What is lifestyle entrepreneurship? A lifestyle business is a business which gives you complete control and freedom. With an online business you can work anywhere from a laptop, build a business to six figures and replace your current income. But what’s involved in this kind of business? How does it work and can anyone do it?
An online business is the best choice for a lifestyle of your choice. While traditional businesses tie you down to a physical location and regular working hours, a “lifestyle” business offers a much more flexible working option. With a business which can be run online, you can choose your own working hours and work from anywhere globally. This means many lifestyle entrepreneurs relocate because they aren’t tied to a job or location.
What Is Lifestyle Entrepreneurship?
But what is lifestyle entrepreneurship? How does it work and can anyone do it? A “lifestyle” business is so called because it can give you the lifestyle of your choice. With any scalable business which works online, you can build an income from anywhere, even without products and services of your own. Two popular business models are affiliate marketing and drop shipping. See affiliate marketing vs drop shipping.
Both these models allow a third party to refer sales to existing products and services. When they make a sale, they earn a commission based on their referral. Because they are only third party sales people, they don’t need their own products or service. With affiliate marketing, once a customer makes a purchase, they get paid a commission based on their referral. With drop shipping, the referrer organises despatch of goods from the product owners/distributor. In both cases the main skill is the referring of products and services online, or online marketing.
What Is Lifestyle Entrepreneurship? Online Marketing
There are many ways in which lifestyle entrepreneurs promote and market products and services online. Some marketers run paid advertising and send visitors into a sales funnel. This is a sales process which is based around email marketing. The marketer collects emails from a landing page and automates a follow up email marketing series. Through email messages they sell affiliate products. (See the power of email marketing).
Other marketers create content much like this blog post. Or they build YouTube channels which attract an audience. From their channel they can promote products directly or send people into a sales funnel. Social media platforms are also used for marketing purposes by online marketers. You can pay for advertising on these platforms or use unpaid social media marketing methods as well.
Lifestyle Business Model – Affiliate Marketing
Affiliate marketing is a popular lifestyle business model which anyone can learn. With affiliate marketing you refer customers to products online and earn commissions based on what you sell. While affiliate marketing can be done by anyone, there’s a large drop out rate in this industry. See affiliate marketing failure rate. In part this is because the barriers to entry are so low. With a traditional business there’s huge costs involved in getting started. But with affiliate marketing you only need a laptop and internet connection to get going.
There’s several different ways to approach affiliate marketing too. With physical products from Amazon, for example, it can be more difficult to get traction because the commission rates are so low. See Amazon affiliate marketing commission. Other business models within affiliate marketing can offer much more lucrative rates of commission.
For example some products and services pay recurring commissions. So once you make a sale once, you continue to receive commissions month after month. Recurring commission affiliate programs are great for lifestyle businesses. They offer the potential of building a passive income online. Once you create a passive income which overtakes your income from employment, you no longer need to work. This gives you time and financial certainty, and the ability to create almost any kind of lifestyle and live anywhere! High ticket affiliate marketing is another thing to consider too when looking at the various business models available.
Earning Potential For A Lifestyle Business
The earning potential for a lifestyle business is unlimited. But those coming into the business will often have to endure long periods without earning anything before they make their first sale. Once you have made a single sale online, you can make many more. Plus you can automate this process and scale it up to a global audience.
The learning curve for affiliate marketing is a steep one, and it’s not an easy climb! But ultimately if you’re determined to succeed, affiliate marketing income can replace your income from employment and grow exponentially. You can also grow your income quite quickly with affiliate marketing once you have broken through and achieved a certain level of understanding.
Because affiliate marketing is performance related pay, you don’t get paid unless you sell something. But it also means you can unplug yourself from continuously trading your time for money in a job. Using products and services online means you can eventually automate the process of selling online. This can do wonders for your lifestyle!
Is Affiliate Marketing Saturated?
Is affiliate marketing saturated? With all the affiliates online, is there any room for someone new? Because affiliate marketing is so diverse, there’s hundreds of topics and niches you can get into.
Plus, there’s new social media and marketing platforms appearing which lend themselves to new marketing techniques. Not every affiliate is on every platform or in every niche. There’s always going to be opportunity for those willing to do the work.
The growing trend in online spending means that affiliate marketing is going to continue and for those who focus on it for long enough, and work in the right ways, there’s a huge potential for earning from it, despite the competition.
Summary
Lifestyle entrepreneurship means using a lifestyle business model which gives you complete control over your working hours, physical location and income. Once you build an online business which can replace your existing income, it means you no longer need to work a job, have a boss, or commute to work every day. You can also design your life as you choose, live anywhere and pick your own working hours.
Before this can happen, you need to learn the strategies which entrepreneurs use to generate an independent income. Access a free video series here to learn more.
