Woho, I’m back! It’s been a while since the last post because I recently moved to Provo in Utah for a couple of months! I have had so fun here and meet amazing people that I have not had any time writing! But here comes a post that on generating ideas for building your lifestyle business! After all, you need to have an idea before you start!
In the previous post (Before you start your lifestyle business) we talked about what really defines the lifestyle business and makes it unique. The most important take away from it was that a lifestyle business is unique because we really focus on you instead of the business. The goal is not to build the biggest company around but rather to build a company that can support our lifestyle goals. If that sounds like a great goal you might want to read this post about some different business models for building a lifestyle business.
As I mentioned before there is no magic business model for a lifestyle business and its really not a “get rich fast”. Instead its a mindset and a set of methods and “hacks” that can help you build a business in which you are almost not needed. This does not have to be one of the business we talk about here, in fact you can probably turn most businesses into a lifestyle business.
If you don’t have a business today but want to start one I’m going to list some of the more common lifestyle business ideas and the pros and cons with each of them. And if you already have a regular business you can most likely turn it into a lifestyle business and you can still read this post since you hopefully will get a a lot of inspiration from it and ideas for your own business.
Lifestyle Business Ideas
Building Niche and Authority Sites
This is really the easiest one to get started with and also what I have the most experience with. The idea is that people want information and if you can build a site that gives them the best information in the best way you can earn money by for example having relevant ads on you site. There is of course a lot more to it than just creating a site with great value (you have get traffic, optimize it, choose a good niche, etc) but its easy to get started with because it does not require you to buy any inventory or pay for developers etc.
I will write a lot more on this subject since its what I am currently doing so dont worry if you feel lost for now. The questions I ask myself before I start a project like this is:
- Is the competition from other websites low enough for me to have a possibility to succeed?
- Is it a subject where I think I can actually create value for my visitors?
- Can I make money from this?
I will write more extensively on exactly how to answer these question in a later post.
A word of warning before you start considering opening an ecommerce store: Most of the ecommecer
This is a tricky area since an ecommerece store can be a great lifestyle business but can also become more demanding than a 9-to-5 job. It all depends on what you sell and how you structure your business. The most simple platform setting up your own ecommerce store is using Shopify.
Developing Software or apps (even if you know no programming)
This might have the biggest potential but on the other hand it requires some investments if you don’t know how to code (a lot of the successful people selling software didn’t code their programs themeselves). It also requires that you learn how to effectively manage people to really get it done in the most efficient way. There are different types of software that you can develop, everything from Iphone and Android apps to SaaS applications for businesses. This is something I intend to really research because of its big potential but as mentioned before it requires more investment in money and time so that will come later.
Do you have a talent or skill that you can teach others? Why not start an online course on the subject. It could be anything from “Accounting for small business owners” to “How to have an exotic snake as a pet”. We live in a global world today and if you have an interest chances are great that there are many others out there who share the same interest as you.
These are just some ideas of what you can do! You have seen that there are plenty of opportunities out there just waiting for you. We will try to deep-dive into all of these different opportunities in future posts.
Looking forward to the next post and don’t forget to also follow me on Facebook.