Lifestyle Business

3 Vital Components to Creating a Lifestyle Business

Want to build a lifestyle business and live the dream?

Want to work on your laptop while sitting under a palm tree with your toes in the sand?

Maybe you just want an extra 50 grand a year coming in.

Well you can.

But there are a few things you need to understand first.

Actually, it’s more than understand. It’s like all out you totally, deep down really have to get this or you’ll never make a dime.

In the spirit of anti-fluff writing, I’ll get to the point fast. There are three vital components you need to know right out of the gate to make your lifestyle business a success.

If you don’t get these right, your business will choke and you’ll never succeed. I speak from experience having been on both sides.

Ready? Let’s go.

Determine Your Priorities

First, what are your priorities? Sure, you want money but to do what?

Travel? Have more time with the kids? Just to be able to tell your boss “Sayonara Sucka!”

You’ve got to figure out your priorities.

Why?

Because you’ve got to figure out your “why”. I don’t want to get all life-coachy on you but you’ve got to know why you’re starting your business.

Building a business isn’t easy. You’re going to question yourself. You need this reasoning to fall back on and keep you motivated.

Even more importantly, you need to know your priorities in order to set up the right kind of business. In other words, you need to know what you really want so you can build a business around it.

Let’s say you want to travel. That’s your highest priority. Then you need to make sure your business will play well with you being in different locations.

For me, I wanted to complete mobility. After two years of hard work and being in one place (actually two), I can now be wherever I want.

This is incredibly liberating and it fulfills my highest priority perfectly.

Your business is to serve you and make you money. Make it adapt to your life and your goals.

In other words, base your business around your priorities. You’ll be much happier.

Work From Your Experience and Fill a Real Need

To get started quickly, it’s best to work from your experience. The goal is to get to money as fast as possible.

Don’t waste time trying to learn a new skill. Don’t try and do something you don’t know. And for sure, don’t get caught up in “business-in-a-box” schemes.

And only “monetize your passion” if it addresses a real need in the marketplace. It doesn’t matter how much you love something. If nobody loves it or needs it, you’ll never make a dime.

Think about your experience, skills, and natural talents. Then, look for needs that you see around you. Then think of a really cool way to fill that need.

Ideally, you can do this faster, better, and in a more effective way than anyone else out there.

For example, let’s say you know how to convert old media (photos, VHS, cassettes, etc) to new digital formats. You really like it and can do it better than any of the current competition.

Through asking around, you realize there are lots of people willing to pay you to help them out with it. Great! Maybe you even get some pre-orders. Even better!

Also, let’s say this lines up with your highest priority which is to be at home with the kids. Perfect! Go for it!

To make money however, you’re going to have to rock the next and final principle.

Sell. Sell. Sell.

As Tom Watson, the late founder of IBM, once said, “Nothing happens until a sale is made.”

It’s true.

You don’t have a business unless you’re actually selling stuff.

It doesn’t matter how cool your website is or how many business cards you’ve passed out. If you’re not selling, you don’t have a business.

I once set up everything for a “business” I was going to get rich with.

I had cards made up (that I paid way too much to a graphic design company to make). I had pens made. I had a website. I even had a fax machine ready to go. A fax machine for crying out loud!

What was missing?

Sales.

If you want to have a successful lifestyle business, you’ve got to get comfortable with selling.

Make the first sale. Then make the next one. Then keep going. Provide amazing value. Grow through your reputation and word of mouth. Adapt. Keep growing.

Then lift your head up every now and then to see how close you’re getting to your goal. Not there yet? Sell more.

So there it is. The three things you must know to make your new business a success.

Determine your priorities, work from experience filling a real need, and then sell the crap out of it. You will succeed.

What’s the biggest challenge you’ve had making money on your own?

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