The term “lifestyle business” refers to businesses that don’t necessarily need venture capital. Some people believe that these businesses don’t require a lot of effort and are easier to build, but let’s put that negative notion to rest. Many lifestyle businesses started off small but its potential to become a prosperous company is so great that it has provided founders with a fulfilling life.
The modern technology that we enjoy these days has provided a lot of people the opportunity to start a lifestyle business, given the fact that they can launch their products and services with the help of the internet and effective online marketing strategies. That being said, let’s delve into the world of lifestyle business ideas and how it goes hand in hand with business models founded online.
Lifestyle Business Ideas: Its Characteristics
If the thought of a business where you have the full control of its ins and outs but can still provide you with the lifestyle you want to achieve is attractive to you, you should choose from among from the many business ideas and start one for yourself. Below are the characteristics your business should have in order to sustain your business and your current lifestyle.
A Clear and Realistic End Goal
The business models that can be derived from the many lifestyle business ideas all have one goal and that is to produce a sustainable revenue stream from a business that can operate mostly on its own. Though you have many business models to choose from, pick one that offers you a decent stream of revenue without having to spend most of your time on it. For example, owners of brick and mortar stores can only operate for as long as the store is open. But move that store online complete with e-commerce features and you’ll end up with a business that can operate 24/7 but you still have a lot of time in your hands.
A lifestyle business doesn’t need a hoard of people to be able to operate. In fact, it’s better to stay as small as possible and only get people to handle tasks that you’ve already established beforehand. If you do employ someone, this person should be freeing up your time.
No matter how small your workforce is, don’t forget to factor in costs added to their payout things like Medicare, Social Security, and payroll taxes. This will also help you decide if your business is better off to be run by yourself so you won’t have to spend your money on salaries.
A Stable Business Culture
It’s already given that you’ll have to strive hard to set up a business, but don’t forget that the business models you choose are something that should allow you to work less. It may be a good idea to hire employees and have them do various tasks such as affiliate marketing, inventory, customer support, etc. The goal of many lifestyle business ideas is to allow you to live your life in accordance with your lifestyle, but this comes with a caveat. You’ll have to carefully manage your hires since you are not running a start-up, one of the many business models that don’t have an enormous flow of cash.
Business Models with Positive Cash Flow
Lifestyle business ideas are created in order to provide people with a business that’s profitable from the very start. This is one of the few business models where you can avoid cash burning operations.
Your business runs on positive unit economics meaning your products or services should be sold for more than the total cost of production, delivery, and marketing.
Top Lifestyle Business Ideas in 2019
Below are the top lifestyle business ideas with business models fit for the online working environment.
Fulfillment by Amazon (FBA) Sales
Imagine marketing your wares through the world’s largest online retail platform? This is what the FBA program is all about. It’s one of the best business models since you don’t have to do anything else — Amazon will run your online retail business in exchange for fulfillment and monthly storage fees.
Of course, you’ll have to ship your products to an Amazon fulfillment center and make a product listing. Once listings are up and you begin to acquire sales, you get to receive a portion of the proceeds on a weekly basis.
High Ticket Items
A high ticket item is essentially an item you can sell for a high price. This may be a car or a house, or anything in your possession that’s considerably expensive from furniture to home theater systems. In a retail store set up, high ticket items are products with profit margins and selling price that is considerably higher compared to other items found in the store.
What should be remembered is that a high ticket item is not, all the time, a luxury product. They’re viable lifestyle ideas though since many high priced ideas can be marketed online and thus has the potential of getting sold quickly.
Affiliate marketing has long established itself as an effective way to make money online, the reason why it’s included in the list of lifestyle business ideas. This is a strategy where a person partners with a business so he can get a commission by simply directing or referring visitors or readers to the business or company’s own affiliate marketing site, e-commerce site, or blog site. This is affiliate marketing in its simplest form. If you want to be successful at affiliate marketing, you’ll have to invest an initial amount of time understanding the campaigns you are joining.
Most jobs require you to be at work in order to generate income, but affiliate marketing offers the opportunity of making money even while you’re sleeping. If you spend time into a campaign initially, your returns will be continuous in time. Just wait for consumers to buy the products over the following days.
The best thing about affiliate marketing is the fact that you still earn even after your work is done. You don’t have to spend all your time in front of a computer. As long as your online marketing skills are spot on, income in affiliate marketing is guaranteed.
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Freelancing may be one of the best lifestyle business ideas to have ever been created. It has allowed a lot of people to reach clients beyond any geographic barriers, making it one of the most ideal business models there is. You’ll gain access to clients from different states and even in overseas locations.
In freelancing, the more specific you can be about the services or type of job you can do, the better. It will help mold your brand and allow you to control how future clients see you. By improving your skill set, you also get to enjoy higher rates and build a portfolio that will impress any client you wish to work with.
E-commerce sites are business models that have low start-up cost. In the case of brick and mortar stores, they’ll have to pay thousands of dollars for rent, business signs, interior, production, and other upfront costs. You don’t have to deal with this if you take your business online. With an e-commerce site, the whole world is your playground.
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