We often identify lifestyle business with laptop, shorts or bikini and beach in Bali or Bahamas. In the past few years, I met many people having that sort of lifestyle business, and it seems like it is working great for them, at least for some of them, and others only pretend it.
However, for most of us, this type of lifestyle will never work. We dream about it. We imagine ourselves working one or two hours a day and then dip our body into the ocean waves and enjoying the tropical sun. But the reality is different. What about our responsibilities and long term life goals like building a stable income, buying a home, car and heaving a family life?
Use Your Lifestyle Business To Take Care Of Yourself And Your Loved Ones
Lifestyle business seams to be a solution for young people in their early twenties. Short term vision which will help us find our way in life. But this perception of running a lifestyle business is very narrow, and if you see it that way, you might be missing out on a big opportunity in your life.
The goal of the lifestyle business is to keep the word LIFE always at the beginning. Taking care of yourself and your loved ones should be your priority!
Now, more than ever, we can set out on our own by building a sustainable, independent business around our passion. The formula is simple: to build a business around something you love, what people want and are willing to pay for it.
Simply put, a lifestyle business is any business that supports and enables the lifestyle you want to create. That could mean working from home during the daytime when you have the most energy or when travelling the world. The choice is yours.
What Is A Lifestyle Business
We can debate what qualifies as a lifestyle business. For some of us, it is an online shop. For others, it is speaking at events or the weekly podcast. It could be blogging, writing, teaching, photographing, or cooking. It is possible to build a lifestyle business from any hobby or talent. And when this becomes profitable enough to maintain a particular lifestyle, then we created a lifestyle business. The possibilities are endless.
Starting any business is challenging, no matter what sort of venture you start. The journey is the same. To make it successful, you have to work hard. And if you are thinking about starting a venture that you are not passionate about, I suggest you think twice and read some of my latest articles, which I refer to below.
Wake up on Monday morning full of enthusiasm for the coming week. Spend the whole day enjoying your work and can not wait to start again on Tuesday morning. Thursday, Friday or weekend sounds just as exciting as Wednesday, when you are already halfway through the week.
Sounds like a dream, right?
The answer to this dream is obvious, turning your passion into a profession and building a regular income from doing what you love.
But what if you don’t know what you love and what passionate you? That is where I started over five years ago, and that is where we will begin now. The only way to find your passion is to create it.
Don’t Cry Over Spilled Milk And Start Building A Lifestyle Business
If you are an average person, have an average bank account without saving, a standard job, a family to feed, and bills that consume a large percentage of your earnings. The odds are against you.
If this will make you feel better than check statistics below and acknowledge that you are not alone.
A 2020 study from Finder revealed how many Britons have some cash set aside for a dark day. Here are some of the latest figures on who has the savings:
- The average Brit saved £6,756.81, but many people don’t have that much.
- 40.93% of Britons do not have enough savings to live without income for a month.
- 1 in 10 Britons (9%) have no savings.
- A third of Britons have less than £600 in savings.
I learned from my own financial mistakes that what happened happened. I can not change it. But, I can make it better for the further.
Starting a business can be a difficult task, regardless of financial status. But the degree of difficulty grows far higher the lower you are on economic class hierarchy.
The truth is, many small business ideas fail. We all start with good intentions, but things get in the way, loss of motivation, past experiences, roadblocks, other priorities, unanswered questions, opponents, etc.
Enjoyable And Harmonious Work-Life Balance
To create a business that you love and are passionate about means turning your obstacles into challenges. Problems into opportunities and unanswered questions into learning priorities.
Lifestyle business owners are far more stubborn in passing the obstacles and difficulties. That is because we run a business that allows us to live the life we want, without sacrificing our personal life.
The ultimate goal of a lifestyle business is to create and maintain an enjoyable and harmonious work-life balance. Pleasure is the main point in the lifestyle business. It based on our interests or passion – it may be a hobby or just something that entertain us. That ensures that we love and enjoy our work.
However, it is easier said than done! The questions are how to:
- Find a good business idea that will work?
- Stand out in the market and create something people want?
- Find customers and where?
- Sell enough to ensure a good standard of living?
- Develop products and services and keep business growing?
Start With A Lifestyle Project
The lifestyle business is gaining a bad reputation for working with less reputable internet marketers. For sure you have seen ads promising quick cash, million-dollar profit in a year and a life of luxury – if you buy their course. The secret formula for getting rich in a few months.
Somehow it never worked for me. Building a profitable business takes time. Don’t rush the process as this will not take you anywhere. Start it small as a side hustle and learn from your mistakes.
Think about passion like you think about love and choosing your life partner. Sometimes you can meet a person and stay with her or him for life. Another time it turns out that this is not what you expected.
Begin from building a solid foundation for your lifestyle business. Why do you want to do that, and what are your goals?
To have customers in your industry, you must have a specific solution to their problems. Start by identifying the problem that you will solve thanks to the knowledge of the topic that you are already passionate about or you want to be.
It is correct. You don’t have to fall in love with your passion when you start creating it. As in most cases, you are not in love with your future partner from day one.
Define what do you want to achieve by building a lifestyle business. Is it gone be a single person business, or you want to create an agency?
Expect that your business model will be unconventional, and that is okay, as long you know what you want to achieve and have a clear vision of what you are building. Below you can find a few examples and more details about the lifestyle business I create for myself.
Generating Revenue From A Lifestyle Business
I have been through this many times in my life, and all entrepreneurs know this. Spending more time on work, do not always translate into higher revenues and income.
Lifestyle Business is your chance to build financial freedom and security in your company with multiple income streams and passive revenue.
I emphasize on the word: build. Everything worthwhile, stable and that last for the long term, takes time and effort.
Do you want to build a serious six or seven number revenue streams, including passive incomes? Or your goals is to make enough money for your living expenses?
There is a general misconception that a lifestyle business we can only run online. It is wrong. The lifestyle business can be of any kind, so it can also be offline. It may include the sale of products or services.
A great example is an adventurer and explorer I met in Bali. His father struggled with cancer. Within four months, he opened an aromatherapy practice and online store to help his father financially and ease his mental and physical pain.
Athletic Lifestyle Business
In the past few years, I met many brave individuals creating their lifestyle business. People who learn how to become a yoga instructor while giving lessons in everyday life and online. Runner focusing on a specific problem he face while racing and turning it into niche coaching. Cyclist struggling with diet, studying nutrition, and becoming an expert in her industry. Writer starting climbing to improve his mental health and turning into a specialty equipment blogger.
I know countless adventurous, athletes and explorers who face extreme challenges for a few months, and then write books and give motivational speeches for the next few years based on one or a set of extreme adventures they have gone through.
I prefer another model. In 2019 and 2020, I have faced two ultra-running challenges in eight countries and over 25 small and large islands, while providing corporate advisory services, speeches and workshops for universities on the go. Plus I signed a sponsorship contract for my next challenge.
My not-so-secret formula is that I combined my passion for running with life problems that I had struggled with for many years. I created a coaching program for companies to help their employees. And for universities, to help students with self-sabotage behaviours, adverse childhood experiences and generational patterns.
The program is attractive because I conduct workshops during my ultra-endurance challenges, building an international business in the same way. I teach how to use mindful running and active meditation to overcome the challenges I mention above. The beauty of creating a program based on your life experiences is that you don’t have to worry that someone will duplicate your ideas because no one lives the same life as you.
Building Future Income for Your Lifestyle Business
When you start your lifestyle business and want focus on corporate gigs, speeches and workshops – you have to consider some of them you will have to do for free. That is to build your social proof. Get reviews, client testimonials, pictures for your social media, website and catalogue.
Consider all universities and large companies plan their calendar far ahead. Therefore you must approach your potential customer at least 2-3 months before planning to allocate your time for speeches or workshops. When you starting as an unknown expert, you have to fit their calendar, be more flexible.
However, on one occasion, the university changed its schedule only because I was in the city for the last three days, and they wanted me to run a workshop for their students. So, it all depends on what coaching program you can offer.
Once you have references from at least 3-4 clients, you can start looking for paid gigs. Many agencies offer corporate and event speaker contracts. But consider better results from direct approach in the first year or two of building your lifestyle business.
Opportunities Do Not Come By Chance
Whatever you do in your life, your knowledge is needed. You can learn more about the fees and speaking topic below. Remember that it depends on many factors such as topic, number of years in business, achievements, popularity, etc.
Now you may think: oh, I have no achievements yet – two years ago, I did not have either.
- Creativity & Engagement
- Corporate Culture
- Customer Experience
- Climate Change
- Digital Transformation
- Future of Education
- Gender & Equality
- Human Resources
- Marketing & Brand Management
- Music & Art
- Risk Management
- Social Media
- Start-up & Entrepreneurship
- Team Work
- Vision & Strategy
If you haven’t found anything that you are passionate about already, choose the topic that sounds most interesting to you. If you are concerned about global warming and want to do something about it, choose climate change as your expertise and start learning about it. In a year, you can become a growing expert in this industry. You can easily run this business from home or travelling around the world. Not sure if this is worth doing?
Speaking Gigs Fees
In the UK, the price to hire a speaker for an event or meeting could range anywhere from £1,000 to £150,000.
- a UK-based technology speaker will usually cost around £5,000 to £7,000
- UK-based leadership speakers’ average rates are often £10,000 to £25,000
- motivational speakers in the UK are similar to the average rates of leadership speakers, often £6,000 to £25,000
- UK-based geopolitics speakers, economics speakers, or retail speakers all vary, as well, but would similarly be around £7,000 to £25,000
- the adventure, sport, resilience speakers often cost around £3,000 to £11,000
The real beauty of the lifestyle business is earning money for a work you like so much that you will not even call it a job. This article is the idea of how you can direct your life to find your passion, and finally, do what you love. Of course, it will take some time to build your expertise to a level when you can charge the fee of £6,000+ for one speaking engagement. But when you manage, your lifestyle business, shorts or bikini, and beach in Bali or Bahamas are starting to make sense.
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