A lifestyle entrepreneur is somebody that chooses their business path for the sole purpose of living a specific lifestyle. What kind of lifestyle this is, is subjective, but it is generally applied to someone that is able to work remotely, usually from their laptop and able to do so anywhere in the world that they want.
People that choose this path are making lifestyle their priority and then work comes as a later choice. There are many great benefits to making this decision, one main one being the ability to travel. Lifestyle entrepreneurship allows for travel, flexibility, and semi-passive income, without worrying about returning home for work.
Entrepreneurship can be a daunting step, but with the right guidance, it’s easier to save time and money. Our article, with an 8 min read time, includes tips on how to transition from a corporate job to an entrepreneur.
What Is An Entrepreneur?
An entrepreneur is an individual who starts and runs a business venture, taking on financial risks in the hope of making a profit. Entrepreneurs typically identify a need in the market and create a product or service to meet that need.
They must develop a business plan, secure funding, and manage all aspects of their enterprise, from product development to marketing and sales.
Successful entrepreneurs possess creativity, adaptability, and perseverance and are willing to take calculated risks to achieve their goals.
What Are Traditional Entrepreneurs?
Traditional entrepreneurs are individuals who start businesses to create wealth and build a successful enterprise. They often operate within established industries, offering products or services that are well-known to the market.
Unlike social or lifestyle entrepreneurs, traditional entrepreneurs are primarily motivated by financial gain rather than social or personal values. They typically focus on maximizing profits and increasing the value of their business over time.
Traditional entrepreneurship often involves developing a business plan, securing funding, and establishing a legal and organizational structure. The entrepreneur must also identify a target market, develop a marketing strategy, and create products or services that meet the needs and preferences of customers.
Traditional entrepreneurs may face a range of challenges, including competition from established players in their industry, limited access to funding, and regulatory hurdles. However, with the right strategy and execution, traditional entrepreneurship can be a path to financial success and long-term growth.
What Is Lifestyle Entrepreneurship?
Lifestyle entrepreneurship is a type of entrepreneurship that focuses on creating a business that fits with an individual’s preferred lifestyle.
Rather than starting a business solely for financial gain, lifestyle entrepreneurs seek to create a business that allows them to balance work and personal life. Tech allows lifestyle entrepreneurs to run remote businesses, achieving flexibility and mobility.
Lifestyle entrepreneurs prioritize personal values such as freedom, flexibility, and autonomy, and seek to create businesses that align with these values.
Digital Lifestyle Entrepreneurs: Software & Social Media Reply
The thing that made all this possible is the internet. From its first inception, it didn’t take long for people to realize there was many ways to make money from it, which were as close to passive as you can get. I will discuss these later in the article in the Lifestyle business example section.
What is so good about earning a living digitally? It is no surprise that remote work and earning digital income is one of the biggest trends over the past few decades, but why is there so much hype around it, I’ll list a few reasons. You can decide how important you think these are:
- Smaller Capital Investment Required: This wasn’t always the case; when the internet first came around, it wasn’t uncommon for entrepreneurs to pay $50k for what would now only cost around $5k. There is many reasons for this, the main being supply increase (a huge increase in the number of people being able to offer this service).
- Live Where you Want to Live: If you were to ask yourself right now, where would you choose if you were able to live anywhere in the world? I’m sure the answer would be somewhere different to where you live. This is such a huge driver to the rise of digital nomads. Many people no longer need to be stuck in the same spot for 48 weeks in a year; many can live wherever they want.
- Rising industry: As mentioned previously, The growth in this industry is huge, and as they say, A rising tide lifts all ships. The shift to digital is far from over; with many industries being disrupted every day, why would you not want to place yourself in a booming industry and give yourself every chance of success?
How do I start a Lifestyle Entrepreneur Business?
As with anything, you need a plan before you start to build. You need to work out what type of lifestyle business will suit the life you are after. Then you need to fully commit to learning the chosen craft and put your head down and study, Yes they are lifestyle businesses, but they require work to learn them initially.
One way to begin:
- Find a Mentor(Can be through an online course) who is successful in the business type you chose
- Read the reviews of the course to make sure you are choosing a good course
Study the course in your free time, then continue to study even while you have taken the leap into your lifestyle business.
What is a lifestyle business living example?
I have made a list below with 7 lifestyle businesses you can create in order of most passive to least passive with a description and the average time needed to commit.
Note: This is considering you are a complete beginner and have no prior skills in each industry:
| Business Type | Description | Commitment By Hours |
| Investor | This can be as close to passive as possible; You will still need to manage the investments, lodge tax returns & research new investments | 1-10 Hours Per week |
| Saas Business | Software as a Service can be time-consuming to set up, but if you get the product/market fit right, it can be very passive, and you can have a lot of the admin outsourced. | 2-12 Hours Per Week |
| Blog | The most time-consuming part to this business model is writing the content. This can be outsourced; then there is admin, SEO & managing to keep you busy. | 8-24 Hours per week |
| Consulting | If you have an area of expertise, you can offer to consult. This cant be outsourced but can be done remotely, and you can choose your hours | 20-40 Hours Per Week |
| Freelancing | Similar to consulting, If you have a particular skill that you can sell as a service, i.e… Graphic design, SEO, Online marketing, etc., you can offer your service on a site like fiverr or legiit. This will require work but can be done remotely, and you choose your own hours | 20-40 Hours Per Week |
| FBA/Dropshipping | This can require a lot more time than usually advertised; There is a decent amount of work in setting everything up then upkeep involves maintenance, Keeping tabs on supply, answering reviews, organizing returns, running advertising & taking and editing photos. Some can be outsourced, but you want to stay in touch with everything that’s happening in your business. | 30-40 Hours Per Week |
| Trading | I have listed trading as the most time-consuming out of the 7 options on purpose. Many people may disagree at first look but let me explain. To trader consistently profitably and maintain this over a long period (5-10 years), will require vast amounts of work. Despite what many advertisers promote, it can not be done part time unless you build an algorithm. I am talking about active trading. You need to constantly have your finger on the market’s pulse if you want to beat it. Many of these “gurus” cannot even do this profitably consistently and that is why they teach, they will often blow accounts, I have had profitable money managers do this with my money. So to succeed at this, you need to give it your full commitment for the first 5 years minimum. | 40+ Hours Per Week |
Why is lifestyle important?
Lifestyle is so important as he can be why you get to continue living your life. Stress is a serious issue and can cause serious health concerns. When you put your lifestyle first, you don’t deal with the many stresses people working in stressful environments put up with. You will enjoy your days and work more & and you will most importantly, get to spend more time with you Family!
What is the concept of Tim Ferriss “The 4-Hour Work Week”?
Discover the virtual steps to starting your own business idea in corporate or entrepreneurial settings. This article includes branding examples, Tim Ferriss’ book and podcast recommendations, and key tips for success.
Whether you’re an aspiring entrepreneur or corporate professional, this quick read will provide insights on how to get started.
Learn from successful entrepreneurs who have already started their own ventures, and explore the power of branding to create a strong presence in your industry. With these valuable insights, you can take the first steps towards building a successful business.
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