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. Moving from country to country, not having to worry about when you have to go back home to work, and depending how far in you are, this most likely means earning a semi passive income while you do this.
Digital lifestyle entrepreneur
The thing that made all this possible, is the internet. From its first inception, it didn’t take long for people to realise there was many ways to make money from it which were as close to passive as you can get. I will discuss more on these later in the article in 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, Ill 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 be paying $50k for what would know only cost around $5k. There is many reason for this, the main being supply increase (a huge increase in the amount of people being able to offer this service).
- Live Where you Want to Live: If you were to ask yourself right now, if you were able to live anywhere in the world, where would you choose? I’m sure the answer would be somewhere different to where you are currently living. This is such a huge driver to the rise of digital nomads. No longer do many people 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 business?
As with anything, before you start to build, you need a plan. 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 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, This 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 consulting. 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 you own hours||20-40 Hours Per Week|
|FBA/Drop shipping||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 of time(5-10 years), this will require huge 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 have your finger on the pulse of the market constantly 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 in order 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 the reason 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 The 4-Hour Work Week?
Understanding the concept of work to life balance: How many hours a week do you work and to earn how much: Your income is only relevant when compared to your expenses, If you can earn less but earn in US dollars and live/spend in a country with a lower cost of living, you could be able to save more while still keeping up the same standard of living. The concept is all about living life on your own terms and working when and how you want to, You just firstly need to gain the skills to make this possible.
Check out our similar articles on What is the life of an entrepreneur like & What must an entrepreneur do after creating a business plan.