Creating a Lifestyle Business

More and more people are coming to the realization that a career that involves spending most of your waking hours devoted to someone else's vision is not the key to fulfillment. With so many business opportunities available to anyone with an internet connection, the prospect of achieving your dream of financial freedom is more attainable than ever.

Countless people, regardless of their age or career status, are building side businesses that are growing into something they can leave their jobs over. These lifestyle businesses, as they are called, are based on using the internet to attract customers and clients and achieve the necessary economies of scale to sustain a work-from-home income.

What is a Lifestyle Business?

A lifestyle business is a business created with the sole purpose of sustaining a desired lifestyle. If you ever had the dream of moving to a tropical island or you always wanted to have the income to follow a hobby, you can start a business that will grant you the financial means to achieve it.

Business Models to Choose From

Depending on how much money you have saved up, you can choose from several business models available for you to pursue. As with any venture, there is a risk to reward ratio you need to consider. Different business models require different amounts of starting capital and your choice will revolve around your strengths, knowledge, experience, and budget.

Business models that need a large initial cash outlay will be harder to implement without savings or access to credit. If you are married, you can start your new business with your spouse which will not only split the cost between the two partners but will also allow you to leverage the time and effort of two people rather than going it on your own.

If you will be pursuing this new venture on your own, there is no need to dismay. There are options that can help you circumvent any obstacles you may encounter including finding capital and manpower.


One of the most popular business models that offer great potential for growth while keeping downside risk to a minimum is affiliate marketing.

What is Affiliate Marketing?

Affiliate marketing is a lifestyle venture where you earn commissions by promoting and selling the products and services of others. You find a product or service that you are confident you can sell and promote it by using a variety of online methods and tools.

If you feel overwhelmed even thinking about implementing the affiliate business model, there are established programs from large retailers that you can leverage to get started. Amazon's affiliate program is a great way to reduce the learning curve associated with breaking into online selling.

The Affiliate Model and Selling on Amazon

Since the early days of e-commerce, Amazon has been swiftly growing into an online juggernaut in the retail space. You can take advantage of Amazon's Associate Program to become an affiliate so you can promote and sell products found on the website.

Selling on Amazon FBA

Alternatively, you can sign up to sell your own products through Amazon and thus start your own e-commerce business. The Fulfillment By Amazon program allows you to stock products with Amazon and use their distribution network to ship your products to customers. By selling on Amazon FBA, you are reducing the logistics involved with starting an e-commerce business on your own.

Become a Consultant

Most people don't stop to think about the business and life experience they have gained throughout their lives. Living in the corporate world of 9 to 5 employment, people only tend to think of their value as professionals in terms of a resume. Yet, there is a great deal of valuable information in your accumulated knowledge that plenty of people may be willing to pay to be privy to.

All it takes is a few searches on YouTube or Google on your favorite hobby to see that there are countless people offering their services to clients on a plethora of topics. If you are not keen on following the e-commerce or affiliate business models, perhaps you should consider becoming a consultant on a topic you have mastered over the decades. Life coaches, personal trainers, and even accountants are leaving the daily grind and are using the internet to offer their knowledge to their customers via à la carte sessions or subscription services.

1. Determine the Structure of Your Desired Business Model

If you don't have the financial flexibility to leave your job to pursue your new business, there is no need to worry or rush to rash decisions. A sole proprietorship is enough to get you started while you work on the side. You can devote a few hours after work and on the weekends building your dream.

If you are thinking of partnering with a friend or relative, starting a partnership or limited liability corporation (LLC) may be the best option. To get the best advice on what the most suitable option for your needs is, be sure to consult an experienced accountant.

2. Choose a Business Name and Register a Domain Name

Your new business will be the vehicle for achieving financial freedom and bringing the excitement back into your professional life. Come up with a business name that reflects the type of enterprise you want to create. Whether it has to do with selling as an affiliate, e-commerce, or consulting, your business name should exhibit your brand's essence and bring enthusiasm to your ears at its mention.

Choosing a domain name for the website you will be creating will also be important. Find a domain name that will be memorable to potential customers that come across it. Keep in mind that your domain name should include an important keyword regarding your business. This has to do with search engines placing your website higher in their rankings when users search for your services. Make a list of your most important keywords and try to brainstorm a good domain name. When you've come up with a few good options, make sure they're available and register the one you like most with a domain registrar.

3. What Kind of Platform Should You Use?

When starting off with a limited budget, your options will be limited. However, you'd be surprised by the open-source programs available for you to build your website. Wordpress is one such open-source platform and is easy to learn. There is no programming involved and there are a large number of free additional tools, called plugins, available for you to build a functional website. This works for affiliate businesses, e-commerce, and consulting businesses alike.

4. Pick a Profitable Niche and Target Audience

Start by finding the area on which you will be focusing. With a niche in mind, you need to focus on targeting the most profitable audience segment. Do the necessary research to determine what demographics are the ideal customers for your product or service and center your strategy around them. Each niche has its own ideal target audience. Figure this out and position yourself as an authority this audience can turn to for answers to their questions and solutions to their problems.

5. Stand Out

Advertising and leveraging social media will help you gain the necessary exposure for your new business. Content marketing is an effective way of growing your audience and will require a bit of effort but can yield more permanent results than advertising. Offer useful information that users will find relevant to their needs and you will cement your brand as the market leader in your niche.

Remaining in the conventional professional rat race doesn't have to be your fate. If you've been able to offer your services to employers for many years, earning them money and contributing to the growth of their businesses, you can certainly build a successful business of your own. Overcoming your fears is as simple as taking the first small step.