The hours you spend at the office are significant, but they need not define you. That is the potential and appeal of being a lifestyle entrepreneur. Your work-life balance is something you, and only you, can decide on, not your company.
Yet, what precisely does it mean to be a “lifestyle entrepreneur”? Moreover, what steps should you take to join the ranks of the billions who have already struck off in this arena? Below, we’ll break down who is a lifestyle entrepreneur and what it takes to become one.
Who Is a Lifestyle Entrepreneur?
The term “lifestyle entrepreneur” refers to someone who starts a company to make positive changes in their own way of life. This decision is not motivated just by a desire to maximize financial profit. Entrepreneurs who pursue their passions and find satisfaction in their job are sometimes referred to as “lifestyle entrepreneurs” rather than “traditional entrepreneurs.”
Compared to someone with a typical 9-to-5 job who must report to the same office every day, a lifestyle entrepreneur is accessible 24/7 and can work from any city, state, or country. Thus, having a Parker pen and diary handy is always appreciable if you cannot carry heavy stuff with you.
What Does It Take to Become a Lifestyle Entrepreneur?
One of the first steps in being a lifestyle entrepreneur and identifying your specialty is learning to tune in to your desires and needs. What is it that I excel at? What is it that I feel such strong emotion for? When do I need to be financially secure? Your answers will shed light on your reasons for going into business for yourself, the kind of endeavor you should launch, your top priorities, and the hours you want to put in.
A lifestyle entrepreneur is any individual who creates a business with the main goal of improving their life in some way. An example of a lifestyle entrepreneur is someone who travels the world and posts articles and pictures to a blog throughout their journey.
Secondly, look for an appropriate workplace. While working from home might help you save money, it can also be lonely and demotivating. Alternatively, most lifestyle businesses can’t afford to be tied down by a lease because of its high cost. Moving to a co-worker space is the best option. It combines the prestige and convenience of a private office with a shared office’s cost-effectiveness and creativity.
Thirdly, use the appropriate tools. A laptop is an ideal option if you plan on doing a lot of traveling. If you can afford it, upgrade to the quickest, most reliable internet or Wi-Fi. Nevertheless, there is always space for something you cannot live without, like your favorite St. Dupont lighter.
The next step is to select the right business. It depends on your level of expertise, interests, talents, and preferred method of working. Ask yourself questions like the first step to assist you narrow down your options for potential businesses.
Lastly, put in your best efforts. Remember that success isn’t guaranteed. It’ll be a ton of effort. The upside of being a lifestyle entrepreneur is that you get to go on exciting journeys that you shape. And that’s why the long hours and restless nights sometimes seem more like a game than a task. For example, as a lifestyle business, you might earn 20% of your income from social media consulting, 30% from creator funds as an influencer, and 50% from freelance writing. This diversification allows for flexibility and also provides novelty and a way to monetize different skills and interests.
In a nutshell, lifestyle entrepreneurs can begin with a lot of enthusiasm and focus but a little money buffer. In other words, you are not obligated to do business activities at the dinner table or in the chaotic local coffee shop.