Millennials and the Gen-Z have a different attitude and relationship to money and business ownership. As a millennial writing this (Dom here by the way), I can honestly say that financial freedom, being a lifestyle entrepreneur and my view on it differs greatly to my moms. My moms focus growing up was about job satisfaction, business being a risk, having a good pension, owning a property and a good healthcare plan.
My thought process was that jobs and single source of income was a risk, experiences, location freedom and making passive income was the end goal. I realized I wasn’t the only one of my friends who felt this way. I asked my friends in a WhatsApp group about their views on entrepreneurship, lifestyle entrepreneurship and financial freedom and the responses were similar to mine.
One of my friends actually said he bought a Monopoly board game called “Monopoly for Millennials.” Long story short, he ended up sending a long voice note (which felt like a podcast btw lol) which explained that the players are encouraged to collect experiences, like a week of meditation and travel to Thailand as opposed to collecting property.
When I listened to the full voice, it really hit home that our generation is just different and the dream for many is actually lifestyle entrepreneurship. Which brought me to writing this blog about lifestyle business owners and the ideal life of making money and getting the privilege to have money and location freedom combined.
So let’s get into it…
What is A Lifestyle Entrepreneur?
A lifestyle entrepreneur is a term used to describe someone who starts a business primarily to support their desired lifestyle, rather than to achieve financial gain or business growth solely. This type of entrepreneur prioritises flexibility, creativity, and control over their time and work, and often values work-life balance, experiences, travel, location independence over being restricted to one sole location.
A lifestyle business may be self-sustaining, generating enough income to support the founder’s desired lifestyle, but is not typically designed to scale or pursue aggressive growth. Some examples of lifestyle businesses include consultants, coaches, course creators, writers, photographers, blog owners, e-commerce brands who sell products that align with their personal interests and values. Learn more and get started with a lifestyle business here.
Here are a few of the best lifestyle based business ideas…
Best Lifestyle Entrepreneur Business Ideas
- E-commerce store: Selling unique, niche products through an online store can offer a flexible and creative outlet for entrepreneurs. Shopify is a great place to start for e-commerce business owners.
- Digital marketing freelancing: Offering digital marketing, copywriting, social media management or web design services can be done from anywhere with an internet connection. Platforms like Upwork allow you to create a profile and apply for consulting type jobs like these. This is one of my favorite forms of being a lifestyle entrepreneur.
- Travel planning or writing: For those with a passion for travel, starting a business as a travel planner or writer can be a great way to make a living while pursuing your passion and creating an entrepreneurial lifestyle many crave for.
- Personal training or wellness coaching: Fitness and wellness enthusiasts can turn their passion into a business by offering personal training or wellness coaching services. Take a few before and after pictures, video record yourself on instagram working out and tell your followers to DM you, book a call via a tool like Calendly and start selling coaching plans.
- Food and beverage: Starting a food truck, catering business, or small cafe can allow entrepreneurs to combine their love of food and hospitality with their desire for a flexible lifestyle. Pick the country you plan to live, learn more about their market and set up shop.
- Handmade goods: Making and selling handmade goods such as jewelry, clothing, or furniture can be a fulfilling and profitable lifestyle business idea. Etsy is a great place to start for a business as a lifestyle entrepreneur.
- Blogging: Setting up a blog in written, video and audio format is a great way for business owners to tap into their creativity while setting their own schedules. Scale your blog with good content, optimized SEO and sell courses, coaching programs, make revenue through affiliate marketing and all you need is good WIFI to fulfil your lifestyle business dream.
- Online Course Creator: Selling a course in a niche you have experience in is a great idea for lifestyle business owners. You can sell anything from teaching people how to use Microsoft Excel to how to start and scale a social media agency. It’s really based on what you have expertise in and your ability to market and scale your business as a course creator. One of my favorite tools for course creation is Teachable.
Note that these are just a few examples, and the best lifestyle business idea will depend on an individual’s skills, interests, and expertise.
Best Tools for Lifestyle Entrepreneurs
Here are some of the best tools for lifestyle business owners…
Project management tools
Trello, Asana, and Basecamp are popular project management tools that can help you keep track of tasks, deadlines, and progress.
QuickBooks, Xero, and Wave are popular accounting software options that can help you manage your finances, create invoices, and track expenses.
Marketing and advertising tools
Hootsuite, Mailchimp, and Canva are popular tools that can help you manage your social media presence, create email campaigns, and design marketing materials.
Shopify, Wix and Magento are popular ecommerce platforms that can help you sell your products or services online.
Bluehost, Convertkit and Hubspot are some of my favorite tools as a blogger. Bluehost is what we use for hosting and wordpress, you will need this to get your website, domain and publish your first blog. Convertkit is what we use for emails and exit pop ups and Hubspot is what we use as our CRM for guest post opportunities and backlink acquisition.
Customer relationship management (CRM)
Hubspot, Pipedrive, and Zoho CRM are popular CRM tools that can help you manage your customer relationships and improve customer satisfaction.
Virtual meeting tools
Zoom, Skype, and Google Meet are popular virtual meeting tools that can help you stay connected with clients, employees, and other stakeholders.
Time tracking and invoicing tools
Toggl, Freshbooks, and Bill4Time are popular tools that can help you track your time and invoice your clients.
These tools can help you streamline your business operations, stay organized, and improve your overall efficiency. Choose the tools that best meet your needs and budget, and be willing to experiment and make changes as your business grows and evolves.
Benefits of Lifestyle Entrepreneurship
Lifestyle entrepreneurship offers several benefits, including:
- Flexibility: One of the biggest benefits of lifestyle entrepreneurship is the ability to set your own schedule and work from anywhere, providing a great deal of flexibility and freedom.
- Work-life balance: Lifestyle entrepreneurship allows you to build a business that supports your desired lifestyle, rather than the other way around. This can result in a better balance between work and personal life.
- Pursuit of passion: Lifestyle entrepreneurship allows you to turn your passion into a business, making work more enjoyable and fulfilling.
- Control over your business: As the owner of a lifestyle business, you have complete control over the direction and decisions of your business, which can be very empowering.
- Reduced risk: Lifestyle businesses are often self-sustaining, generating enough income to support the founder’s desired lifestyle, which can reduce the financial risk compared to more traditional business models.
- Opportunities for creativity: Lifestyle entrepreneurship often provides opportunities for creativity and innovation, as you can design your business to align with your personal interests and values.
- Independence: By starting a lifestyle business, you can be your own boss, set your own goals, and be in control of your own financial future.
Overall, lifestyle entrepreneurship provides a unique combination of personal and professional fulfillment, financial stability, and creative freedom.
How to get started with a lifestyle entrepreneur business
Here are some steps you can take to get started with a lifestyle entrepreneurship business:
- Identify your passions and skills: The first step in starting a lifestyle business is to identify your passions, skills, and interests. Consider what you are truly passionate about, what skills you have to offer, and what you enjoy doing in your free time.
- Conduct market research: Once you have a general idea of what kind of business you would like to start, conduct market research to determine if there is a demand for your product or service. Look at the competition and see what they are offering, and assess what unique value you can bring to the market.
- Develop a business plan: Create a business plan that outlines your goals, strategies, and how you plan to make money. This will help you stay focused and organized as you move forward.
- Test your idea: Before launching your business, consider testing your idea through a small-scale pilot or a minimum viable product (MVP) to validate your concept and refine your offerings.
- Build your network: Networking is key in any business, and this is especially true for lifestyle businesses. Build a network of people who can provide support, advice, and referrals.
- Launch your business: Once you have a solid plan in place, it’s time to launch your business. Start small and be prepared to adjust your approach as you learn more about your market and your customers.
- Market your business: Marketing is critical to the success of your business. Develop a marketing plan that includes a mix of online and offline strategies to reach your target audience and build brand awareness.
Remember, starting a lifestyle business can be challenging, but it can also be one of the most rewarding experiences of your life. Stay focused, be flexible, and always be open to learning and making adjustments as you go.
What is the life of an entrepreneur like
The life of an entrepreneur can be both rewarding and challenging. Entrepreneurs often have a high degree of autonomy, control over their work, and the opportunity to pursue their passions. However, entrepreneurship also requires hard work, dedication, and a willingness to take risks. Here are some aspects of the life of an entrepreneur:
- Long hours: Entrepreneurs often work long hours, including evenings and weekends, in order to get their business off the ground and keep it growing.
- Stress: Starting and running a business can be stressful, and entrepreneurs must be able to handle pressure and make quick decisions.
- Financial uncertainty: The financial stability of an entrepreneur can be uncertain, especially in the early stages of a business, and there is a risk of failure and financial loss.
- Independence: Entrepreneurs have a high degree of independence and control over their work, but also bear the responsibility for the success or failure of their business.
- Continuous learning: Entrepreneurs must be constantly learning and adapting to changes in their industry and market.
- Creativity and problem-solving: Entrepreneurs must be creative and innovative in order to develop new products or services and find solutions to problems that arise in their business.
- Networking: Networking is a critical component of entrepreneurship, and entrepreneurs must be able to build relationships with customers, suppliers, investors, and other stakeholders.
In conclusion, the life of an entrepreneur can be both exciting and challenging. It offers the opportunity for personal and professional growth, but also requires a high level of dedication and hard work.
Best Countries for Lifestyle Entrepreneurs
Here are some of the best countries for lifestyle entrepreneurs:
New Zealand: New Zealand has a strong economy, supportive government policies, and a high standard of living, making it an attractive destination for lifestyle entrepreneurs.
Costa Rica: Costa Rica is known for its beautiful landscapes, warm climate, and supportive community of entrepreneurs.
Portugal: Portugal has a growing economy, a favorable tax system, and a welcoming attitude towards entrepreneurs, making it an attractive destination for lifestyle businesses.
Thailand: Thailand has a growing economy, low costs of living, and a friendly entrepreneurial community, making it an ideal location for lifestyle businesses.
Mexico: Mexico has a growing economy, favorable tax policies, and a supportive entrepreneurial community, making it an attractive destination for lifestyle businesses.
Spain: Spain has a growing economy, a favorable tax system, and a supportive entrepreneurial community, making it an attractive destination for lifestyle businesses.
Czech Republic: The Czech Republic has a strong economy, supportive government policies, and a growing entrepreneurial community, making it an attractive destination for lifestyle businesses.
These are just a few of the many countries that are attractive to lifestyle entrepreneurs. When choosing a location, it’s important to consider factors such as cost of living, tax laws, ease of doing business, and the availability of resources and support for entrepreneurs.
Here are some examples of lifestyle entrepreneurs
Marie Forleo – a life coach, motivational speaker, and entrepreneur who has built a successful online business around her personal brand. She hosts a popular website and podcast and is the author of the book “Everything is Figureoutable.”
Tony Robbins – a life coach, motivational speaker, and author who has built a global empire around his personal brand. He has written several best-selling books, including “Unlimited Power” and “Awaken the Giant Within,” and he runs a series of popular seminars and workshops.
Elizabeth Gilbert – an author, speaker, and entrepreneur who is best known for her best-selling book “Eat, Pray, Love.” She has since built a successful career as a speaker and author, and she runs a popular podcast and online course.
Perez Hilton – a celebrity gossip blogger who rose to fame in the mid-2000s with his blog PerezHilton.com. He has since expanded his brand to include a variety of media projects, including a book and a podcast.
Tim Ferriss – an entrepreneur, author, and podcast host who is best known for his blog, The 4-Hour Work Week. He has since expanded his brand to include several bestselling books, a popular podcast, and a number of successful investments in startups.
Well Known Bloggers
Heather Armstrong – a pioneer in the world of mommy blogging, who created the popular blog Dooce.com in 2001. She has since become one of the most influential bloggers in the world and has won numerous awards for her writing.
Chris Guillebeau – a blogger, author, and entrepreneur who is best known for his blog, The Art of Non-Conformity. He has since written several bestselling books and built a successful brand around his personal philosophy of living a unique and unconventional life.
Marcus Samuelsson – a chef, restaurateur, and cookbook author who has gained widespread recognition through his blog, Marcus Samuelsson.com. He has since built a successful career as a chef, author, and television personality, and is widely regarded as one of the most influential culinary figures of our time.
If you want to become a lifestyle entrepreneur, make a clear plan with the end in mind. It is important you take into account how your business will thrive on the internet, generate income to cover your expenses, provide you with fulfillment and what tools will be necessary for the longevity of your business. More than likely, the beginning of this journey will be the most challenging. However, over time you will get into a momentum and the swing of doing things which will lead to the lifestyle that you’re truly destined for. To watch a video on the best lifestyle business options, click here. We look forward to seeing you on the other side.