Contributed By:
VIP CONTRIBUTOR
Entrepreneur
and Connector
Source: Entrepreneur
Lifestyle entrepreneurs are truly living the dream. They
work, make money and thrive online. Most do not have an established physical
location (beyond a couch, coffee shop or occasional home office), and they
certainly don’t need one to succeed. A lifestyle entrepreneur just needs two
tools: a laptop and a reliable Wi-Fi connection.
Of course, you need other entrepreneurial basics, too,
like fantastic ideas, skills, and a
jack-of-all-trades mentality. However, does it really
matter where you do business, as long as it gets done?
Around 2.5 billion people go online every day, and by 2020 that
figure will double, according to tech writer Kimanzi
Constable. The Internet is a nearly endless source of potential
customers and clients for entrepreneurs. Already, there are many lifestyle
entrepreneurs, but few are maximizing their potential in this realm (and there
are probably many more who haven’t yet figured out this alluring
lifestyle).
Some entrepreneurs have figured out how to legally and ethically
work the system, and are enjoying some choice perks. For example, moving to
another country with much lower cost of living, scoring that foreign income
exemption and maybe living a dream of working beach-side is very possible for
some lifestyle entrepreneurs. Should they need to consult “in person” with a
client or investor, video conferencing or a phone call usually suffices.
However, it isn’t easy to become a lifestyle entrepreneur, but
it is possible for many. If this sounds like the right track for you, start by
choosing the best, profitable demographic. This isn’t a plea to choose a niche,
because that is not always a necessity. It is better to have a specific idea
rather than a specific niche. To make money, your target audience has
to have money (I've tried the broke route and it's a long one). If you have a
great idea, but your target audience can’t afford it, it’s a long road ahead
that won't make money for a while. In my opinion, income generation potential
is a key metric that you should make sure is present.
Here are four more steps to becoming the ultimate lifestyle
entrepreneur:
1. Start from the ground up.
Your website should be the beginning, but it is never complete.
Don’t over-invest in this arena. Instead, build a thriving online
presence, work towards an emergency fund, engage with your audience, and seek
out tools that can help your business grow.
2. Study what works.
Keep in mind that what works for others may not work for you.
Figuring out what works for your business and you will involve research, trial
and error. Testing is your friend, and failure can be a great teacher.
Once you’ve achieved some success, evaluate it. Could it
be made even better? Don’t let the white noise overwhelm you, but do
acknowledge, evaluate your business and grow it.
3. Grow your audience.
The more exposure you get, the faster your audience will grow. Seek
out different means, such as being a guest on a podcast, on other blogs or on
authority sites. This will grow your lifestyle business daily.
4. Charge what you're worth.
Many entrepreneurs accept less-than-great pay to gain
experience or exposure. This can be a savvy move in the beginning, but do not
be guilted into staying with a client because they gave you a shot. Charge what
you're worth, and realize that will steadily get higher as you gain more
experience.
Being a lifestyle entrepreneur is likely more achievable than
you think. However, it is not the best fit for everyone. Before even pursuing
this track, make sure you’re the type of entrepreneur cut out for such a
lifestyle, because otherwise you will stumble with every step.