Are you tired of the 9-5 grind? Do you dream of reclaiming your time and living life on your own terms? If so, a lifestyle business may be the perfect solution for you. In this guide, we'll cover everything you need to know about starting and growing a successful lifestyle business, providing you with real-life examples and actionable tips along the way. So, are you ready to transform your life? Let's dive in!
What is a Lifestyle Business?
A lifestyle business is all about freedom and flexibility. It's a unique career path where you earn enough income to sustain the lifestyle you desire. Solopreneurs typically run lifestyle businesses, but they may also hire freelancers to handle certain tasks. The beauty of a lifestyle business is that you can run it from anywhere - a cozy cafe, a co-working space, or even a tropical island. As long as you have a laptop, a reliable WiFi connection, proven skills, and a passion for what you do, anyone can become a successful lifestyle entrepreneur.
Wondering what type of online businesses you can run as a lifestyle entrepreneur? The options are endless. From affiliate marketing and blogging to eCommerce and consulting, there are countless opportunities for location-independent entrepreneurs. Take, for example, Amy Anthony, a stay-at-home mom who runs Oh So Spotless, an affiliate blog that teaches readers how to clean and organize their homes. Amy collaborates with a team of freelance writers and editors to produce valuable content, earning a commission each time a reader makes a purchase through her affiliate links.
Image Source: Oh So Spotless
Lifestyle Business vs. Startup: What's the Difference?
People often confuse lifestyle businesses with startups, but there's a key distinction between the two. While startup founders aim to solve a problem they're passionate about, often leading to significant financial gains, lifestyle entrepreneurs embark on their ventures to enhance their quality of life and live according to their desired lifestyle. The chart below highlights the main differences between lifestyle businesses and startups:
How to Start and Grow a Thriving Lifestyle Business
To truly understand the ins and outs of running a successful lifestyle business, let's take a closer look at the experiences of entrepreneurs who have been through it all. We reached out to 106 lifestyle entrepreneurs for their best tips, and after careful consideration, we've compiled a list of nine actionable steps. Here's what you need to do:
1. Chat with Your Target Audience
Before you dive headfirst into launching your lifestyle business, take the time to understand your target audience. Engage in conversations with them to pinpoint their struggles, desires, and needs. This valuable information will help you create a product or service that resonates with them and ensures a demand for what you have to offer.
One excellent example is Jackson Kerchis, the founder of Happiness Major. Before developing his product, Jackson conducted interviews with over 30 students and 20 college administrators to identify their challenges. Armed with this knowledge, he organized an in-person event and course, tailoring them to address the exact pain points he had discovered. By starting with these conversations, Jackson found it much easier to attract and engage his target customers.
Image Source: Happiness Major
2. Create a Master Plan (But Keep It Simple)
Even though running a lifestyle business means you have the freedom to make decisions on your own terms, having a master plan is crucial to keep your goals and strategies on track. Ask yourself important questions like how much time you want to dedicate to your business, how much income you aim to generate, and how you plan to grow your business without hiring full-time employees.
For instance, if you're a startup consultant and your goal is to earn $5000 a month, determine how many clients you need to work with each month and whether they will be long-term partners. Additionally, consider how you can attract new clients while working on ongoing projects. Creating a simple, actionable plan will help you avoid overwhelming yourself with unnecessary tasks.
Here's a case in point: Alex Willen, founder of Cooper's Treats eCommerce store, stresses the importance of planning ahead to avoid getting caught up in "treadmill activities" and burnout.
Image Source: Cooper's Treats
3. Select a Niche and Become an Expert
Identify a niche that aligns with your passion and expertise. This sweet spot allows you to delve deep into a specific area and establish yourself as an authority. Your niche should cater to a specific audience, but make sure it is large enough to ensure a demand for your product or service. Standing out from the competition within your chosen niche is an added advantage.
When Nicole Faith started Plush Society in the vegan industry, she knew she didn't want to create just another typical vegan blog. Instead, she leveraged her expertise in vegan resources to offer personalized shopping experiences in the luxury vegan lifestyle space. By combining her passion and skills, Nicole was able to carve out a unique position within the market.
Image Source: Plush Society
4. Showcase Your X-Factor
Differentiate yourself from the competition by highlighting your X-factor. This is what sets you apart and makes your business memorable. Your X-factor can be anything that adds value to your customers' experience and makes your business stand out. For example, if you run a blogging consulting business, consider sending audio clips of encouragement to your clients. If you have an eCommerce store, personalized handwritten thank-you cards can be your X-factor.
Joshua Strawczynski, who operates JMarketing from a tropical island, stands out with his unique proposals. These proposals resemble miniature websites, offering an interactive and user-friendly experience for prospective clients.
Image Source: JMarketing
5. Build a Website or Buy One
A professional website is essential for establishing credibility and showcasing your expertise. Depending on the type of lifestyle business you're running, choose a website builder that aligns with your needs. For eCommerce stores, Shopify is an excellent choice, while WordPress is a popular option for affiliate-based businesses and content creation.
If you want to skip the hassle of building a website from scratch, you can always purchase one from a website marketplace. Stacy Caprio, an online marketer, tried creating her own daily deals website for three years without success. Eventually, she purchased Deals Scoop on Flippa and turned it into a profitable source of income.
Image Source: Deals Scoop
6. Attract Quality Traffic
Once your website is up and running, it's time to attract targeted traffic. Creating unique, evergreen content is a powerful way to drive organic traffic to your site over the long term. Evergreen content stands the test of time, remaining relevant and attracting readers for years to come. Jeremy Owens experienced the power of evergreen content when one of his brain teasers went viral, earning him exposure in top publications.
Image Source: The Sun
Building backlinks is another effective strategy for attracting targeted traffic. Lina Velikova, a medical advisor at Supplements 101, uses HARO (Help a Reporter Out) to get featured in high-authority publications, driving traffic back to her website.
Image Source: Best Life
7. Be Your Own Salesperson
Networking plays a crucial role in the success of your lifestyle business. Utilize social media platforms to connect with potential clients and promote your business. Afoma Umesi, a freelance writer and editor, has had great success finding new work through social media.
Image Source: Twitter
Networking also includes reaching out to your target audience before launching your product or service. Bonnibelle Chukwuneta, a lifestyle blogger, sent cold emails to prospective clients even before having everything in place for her blogging business. Her initiative paid off when she secured a freelance writing gig with Sacramento News & Review.
Image Source: Sacramento News & Review
8. Diversify Your Income Streams
In uncertain times, it's crucial to have multiple income streams for added stability. If your income relies solely on one channel, such as in-person events for a motivational speaker, any disruption can severely impact your livelihood. By diversifying your income, you create a safety net. Explore various avenues like creating courses, starting a membership community, or selling e-books to generate income from different sources. Pete McPherson, the founder of Do You Even Blog, emphasizes the importance of diversification.
9. Scale with Software Tools
Automation is key to running a truly streamlined lifestyle business. Leverage software tools to delegate tasks and save time. For example, Darcy Ogdon-Nolan converted his cafe, The Bircher Bar, into a health-based affiliate business using editorial and marketing tools like StoryChief, Snovio, and SocialBee, all of which he purchased on AppSumo.
Image Source: The Bircher Bar
Additionally, consider using tools like WP Scheduled Posts to manage your content calendar effortlessly and Sociamonials to create stunning social media campaigns.
With these nine steps and the right software tools, you'll be on your way to launching a thriving lifestyle business that allows you to reclaim your time and live life on your terms.
Conclusion
Launching and running a lifestyle business requires hard work, careful planning, and relentless dedication. But the rewards are immense. Instead of pursuing profit or funding, you're focusing on creating a life that aligns with your desires and aspirations. We've covered a lot of ground in this guide, from chatting with your target audience to automating your business with software tools. Now it's time for you to take action, experiment, and see what works best for your lifestyle business. We can't wait to hear about your success, Sumo-lings!
