Before we dive into how to identify how you can create your own lifestyle business, first check out this quote:
“Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.”
Simple truth: to live your ideal lifestyle, you’re going to have to work. And work hard. And work smart.
I hope that’s not a shocker.
Now we’re going to talk about creating your own business. These days, it’s never been easier to set up a business and get moving quickly.
A Lifestyle Business Based on Your Strengths
You’ve got to first identify your strengths, natural abilities, interests, and even job experience. To get things moving quickly, we’re going to create a business around what you already know.
One way to think of it is if you were to be dropped off in another city with nothing but the clothes on your back, what would you do to start making money? (And no, you can’t beg for money or get a job!)
First, list out your skills, experience, and interests. Write them all out.
Now look at everything you’ve written. Zero in on one that you think would be most profitable.
This is crucial.
There must be a market for it! In other words, someone must be willing to give you real money for your know-how.
For example, let’s say you know everything there is to know about how to use Excel. Is this profitable? Maybe.
Let’s say you were able to come up with formulas or templates that save people a ton of time. Then you tested it by sending it to a few key professionals and they liked it.
Then you asked if they would buy it and they say yes.
Then, here’s the kicker, you ask them to buy it… and they do. Then you know you’ve got something.
You can easily set up a website and start marketing your business online.
A Few Things to Think About…
Hopefully you wrote down a list of the reasons why you’re starting your own lifestyle business.
Now is the time to make sure your business idea lines up with your top priorities.
If your #1 goal is to travel, then you’re going to have to create a business that you can work remotely (café Wi-Fi, airport Wi-Fi, etc).
If you’re top priority is to have more time with your kids but you don’t care about traveling, then organizing your business to fit within their school hours is perfect for you.
Whatever your priorities are, just make sure your business idea would be conducive to your goals.
Is There a Market For What You Want to Do?
This next part is very important.
It will be the key to making or breaking your business.
On this blog I talk about lifestyle design and creating a cool life and all that, but right now, this is the hardcore stuff that will determine whether or not you can make money with your own business.
I’m not talking about any fluffy “get paid to be you” nonsense. Nobody cares about you. They care about them. They care about their problems.
So this is huge right here:
1. Find a actual need that people have – solve someone’s problem; make their life easier, better, happier, etc
2. Create something that solves that problem
3. Sell it hard – day after day until one day you realize you’ve hit your goal
You’ve got to figure out if there’s an actual need for your proposed product or service. Or at least a “perceived need” which can be just as effective.
A lot of people will start a business based on what they know or like. This is part of it. That’s why you made that list going over your strengths, experience, skills, etc.
But this isn’t enough. With what you’re thinking, is there a real need for it?
Solving a real need is the start to a successful business!
In my case, I have an online marketing company that I set up 5 years ago. I did this because…
1- I knew what I was doing – it was my job experience and I just plain enjoy it
2 – I saw that it was profitable (lots of businesses willing to pay for more online exposure)
3 – It was conducive to being mobile (even able to do it from another country)
So that’s it!
A lot of people get caught on this step but it really shouldn’t be that hard.
Think about what you already know how to do. Everyone has something they’re good at that can be sellable to others.
List out what you could do based on what you already know. Make sure it’s profitable – there’s got to be a market for it.
And then make sure what you want to do lines up with your goals.
1. List out your skills, experience, and interests
2. Create business ideas based on your list
3. Identify the most profitable idea & make sure there’s a real paying market for it
4. Make sure it lines up with your overall goals (the business has to “play nicely” with your desired lifestyle)
5. Get started right away!