9 Things You Should Know Before Becoming a Lifestyle Entrepreneur
The Internet has been used by academia since the 1980’s, but in the last fifteen years it has become what we know today. Today, 2.5 billion people log onto the Internet every day, and it's estimated that the number will double in the next five years
For entrepreneurs looking to start or grow a business, the Internet offers a fairly unlimited and mostly untapped customer base. There are many successful lifestyle entrepreneurs, but they are just scratching the surface of the opportunity that’s available.
A “lifestyle entrepreneur” is an entrepreneur who makes their living online. They don’t have a physical location or need one to operate. All they need is a laptop and connection to the Internet to manage their business. There are several tools and software they use, but they're portable.
If this type of entrepreneurship model appeals to you, here are 9 steps you can use to become a location-independent lifestyle entrepreneur.
1. Pick a profitable target audience
Once you have identified your skills and knew the lifestyle of an entrepreneur that suits your needs, you can go ahead and analyze your audience. You can even pick your audience. For instance, is it some niche audience or is it a larger audience base. Think about it, because the decision on the attendance will affect your income and profits.
2. You can’t hide from yourself
You know all of those days you’ve spent hanging out on Facebook or reading blogs while on the clock? Well if you do too much of that in your new business, the only one who is going to hurt from it is you. You’re the boss now, so all of the stuff that you used to do when your boss wasn’t looking needs to be held in check.
3.Build a Foundation
After preparing a plan, you need to build a foundation. While the growth of your business is a constant ‘work in progress,’ the foundation of your company or work cannot be changed. And therefore, it needs to be adamant. You would need a website or even a mobile application. You may even need special contacts. If you plan on setting your business online, you will even need a robust social media presence, emergency funds, with software and marketing strategies.
4. Routine is necessary
When I first started working for myself I could not wait for an adventure. I’d spent enough time in an office that I wanted to go out and experience new things and get as far a way from a routine as I could. That lasted maybe a month. Don’t get me wrong the desire for adventure was still there, but you come to a realization that having a routine is essential to success. When left your own devices golf and wake boarding trips will usually win out – but I wouldn’t know anything about that…
Also Read: Becoming A lifestyle Entrepreneur
5. Focus on one thing first
One of the things that appealed to me most about working for myself was the ability to have multiple income streams. It was more secure, and kept me from getting bored. Well for the first month at least I’d really encourage you to focus on one thing. Whether it’s building one set of skills, one blog, or whatever it is, don’t spread yourself thin by trying to do everything at once. This is a marathon, you’re in this for the long haul. When you take on too many projects, you won’t be able to give your full attention to any of them, which in turn hurts them all. Believe me, I know from experience.
6. Build good lifestyle habits Early
This goes along with having a routine, but even though you will have more time to do what you want, you’ll find it harder to do things like eat healthy and exercise. I recognize regularly how important these two things in particular are, but I still have a tough time maintaining good habits around each. Set solid times for cooking good meals and working out, put them in your calendar. If you have to change them up, reschedule. Don’t compromise on this.
7. The word “vacation” doesn’t exist in your world
For better or worse. For me, I think this is a good thing. Spending a week on a tropical island is great until you get so antsy to do something productive that you can’t enjoy it anymore. I work 7 days a week. I work from mountains, coffee shops, beaches, you name it. I wouldn’t have it any other way. But this truly is a lifestyle business. Your work and life will no longer be as separate as they were in the past. Not cool with this? Rethink where you’re at.
Also Read: How To Make Money Online
8. You will have (really) bad days
When I first started I probably had one day a week where I got petrified. I was terrified that I wouldn’t be able to build a business, that I’d have embarrassed myself, and would have given up a perfectly good job for nothing. These days are fewer and far between now, but I still get them. Learn to embrace your self doubt, because you will always have them – but understanding that and then working past them is what will inevitably make you successful.
9.Study what’s working and scale
Once you have made progress, review what’s working for your business. See where you can make the process smoother and more efficient. Spend your time growing that profitable part of your business and scale the progress.
Focus on what’s working and commit only to learn what will help your lifestyle business grow. Don’t become a victim of information overload. That has crippled many entrepreneurs.
Also Read: Think Like An Entrepreneur
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