You’re looking for lifestyle business ideas from other successful people as a fledgling entrepreneur seeking financial freedom.
Lifestyle businesses allow you to support yourself, your family, and your way of life while still having time to do the things you enjoy.
However, how can you pick the best lifestyle business for you? What are some of the most creative concepts for a lifestyle business? This is the topic of this article.
My personal journey to the life I desired began with my lifestyle blogging business. What worked for me, though, may not be the best recipe for you. That’s why I’ve compiled this list of 2021’s top lifestyle business ideas.
What Is a Lifestyle Business and How Does It Work?
Simply put, a lifestyle business is one that allows you to live your life the way you desire. Because you are the owner, director, and manager of your lifestyle business, it operates according to your wishes.
A lifestyle business is usually started with the intention of generating a steady stream of revenue.
For some, a constant amount of income may be $300 per day, while others may have loftier financial ambitions.
Essentially, the amount of revenue your lifestyle business needs to create is determined by your lifestyle. If you live frugally and enjoy the basic joys of life, such as growing your own vegetables, cooking at home, taking long walks in the woods, and reading as many books as you can, your lifestyle business doesn’t need to make hundreds of thousands of dollars every year!
If, on the other hand, you enjoy traveling the world and partying in places like Bangkok, Hong Kong, Paris, and New York, your lifestyle business will need to create more to keep up with you.
What Characteristics Define a Lifestyle Business?
Lifestyle firms have a few key traits that allow them to function according to the founder’s wishes.
In general, lifestyle enterprises require little or no capital to get started. They are long-lasting, can be extremely profitable if properly managed, and frequently create passive income.
Costs are easy to control and require little to no initial investment.
Unlike other business concepts, such as building a physical location (a restaurant, store, or dive shop) or starting a company, a lifestyle business usually does not require a large amount of capital to get started.
The best lifestyle company ideas allow the founder to start small and eventually expand while keeping costs under control. As a result, risk and tension are reduced, making the voyage even more enjoyable.
Many of the lifestyle business concepts we’ll discuss later in this post are built to sustain your lifestyle for many years.
The objective of launching a lifestyle business is to get away from the 9-5 grind, therefore it’s no use if it just keeps you out of the rat race for six months!
Most entrepreneurs are inspired to free up their time by the desire to visit the locations they want to see and meet the people they want to meet. This implies that you are not bound to any single location.
A lifestyle business allows you to do this since the most innovative lifestyle business concepts don’t require a physical location; instead, they rely on the person running it.
You don’t have to go to your restaurant or the office to start a lifestyle company. Most of the time, if you have a laptop and a semi-reliable internet connection, you’ll be able to check on your business and then get back to doing what you want!
Passive Income Is Profitable
The holy grail of generating money while living the life you choose is passive income, which implies producing money outside of working hours.
The majority of wages are based on the amount of hours worked. In a contractual agreement, an employee agrees to sell their time to their employer for a certain fee. As a result, the earnings potential of employees is limited by the amount of hours they are willing or able to work.
You can earn money while you’re not working if you have a passive income revenue stream from your lifestyle business. You can earn passive income with just a few hours, a few days a week if you build up your lifestyle business effectively.
The rest of your time can be devoted to your community, hobbies, family, or any other cause that you are passionate about.
What Are the Advantages of Owning and Operating a Lifestyle Business?
There are numerous advantages to starting a lifestyle business over starting a traditional firm.
A lifestyle business, as I’ve already indicated, takes little to no initial investment, can be run from anywhere, and creates passive revenue.
One of the most rewarding aspects of launching my lifestyle business has been the opportunity to meet so many other great people who share my values. I’ll be able to talk with these wonderful folks and share their wisdom with those like you who are looking for financial independence.
But how does owning a lifestyle business compare to, say, starting a business? Or do you want to start a physical business?
Advantages of a Lifestyle Business over Startups and Traditional Businesses
It’s easy to mix together lifestyle businesses with startups, but they’re not the same thing.
Yes, a startup is usually a passion project for the founders, but it’s a whole different animal than a lifestyle business.
There are many other factors to consider with physical enterprises, such as licensing, stock and personnel management, and logistics.
1. Obtaining funding
For starters, getting a startup or physical firm off the ground can cost tens of thousands of dollars.
This cash is raised by startup founders through a series of investment rounds, each of which takes ownership away from them.
The more people that are invested in your company, the less autonomy you will have and the more people you will have to answer to. As a result, as a founder of a startup or physical business, you own less of your own time than a lifestyle business owner.
2. Commitment of Time
Invested start-ups are built for rapid growth and profitability.
While many of the early profits will be reinvested in the firm, investors want to see early revenue growth to ensure that their investment is safe and valuable, which means startup business founders will be working around the clock to build their company as quickly as possible.
You’ll be working the longest hours of any employee in a physical business to ensure your service or product is up to par.
Because the whole objective of launching a lifestyle business is to break free from the cycle of work and money, be extremely clear about the scope and goal of your project before getting started.
Starting a startup or actual firm carries tremendous risk, just like any other venture.
While the financial upside for startups is frequently substantially bigger, there is often a lot on the line in the first few years of running the business before reaching financial freedom and living the life you want.
What You Should Know Before Starting a Creative Lifestyle Business
Making the decision to alter your life with creative lifestyle business ideas is a powerful first step.
But, before I dive in head first, there are two things I’d want to discuss: value and visualization.
A lifestyle business has only one constraint: it must deliver a benefit to its customers.
It won’t function as a lifestyle business if your company doesn’t help your clientele improve their lives. Your lifestyle business should address a problem that you’ve noticed others have.
If you think about your lifestyle business in this light, you’ll be off to a terrific start.
Visualize the Success of Your Lifestyle Business
I’d like you to picture the type of lifestyle business you’d like to have.
This will provide you with a clear picture of the type of lifestyle business that is best suited to your requirements.
Writing down these questions and answering them for yourself is a fantastic method to achieve this:
- What can I do with a lifestyle business?
- What is the maximum amount of money I would like to earn?
- How much work am I willing to put in?
- What level of flexibility do I desire in my schedule?
- How much expansion potential do I desire for my company?
- What is the timeline for my project?
- Consider these questions in the context of the everyday life you want to build, and you’ll have a decent notion of which type of lifestyle business is right for you.
You can save, download, and print the page below and keep it at your desk to help you find the ideal lifestyle business for you.
In 2021, here are seven innovative business ideas for lifestyle entrepreneurs.
Let’s have a look at some of the top business ideas for lifestyle entrepreneurs that you may consider in 2021 now that I’ve given you a clear picture of what a lifestyle business is and proven how accessible it can be.
Because these suggestions are geared at generating passive income, we’ve left out some popular lifestyle business ideas that require more of your time.
Are you an expert in gardening or yoga? Do you observe people attempting to maximize the benefits of home cooking or nutrition? Or maybe, like Mike Dawson, you’re a budding thriller writer. Then put down your experiences and expertise and use your knowledge to assist others live better lives.
There are about 90 million Kindle users worldwide, with over 500 million Kindle books sold each year.
Self-publishing on Kindle is a terrific lifestyle business idea because self-published authors keep 70% of their income. You’ll see passive money pouring in every month once you’ve built a library of 10-15 modest yet desirable books.
Creating an Online Course
People who want to learn from lifestyle business entrepreneurs can benefit from their experience. With the e-learning business expected to be worth $325 billion by 2025, there are lots of options for online course creators to earn passive income.
Know how to do something unusual, like animal training, piloting a drone, hooping, skipping, stitching, painting, or even making and firing a slingshot? Create an online course after that.
While celebrities teach writing, cooking, and acting classes on Masterclass, regular people like you teach video courses to students on sites like Udemy, Thinkific, and Teachable.
Getting Sponsorships for a Youtube Channel
Creating a Youtube channel could be one of the most entertaining side hustles available.
If you have a passion for something — rock climbing, free diving, or surfing, for example — you may make compilation or instructional videos and turn it into a lucrative Youtube channel lifestyle business.
Affiliate marketing is a type of marketing in which you
As a passive income lifestyle business, affiliate marketing has a lot of potential. You can promote products to your followers if you have a dedicated amount of followers on your website, Youtube channel, or Instagram account.
Because you are a registered affiliate marketer, you are granted a unique tracking number that identifies you as the seller, you will receive commission on every product you sell from your site.
Drop-shipping is the practice of a producer or a retailer of goods delivering products to customers directly.
As a drop shipper, this means you don’t have to keep any inventory on hand. Simply create an e-commerce store, sell your products, and reap the benefits of passive income while the manufacturers handle delivery and inventory.
Amazon Fulfillment is a service provided by Amazon (FBA)
If you can acquire your product, an FBA lifestyle business model allows you to keep your goods in Amazon’s warehouses and market and sell your things through the Amazon website.
This business strategy benefits from proven high-volume traffic, but you’ll need to differentiate your offering because competition on these platforms can be fierce.
How to Begin a Blog
This lifestyle business is near and dear to my heart because it is where I began.
Blogging isn’t as simple as it once was, and it necessitates a significant amount of upfront effort. The beauty of this lifestyle business idea, though, is that it allows you to fully share your experience with the world while still earning passive money.
Affiliate marketing makes blogging profitable, but once your blog has grown to a certain size, you may be extremely selective about the things you suggest.
This article should have provided you some insight into why starting a lifestyle business can be a good idea – and whether it is a good idea for you!
I didn’t want to overload you with too many possibilities, so I only listed the finest and most accessible ideas for building a passive income stream.
If you’re wondering how to get started with these lifestyle business ideas right away, I’m offering a 100 percent free last-minute sign up to my online workshop on how we used a brand new “Silver Lining Method” to make $10 per day, then systematically grow to $100 per day, $1,000 per day, and beyond.