By now, you've probably heard the term "lifestyle business" referenced many times over. In doing so, you've no doubt asked yourself what exactly it means and if starting one is an option for you.
It's important to understand that starting this type of business isn't done in an effort to maximize revenues or profits. It's done with the goal in mind of maintaining, then improving, your personal lifestyle.
A lot of people get into lifestyle businesses almost by accident. It just sort of happens. Perhaps they were attempting to launch a new tech firm and realized they preferred doing the tech work themselves through freelancing.
Maybe somebody set out to launch a brick-and-mortar boutique, then realized they could make more money and have more freedom by selling on Amazon.
No matter what way you get into a lifestyle business, remember that the goal is to let it allow you to separate time spent from income earned.
To help give you some inspiration to begin your own, let's look at the top ideas for lifestyle businesses in 2020.
1. Product and Launch an Online Learning Course
Think about areas where you are an expert at what you do. What if you could use that knowledge to teach online courses? Well, you can. And you probably should.
As an online teacher, you'll have nearly unlimited amounts of flexibility. For one, you don't have to be physically present to teach a new student that purchases your course. And you don't have to show up when they're going through all the lessons.
To get started, sign up on Lynda or Udemy. If you really want to make an impression, launch your own WordPress site and look into plugins such as WP Courseware, ZippyCourss and OptimizePress.
Think of something that high in demand and that you can do reasonably well. Are you an expert writer or website developer? Can you do high-level graphic design or perform voiceovers?
What about your skill-set sets you apart? Turn it into a freelance career and work for yourself.
There are dozens of successful business models for freelancers that can give you a lot more freedom while maintaining and growing your lifestyle.
3. Craft an eBook
You probably won't be able to make a living off of selling one eBook. But if you're a solid writer with a knowledge base in, well, just about anything, you can generate a solid passive income writing and selling eBooks.
Once your book is complete, you can sell it on Amazon and only pay for a percentage of each sale you make. You can also launch your own site and sell the product directly to readers.
If you plan on self-publishing on your own proprietary site, use a simple service such as Gumroad to deliver the product to your buyers. If you a WordPress site, there are several plugins you can use as well.
4. Become an Expert at Affiliate Marketing
Affiliate marketing is one of the top business models because it is so flexible and has high profit potential. All you do is promote other business's products on their behalf. When you make a sale, you get paid a percentage.
While it does have its own pros and cons (there is quite a bit of competition), it's a simple way to make a great living without building business models on your own.
As an example, when you join the affiliate marketing program that Amazon offers, you'll get a piece of the pie any time a customer purchases something through one of the links you post.
The most success in affiliate marketing comes when you're able to provide potential customers with more information than what a product description gives.
It can take some time to make a full-time living doing affiliate marketing. However, once your affiliate marketing business starts to gain traction, it typically will start to snowball.
The best part is that you can start your affiliate marketing business with little-to-no money. So there aren't any excuses for not giving this a try.
5. Make and Distribute a Product on Amazon
A lot of people associate ecommerce with brick-and-mortar businesses. However, in 2020 that's no longer true. A popular lifestyle business doesn't need to be attached to a traditional business.
In times past, a business owner needed to rent a location, hire staff and manage a store. In today's market, you can skip these steps and go direct to the consumer by selling on Amazon's FBA Program.
Amazon makes it incredibly simple to create your own storefront and get your products up and listed without any hassle. Then, you can ship your products directly to Amazon and they'll handle all of the customer fulfillment for you.
By starting this lifestyle business and skipping old-school business models, you won't need to invest in anything but inventory and your time. Start generating interest in your products by launching an SEO-friendly blog and advertising on social media.
Of course, this is one of those business ideas for a lifestyle business that will require some knowledge of the consumer market. But once you find those few products that fly off the Amazon shelf, you'll create a handsome passive income that will make your lifestyle business succeed in the long-term.
6. Launch a YouTube Channel or Podcast
This is one of those business models that will take some work. But the work can be very enjoyable. Begin creating content that people want to see or listen to. Make it about something you're an expert in, or make it high in entertainment value.
Once you start to build an audience, you can monetize your work with ads, sponsorships and donors.
Your Lifestyle Business Is Only One Idea Away
Business models are only business models until they become a full-fledged lifestyle business. If you're looking for more personal and financial freedom in your life, any one of these ideas could help get you there.
please visit my website markleemulholland.com and click START HERE tab at top of the screen to start the free video training that i did a few months ago.