Even the name "lifestyle business" has an appealing ring. That's why this type of enterprise is catching on with entrepreneurs the world over. Where this type of business differs from others is the purpose for its existence.
Lifestyle businesses have one purpose, which is to help sustain a particular lifestyle for the founder or founders.
These types of enterprises are common among Instagram and Youtube celebrities who travel or engage in a passion which their fans support directly. This idea probably around sounds impressive to you, especially if you're working a tedious job. Anyone who feels stuck in an office cubicle or doing mundane tasks all day knows the feeling of wanting to break free.
So the question becomes, what path will I take to achieve establishing a successful, sustainable lifestyle business? Fortunately for you, there are a few lifestyle business templates worth considering.
It's easy enough to build a lifestyle business around affiliate marketing since the primary responsibility is promotions only. Most people love this type of track because they don't have to pay a ton of upfront money. Instead, they're able to promote products that another company supports. Affiliate marketing has long been one of those "starts with nothing" type business models that can change lives. It's hard work, and most people fail, but anyone who's looking to start a lifestyle business would have to consider it seriously.
Affiliate marketing has a high degree of flexibility. You can change products and backend providers whenever you want. As long as you maintain a web presence or social media profile, you can point links to a landing page and then direct those links to vendor landing pages. For a beginner to a lifestyle business deciding among business models, affiliate marketing is an ideal start.
Selling on Amazon (FBA)
Selling on Amazon is an up and coming way influencers, and entrepreneurs earn money. The concept is to set up lifestyle products and let Amazon handle the fulfillment. Amazon provides a control panel and allows you to make listings for your products. They supply lots of visitors, and you manage every aspect of the sale. For companies and people who want granular control over branding and access to a global market, this is a great way to go.
Keep in mind, this option has higher profits but will require more capital and hard work! If you have an excellent source for a product, it may be worth the extra effort. Of the business models, this one offers a balance of high risk and reward.
For people who are willing to go all in for their brand, establishing a Shopify store is always an option. The advantage of this approach is that you have total control over your brand and merchandise. It comes at the expense of higher costs and more substantial upfront investment. Running a Shopify business model means you're an e-tailer who handles all aspects of the sales.
The benefit to this approach is you can up sell, and you get to own all customer data. That means you can sell to your loyal fans again and again. If you have a strong following, this is the way to go because of the data retention.
This option has benefits for those who don't want to learn to merchandise or take the risk of purchasing inventory. You'll still need to understand the basics of marketing and selling, but at least you can forget about more complicated topics. Drop shippers handle the merchandise, shipping, and supplies.
The main issue people run into with drop shippers is that they take longer to ship, which some potential customers don't like. However, this will vary from vendor to vendor, so it's worth doing exhaustive research before deciding on which partner to use for this business model. Like affiliate marketing, one advantage is you can switch between vendors if you're unhappy while maintaining your digital assets.
The big advantage of freelancing is that you can set hours and work the schedule you want. You'll need to find a source of clients, but that's easier than ever these days thanks to the proliferation of freelance marketplace websites. These services match buyers and sellers and offer ratings, feedback, and payment escrow. For new freelancers, the easiest way to get up and running is by joining a site. Freelancing business models allow global workers a chance to increase job opportunities.
You can also offer your services outside of markets. Social media and websites are an excellent source of followers and prospects. Since you control your profiles, you'll be able to monetize your traffic however you like. You don't have much control over the networks themselves, so make sure to follow all rules about promotions to ensure smooth sailing.
All these business models have one thing in common: they're about you and your lifestyle! You'll need to live an exciting, aspirational life that will enthuse people enough to support your passion. That probably sounds like a lot of fun, but over time it's a job that requires dedication and a ton of hard work! You'll need to go to places and be social, and you'll always represent your brand. You can't suddenly be rude to people because you are no longer just a person, but you're a lifestyle brand. The needs of the brand must always remain at the forefront of your consciousness.
Lifestyle brands are the types of business models that are all about passion so pick something you're committed to and will continue.
Monetization is the least of your trouble because there are multiple ways to earn revenue.
You'll end up needing to be a social media star and digital marketer to get the most mileage out of your affiliate marketing.
You can choose among these business models and pick a strategy depending on your budget and abilities.
It's an outstanding time to launch a lifestyle business. People understand the business model and will support you if you offer quality content and marketing. The market is not saturated and likely won't be because it's a strategy for outgoing people. Not everyone is cut out for this type of work, but qualified people love every minute.