
Your specialization must be something of a specialty. Why not earn money from teaching online? You have a great deal of flexibility when taking an online course. You don’t need to be physically present when someone purchases your course, and you don’t have to be with them throughout each lesson.
3.Join an Affiliate Program
Affiliate marketing is not without its drawbacks, as I am the first to admit. If you don’t know what affiliate marketing is, it’s when you market a product on behalf of the creator. A commission will be earned if a customer signs up for that product or service.
You might earn a cut when someone purchases a product from one of your links if you are part of the Amazon affiliate program. Likely, you’d be recommending that product or providing information so that they can make a more informed decision.
4.Create and Sell a Product Online
My other blog, on which I discuss e-commerce and crowdfunding, focuses on this topic. Unlike traditional business, ecommerce does not have to be associated with it. Previously, managing a physical store required you to be in a physical location or hire employees. You can now coordinate everything online!
Shopify and these other sites can be used to create an online storefront.
An experienced web developer is not necessary. In addition to pay-per-click ads, social media marketing, and SEO can be used to get traffic. Using a fulfillment center allows you to coordinate shipping.
You’ll have to figure out how to supply your product early on, which is going to require significant effort. You’ll need to find a reputable manufacturer, along with an estimate of how much it will cost to get the product from the production facility to the customer’s home.
5.White Label or Re-Sell a Product
In simple terms, you are rebranding established products. It is legal for you to brand the product, but you are not allowed to make the product yourself. Even drop shipping systems might be able to eliminate the need to keep much inventory.
Plus, I think this is a very easy way to enter e-commerce, especially if you are more of a marketer. The strategy does not prove to be a very effective one over the long run. If you produce the same product, you’ll face competition from other people who can copy that product.
However, white labeling a product can provide the passive income needed to grow a lifestyle business. Alternatively, you can also buy and re-sell products online instead of white labeling.
6. Start a Blog, Podcast or YouTube Channel
In other words, you need to start creating content through a medium that can be used to cultivate a relationship with a target audience. This content can then be monetized with ads or by telling people about your own products.
. If one has low expenses (which is not likely) one can live solely from the advertising income of one of these channels. It is, however, important to build one’s presence on any of these platforms because it is a constant source of leads!
In order to run a successful lifestyle business, both new sales leads and consistent sales are essential.
7. Invest in Real Estate
As a result, some capital will be needed up front. In addition, it’s very easy to see in the future how you can live off property income and quit your job if you start building a real estate portfolio.
Creating a lifestyle business should be your main goal if you wish to generate income independent of your time. It’s not necessary for you to be physically present when your tenant pays their rent. In the beginning, you may need a property manager, but you can eventually get to a point where you will have more of an investment approach that is hands-off. Also, you can invest in real estate online.
The Way Forward
It is possible to build a lifestyle business from a product or service that is automated and does not involve the entrepreneur. Truthfully, it all boils down to what you need to earn. To begin, I would suggest starting here. Do you need a certain amount of income?
In Thailand, you will have a much lower income requirement than in Manhattan. Taking advantage of currency arbitrage is a straightforward way to cut your costs early on in your lifestyle business. Make your dollar count by moving to an area where it is more plentiful. By this method, you won’t have to earn as much money to live the lifestyle you want.
Please leave a comment down below if you have any questions about this article.