Lifestyle businesses have a bad reputation by association with less-than-reputable online marketers. You’ve undoubtedly seen the ads promising quick cash and a life of luxury if you buy their course. There are staged photos and big, misleading claims of wealth.
However, a lifestyle business is what you make it. You can build a business that allows you to live the life you want while generating revenue through online businesses, selling physical products, having location-based companies (I own Breathe Oxygen Bars), and many other ways.
In a lifestyle, freedom-based business, you will generate most of your revenue in a way that brings time freedom. This allows you to travel the world, stay home, or do whatever you want with your time while making money.
Many entrepreneurs live this kind of business and lifestyle. If your goal is to build a lifestyle business that lets you travel, and create freedom and financial security, here are four foundational strategies you’ll want to start with as you build a freedom-based life and business.
1. Get clear on your bigger picture.
To go anywhere, you have to know where you’re going. You can make money online, but that doesn’t mean you have a business. To build any successful business, you must see the bigger picture—the why and your goals. You must understand who you can help and what you can help them do.
Your message and topic won’t be for everyone—that’s okay. How you build your business and life might be unconventional, and that’s okay if you have a clear vision of what you’re building. If you don’t have that clarity, take the time to get it and then plan out why you’re building a lifestyle business and how all the elements fit into your life picture.
2. Build your business foundation.
The foundation of your business starts with the structure of your business. You have to decide if this will always be a solo venture or if you’re building something more significant. You want to develop according to where you’re going rather than where you are.
The foundation also includes your online presence. This means creating a website, building your social media following, building an email list, and growing your network online and offline. There are many articles and videos on entrepreneurs building each of these elements. In a lifestyle business, you need a solid foundation to point potential leads and customers back to—your home base.
3. Grow with the understanding that not everyone is your audience.
There are billions of people using social media and the internet every single day. You can get exposure in the press, get interviewed on podcasts, build your network locally and train on social media. There are many other ways to build your audience.
Speak directly to your potential consumers in a way that makes sense to them, even if it turns others off. Your goal isn’t to reach everyone—understand that everyone isn’t your customer. Boldly talk and promote to your audience in your specific tone and way of reaching them. Ignore those who get triggered.
4. Build revenue streams that create freedom.
One of the best ways to create financial security is by setting and building multiple revenue streams and passive income into your lifestyle business. You can create as many as 21 revenue streams in a lifestyle business.
These are offline and online. Selling products and services in multiple ways and formats will add serious revenue to your bottom line and protect you if one slows down.
You can take what you offer and create lower-tier offerings to get people into your funnel. Once they get value, you can sell them on something higher. Passive income streams like courses and digital information products free up more time to grow your lifestyle business.
We live in a great time to be a lifestyle entrepreneur. Get clarity on what you want to build and why. Build a solid foundation. Grow your audience and add lead generation. You have everything you need to create a successful lifestyle business and can do so cost-effectively.
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Photo Credit: @nordwood on Unsplash
