The Business of Passion & Purpose
If you feel like you're out of alignment with your purpose and you're looking for ways to create work-life balance, then you should consider starting a lifestyle business. Why? Because it's a low-cost, low-risk way to learn the skills of entrepreneurship while focusing on subjects and skills that you're passionate about. When approached correctly, it allows you to learn effective strategies to generate an online income; and when mastered, hey – the money generated from a lifestyle business might just replace or surpass the income you earn from your full time job.
But let's not jump too far ahead just yet. If you've never run a business before, there's a lot to learn. Keep reading for a snapshot of what it takes to create a profitable online business around your passions.
We All Want More Time, More Money & Freedom
First off, a lifestyle business is a business that's geared toward supporting and maintaining your quality of life, rather than becoming the next Instagram or Facebook. That said, quality of life may translate into staying home with children; taking care of a family member; travelling the world; working from home; early retirement; paying off the mortgage; or buying a new home. In all cases, a well run lifestyle business provides you with the opportunity to earn an income online so you can have more time, money and the freedom to focus on the things that matter to you.
How Lifestyle Entrepreneurs Generate Income Online
The most common methods of earning a living online revolve around contract work, affiliate marketing and ecommerce; and they are used individually or in combination with each other to generate multiple income streams. Depending on your skill set and comfort level, it's always best to focus on one aspect of your business at a time, and add other income producing elements to your lifestyle business as you build and grow your audience. So, which angle feels right for you? Take a look...
Authority Inc – Focusing On Your Passion
If you already have a marketable skill-set (website design, coaching, craftwork, etc), then a combination of contract work, consulting services and providing insider's advice will be your natural choice. If you have a hobby or strong interest in a subject, then you'll need to commit to becoming an expert in your industry. Choosing to become an authority in something you're passionate about is part of the long-game strategy which allows you to build expertise and connect with your audience so you can earn a sustainable living online.
Affiliate Marketing – Promoting Products & Earning Commissions
Affiliate marketing is for people who don't have a product or service of their own to sell, so they earn commissions by promoting other people's products. Think Amazon, Clickbank and Commission Junction, just to name a few of the platforms affiliate marketers use to find products to sell. To make a sustainable income through affiliate marketing, the skill-set you must commit to learning is marketing – you must know how to get the product you're selling in front of the right audience.
Ecommerce - Your Online Store
Ecommerce refers to having an online store that sells a line of products and/or services. The products you sell through your online store may be products you've made yourself (think Etsy), or maybe you have purchased a bulk order of product from a distributor (think Amazon). Your customers order directly from your online store and the product is shipped to them by you, or a third party distribution centre. Instead of running a brick and mortar shop, your store is completely online.
Tapping Into The Digital Economy
As the digital economy grows (more than 2.5 billion people access the internet each day), new ways of generating income online will continue to emerge. As a lifestyle entrepreneur, choose one of the methods listed previously as your starting point and commit to mastering your chosen skill-set each day. As your skills increase over time, you'll be able to explore different revenue generaters and innovate your business to meet the needs of your audience and lifestyle.
Finding Your Passion Through Entrepreneurship
Starting a lifestyle business allows you to earn an income doing something that you're passionate about. There are many reasons to start a lifestyle business: more money, more time and more freedom; and they're all fantastic reasons. But the real benefit of lifestyle entrepreneurship is the ability harness your passion and purpose through your business. This is the real definition of a successful lifestyle business.
What does creating a Lifestyle Business mean to you? Please share your insights...