A lifestyle business refers to a business you build up to cater to a certain lifestyle.
Do not confuse lifestyle businesses with an advertisement that you might see on TV or the internet on, ‘how to make big cash with little investment. Don’t fall prey to such scams in an attempt to build a lifestyle business.
When one mentions lifestyle business, it means that you want to build a business that can generate the kind of revenue that facilitates the kind of lifestyle you want to build.
What Do You Mean by a Lifestyle Business?
Let us answer this question by giving you a few examples. Many entrepreneurs start lifestyle businesses by giving online coaching classes, offering online courses or becoming motivational speakers, etc.
A lifestyle business in most cases offers you a flexible schedule while generating revenue, and sometimes it means working on multiple projects to generate multiple revenue streams offering different experiences. Today, a lot of vlogs are getting shows on Netflix where they get paid to go eat at restaurants and post their review.
Another example is corporate consultancy, where you get to travel and generate revenue in the meanwhile. What is corporate consultancy? It’s just public speaking and giving your advice to the corporation on matters at large and gets paid for it. Sounds easy right? However, you need to have the right skill set to do this. So for example you are giving corporations a sales pitch for flex sprayers, you need to be very well informed about the products and painting industry.
So if you are looking to build a lifestyle business that works out for you, here are few essential tactics.
What Is the Bigger Picture?
You need to be very clear about the bigger picture. What are your goals? What are the goals of your business? Are you interested in just making money online? or you are interested in creating a long-term income stream that can generate business goals and a certain lifestyle for you.
The first thing you need to understand and be clear on is who you want to help and how? Once you have this figured out, know that your services or products might not be for everyone and that is okay. In short, you need to know your target market.
Once you have the above two things figured out, the next you need to understand how you can use the business to support your lifestyle. You might have a few unconventional business and personal lifestyles that you might want to sync to get the desired results.
Lay Down the Foundation of Your Business
The next element for you to figure out is to lay down the foundation of your business. This means you need to decide whether you are working as a sole proprietor or in partnership. You might want to think long-term when making this decision. Are you thinking of building a big corporation or an entrepreneurial business, or an agency?
In 2021, you also need to decide to take your business online, build a website, and have an online presence on all social media platforms. There are a lot of articles you can find on the internet that you can read up on to figure out a foundation strategy.
Focus on Your Target Market
By nature, humans are greedy and they want to generate as much money as they can. This means that they might want to invest in as many customers as they can.
However, if you are smart, you should invest your resources in the target market. Because if you are wasting your resources who are most likely not interested in the services you are offering, that’s just a waste of time.
Once you have a target market in mind, build your network through social media and local channels, etc. Indulge in podcasts, video, and photo content with which you can speak directly to your audience. Understand your customers and speak in a way that resonates with your audience. Sometimes that means driving a few people away, but that’s okay. Because the key is to please your customers, in their language.
Another thing that can help you target your customers is to use the analytics that is provided to you by social media platforms and your e-commerce website. A lot of success lies in these analytics reports that can give all the major details on your target audiences that you can use to make a digital marketing campaign.
The details of these analytics reports include information on customer leads, for example, giving you data on your customer’s likes, dislikes, buying patterns, online buying patterns, geographic, demographics, etc. There is a lot you can find out about your customers and use it wisely to target them with your content.
A professional marketing team charges an arm and a leg just for this. Because if you have a formula worked out for selling products and services, this is the most valuable thing you can do for your business.
A lot of people are earning millions working as digital marketers for corporations and firms, working on their schedules and providing key services and features. Or you can also work as an advertiser and get multiple projects that fit your lifestyle. These are all services that you can offer at flexible timings.
A lot of people are also choosing to become bloggers and influencers and creating a brand name for themselves. Once you have that name and a huge fan following, you can charge corporations a hefty sum to promote their products on their social media platforms or become their brand ambassadors.
Build Your Revenue Stream
One key feature of building a lifestyle business is to generate multiple revenue streams and build passive income into your lifestyle business. There are various ways you can do that and this means using online and offline means to generate income.
Online ways to earn money include, drop shipping, consultancy, online classes, crash courses, content writing, graphic designing, etc. Online ways mean generating income using online means. For example, you sell a product online. You can also sell the same product offline means.
Offline ways to generate revenue streams could mean offering physical classes in college, in-house digital marketing projects, etc. Offline ways refer to services that you are delivering in a physical form. One good example can be for you to become a professor at a college and give a lecture. You can do the same online.
A lot of individuals are working as freelancers, where they are taking multiple online and offline projects and creating a brand of their own. Platforms like fiver and Up work are the most used for getting projects. And we are not exaggerating when we tell you that people have the potential of making approximately 5 to 10 laces in a month or more. The more popular your name gets, and you can charge accordingly for your services.
Create an Attractive Online Store
Once you create an online store, you must invest in the layout of your website and social media platforms. You need to keep in mind that you make the landing page of your website impressive.
This means that you need to invest in attractive content placement, color scheming, the font and call-for-action should be on point.
You can hire a digital marketer to do this for you or you can do it yourself. The key is to make your online store user-friendly, where your customers can find answers to what they need. A lot of businesses waste a lot of space of their website stuff on irrelevant stuff and hence lose out on customers.
When a customer visits your website, you need to find different ways to keep your customers on your page. What you can do is, upload attractive video and photo content or invest in interesting blogs that can keep your customers.
Today, people are investing their time smartly and generating more income. A lot of corporate professionals claim that they are underpaid for their 9 to 5 jobs and feel that they can utilize the extra time to generate more income.
This is why in 2021; people are seen playing smartly with their investments. A lot is because of this pandemic as well, where people lost their job and had to think about a creative way to utilize time and create an income stream.
One key element for lifestyle business owners is to do a lot of brainstorming. Brainstorming essentially refers to a discussion with teammates that are working together to generate multiple revenue streams. This could mean, working out business plans, cost, budget analyses, etc.
A lot of people in this pandemic are creating their names as a brand and giving out consultations and services regarding various elements.
Nisar is a digital marketing expert from Media Hicon for many years. He considers bringing all the keywords to the top of his duty and constantly str.