Learn what defines a lifestyle entrepreneur and how you can follow this path.
A lifestyle entrepreneur is someone who starts a business with the goal of changing their way of life rather than solely focusing on profits. This type of entrepreneur is usually driven by passion and a desire to find personal fulfillment. While it’s possible that the business will eventually succeed because of the entrepreneur’s enthusiasm, the main goal isn’t profit-making.
Although the concept of a lifestyle entrepreneur is fairly modern, many past entrepreneurs could now be considered lifestyle entrepreneurs. For example, Richard Branson might be seen as one because his initial focus wasn’t on profits. The term “lifestyle entrepreneur” gained popularity among people who recognized the internet’s potential to help create businesses centered around the entrepreneur’s main skills.
If your goal in creating a business is to do something you love and are passionate about, you might identify as a lifestyle entrepreneur. If you want a lifestyle that’s not just focused on making money, this type of entrepreneurship could be right for you.
This article will dive deeper into what it means to be a lifestyle entrepreneur and the steps you can take to become one.
Signs You Are a Lifestyle Entrepreneur
A lifestyle entrepreneur is someone who starts a business primarily to enhance their personal life. An example could be someone who travels and documents their experiences on a blog. To fully understand what a lifestyle entrepreneur is, it’s helpful to compare them to traditional entrepreneurs.
A traditional entrepreneur typically chooses a career and builds their life around that career. While this can be fulfilling for some, it may not be satisfying if you aren’t passionate about your work. In contrast, a lifestyle entrepreneur builds their career around the life they want to live. While lifestyle businesses often make money, profits mainly support the entrepreneur’s desired way of living.
Some common traits of lifestyle entrepreneurs include:
Flexibility
Lifestyle entrepreneurs need to be adaptable and ready to change strategies when new challenges arise.
Commitment
Even though profits aren’t the main focus, lifestyle entrepreneurs must be dedicated to their business idea, which requires thorough market research.
Independence
If you choose this path, it’s important to be self-reliant and motivated by your passion for the business you are building.
Realism
You still need to make money, so setting realistic financial goals is essential from the start.
Resilience
Success may not come immediately, so being able to bounce back from setbacks is crucial for anyone pursuing lifestyle entrepreneurship as a long-term career.
If you possess some of these qualities, lifestyle entrepreneurship could be a good fit for you.
Benefits of Lifestyle Entrepreneurship
There are many benefits to becoming a lifestyle entrepreneur, especially if you’re prepared for the challenges. This type of entrepreneurship is appealing to many because it allows for running a business while traveling or working from home. You can enjoy greater freedom and flexibility compared to traditional entrepreneurs.
Some of the key benefits include:
– More time with friends and family
– The ability to set your own schedule
– Focusing on your strengths instead of learning new skills
– More freedom to do what you love while earning money
– Personal growth opportunities
– No limits on income potential
While lifestyle entrepreneurship isn’t for everyone, there are many reasons to consider it. If you like finding efficient ways to work but feel limited in a traditional job, lifestyle entrepreneurship might be for you. It’s also a great option if you want to focus on your core skills while automating other aspects of the business.
A successful lifestyle business can generate passive income—earnings that come in even when you’re not actively working. For example, authors earn passive income from book sales once their work is published. While some effort is required, the rewards can last for months or years. If you want to build a business around what you love, becoming a lifestyle entrepreneur is highly recommended.
How to Get Started
To become a lifestyle entrepreneur, follow these steps:
1. Decide what kind of lifestyle you want.
2. Identify your passions.
3. Think of business ideas that align with your passions.
4. Research these ideas and develop a plan.
5. Set pricing and create a marketing strategy.
6. Automate and outsource where possible.
First, determine the lifestyle you want, whether it’s traveling the world or volunteering. Once you have a clear vision, build your business around it. It’s also important to identify what you’re passionate about. For example, if you love writing and traveling, starting a travel blog could allow you to enjoy both passions while earning money.
Your business idea should align with your passions. There are three main ways to earn money as a lifestyle entrepreneur:
– Selling information
– Selling your skills
– Selling physical products
If you like teaching, you might become an online tutor or write and sell educational books. After coming up with business ideas, research them thoroughly and create a solid business plan.
Once you have a viable business idea that can support your lifestyle, your next step is to get the business up and running. Your plan should include financial projections, a marketing strategy, and a clear idea of your product or service. When setting prices, ensure they are high enough to fund your lifestyle while also appealing to your target market. Marketing will also play a critical role in your success.
Finally, aim to automate and outsource as much as possible. Whether it’s hiring virtual assistants or automating product delivery, lifestyle entrepreneurship works best when you can generate passive income and avoid a heavy workload. As your business grows, reassess regularly and focus on what works, letting go of ideas that don’t show promise.
Use the Right Tools
To succeed in lifestyle entrepreneurship, it’s essential to use the right tools that support automation and align with your business model. If you’re running an online store while traveling, for instance, choose a platform that will help you achieve long-term success.
Shopify and WooCommerce are popular eCommerce platforms, and you should consider using them if you plan to sell products online. The tools you need will depend on the type of business you’re starting, so research carefully.
The Future of Lifestyle Entrepreneurship
The future looks bright for lifestyle entrepreneurs, especially as the internet continues to evolve. As technology advances, it will likely become even easier to succeed as a lifestyle entrepreneur. The ability to run an online business without needing to handle physical goods makes this path even more appealing.
If you want to become a lifestyle entrepreneur, start by identifying your passions and skills. Create a clear vision of your ideal day and build a business around it. By automating most of your tasks, you can reduce your workload and focus on earning passive income. While the beginning of this journey may be challenging, perseverance will allow you to create a fulfilling lifestyle that aligns with your passions.
