If you’re lucky, you didn’t need to endure hours of traffic; slave away at a job you hated, or settle for a pittance of a salary for years; before suddenly realizing you weren’t cut out for that life. Some lucky people know from the get-go that they will never be happy servicing the dreams of another as an employee. So they go on to set up a lifestyle business of their own.
But whether you’re currently enduring a job that you hate; or already working on owning something for yourself, you will need to know what type of lifestyle business it is; and how to start a lifestyle business. But first, what is a lifestyle business?
A lifestyle business is one where you run your business without any sacrifices to your life. That way, you live the exact life you have always dreamed of. Lifestyle businesses are not built mainly to make a profit. But you set up a lifestyle business first for your personal and lifestyle reasons. The profit is just a bonus. If you’re lucky, it’s a huge bonus.
The easiest examples of a lifestyle business are blogging, writing novels, consultancy, and online stores. Add to the list photography, social media content creation, and youtube vlogging. All of these are lifestyle businesses that you can run even as an employee. How to set up your lifestyle business?
How To Set Up A Lifestyle Business In 10 Simple Steps
- Define your goals
- Identify your passion and interest areas.
- Find a problem
- Create solutions to that problem
- Package your solutions into a business
- Set it up
- Build a potential customer/client list
- Just do it!
- Stay connected to your market
- Trust your intuition and never stop learning
Now, let’s break them down.
Define your goals
The first step is knowing what you want. You are sure you want to start a business, but what are the fine points? What do you hope to accomplish? Make a list of the personal things you want to see happening in your life as a result of this business..
Be sure to consider how much freedom you want while doing this; and how much money you need to be making to support your lifestyle.
Identify your passion and interest
A lifestyle business should be built around something that you love and enjoy doing. This is why you have to be clear on what you’re passionate about and the things you enjoy doing. Let them be the building blocks on which your lifestyle business will stand.
Several businesses have failed because their owners lost interest and gave up on them halfway through. Your lifestyle business has a higher chance of succeeding if you’re passionate about it.
In Setting Up A Business, You Must Find A Problem.
For a business to make money, it has to solve at least one problem. You will need to identify problems that your passion and interests can solve. That’s how to be sure you will get any customers. People will come if they know you have something they need.
Create solutions to that problem
You have to spend time creatively coming up with solutions to that problem above. Do it in such a way that it becomes a money-spinner. Ask yourself: would people pay for it? What lifestyle businesses are your competitors? What are people paying them for? Studying them will help you see what solutions people will pay for.
Package your solutions into a business
The solutions you have found to the problems you identified are your lifestyle business. Package them accordingly. This means you need to create a concept around these two. This concept is your lifestyle business.
You may love children, for instance. That’s your passion. There are hundreds of parents who work long hours and need someone to keep an eye on their kids. That’s a problem for them. You have time on your hands, love for kids and a fairly big home. That’s your solution. Your business concept would be to offer creche or daycare services to these parents. Package the how into a solid business idea your potential customers cannot refuse.
Go On And Set Up Your Lifestyle Company
You can now decide clearly what lifestyle business you will set up. Be sure that your business will be automated somehow. There has to be a way to infuse technology in your business idea. For your creche, think about adding cameras so that parents can view their kids in real-time and be sure that they’re fine. Technology will make things easier for you down the line.
Build a potential customer/client list
You have to know what kind of clients you want to attract upfront. Where can you find them? Who are they? What do they do? Will they be able to afford your solutions? Chances are they are your friends and family. That’s always a great place to start because you have most likely given them your services for free at some point. Also look into your networks, at work at school, at church, etc. Make that list.
Just Do It.
This will be the one that needs the most work when you are starting your lifestyle business. Get the tools you need to get set up. If you are planning on writing or becoming a professional blogger, you have to get the basics down of setting up a blog. This includes learning about and obtaining, the tools that you need.
Stay connected to your clients/market
This applies to your clients or your market. Through staying connected with them via social media and email; you will be able to keep yourself updated on the products and services that they want to buy; and the problems that they will be having that you might have a solution for.
Trust your intuition
This is also very important. Of course, learning should be a continuous process. Attend training and seminars related to the business you chose to go into. Keep yourself up to speed with the latest developments related to your chosen field of interest.
The real beauty of a lifestyle business is being paid to do work that you enjoy so much you won’t even call it “work”, and living the good life! Get started with your lifestyle business today and live life to the fullest!