10 Brand-New Lifestyle business models
Since the 4-Hour Work Week came out in 2007, countless people worldwide have started working on their own version of freedom. There are many lifestyle business models, but every couple of years, we either get introduced to new technology or a pioneer discovers a new way to run their business more efficiently and comes up with a new lifestyle business model.
In this article, you'll discover ten ways to create your lifestyle business and fund the life you've been dreaming of in your wildest dreams. I divided the list into two sections because professionals can use their current skills and certifications to fast-track their brand presence and gain near-instant authority in their market (i.e., if you are a doctor creating health-related content, you will often get a following much faster than a fitness enthusiast sharing the same info)
Lifestyle Business Models for Professionals
1) Youtube video advertising revenue:
This is the most obvious way to create a passive income stream that compounds over time. All you need to do is create weekly (or more frequently if you want to speed up the process) pieces of content for your niche, and over a year, watch your viewership grow. The key is to figure out a high-value problem you want to solve for a niche. For example, if you are a lawyer, specialize in making labor law more accessible to the average employee in your country.
2) Social Media Partnerships:
Making money with ads is not the only way to profit on social media. In fact, as soon as your profile starts climbing up the ranks in your niche, you will begin to get contacted by brands that want to partner up with you. For example, let's say you are an accountant helping blue-collar entrepreneurs build financially solid businesses. Once your profile has a significant number of followers, a company like QuickBooks may reach out to strike a partnership and offer you a 25% cut on all the accounts your followers create. And since most software has a monthly subscription model, you will enjoy recurring revenue on autopilot for years to come.
3) Affiliate marketing:
This is similar to a partnership, but the beauty of affiliate marketing is that you can choose to promote as many brands as you want. In fact, most affiliate programs let you sign up on the spot right on their website. For example, let's pretend that you are a dietician and have been using several products to help you get results for your clients. You can make a series of videos -or social media posts- to promote these items and enjoy a 7% to 10% (sometimes even more) commission on all sales attributed to your content.
4) Online membership portals:
Since the internet democratized information, people are starving for specialized knowledge that gets delivered in a digestible way. For example, suppose you are a doctor helping women with hormonal imbalances. In that case, you could create basic content on Youtube and then funnel your followers into a membership area where you offer in-depth information, live group calls, and extra support. And once your audience grows, you can create multiple membership tiers, live workshops, and more.
5) High Ticket programs:
As long as you can solve a high-value problem for your audience, you can charge high-ticket prices for your services. This is not as easy as it sounds, though. You first must test your market and find out two things: a) can your market even afford high-ticket services? And b) is your market aware that their problem is a high-value problem? But as soon as you figure out the two, you can create a framework to help your clients in several weeks or months.
Lifestyle Business Models for everyone
6) Dropshipping:
This is one of the lowest barriers to entry business models because you don't need any inventory and minimal investment upfront. When people buy products from your website, you simply place an order with the factory, and they will automatically ship the item to the buyer for you. There's a catch, though. You must first find a way to drive good quality traffic to your store. So, if you don't have advertising dollars, your best bet is to create niche-related content on social media and build a following first.
7) Product review sites:
Like the affiliate marketing model you read about, product review sites make money with affiliate kickbacks. The big difference here is the scope of your content. Instead of focusing on a specific niche, you can create many articles to showcase product charts. For example, "The five best soccer cleats in 2022," "Top 10 cheapest tennis rackets online," or "Seven affordable automatic cat feeders."
8) E-commerce brand
If you have money to invest in product development and inventory, launching an e-commerce product can turn into a full-fledged brand that will pay dividends for decades. First, come up with a concept and look for a manufacturer. Then, once you have your prototype, start production and launch your ad campaigns (paid ads and influencer marketing.) Once the brand is established, you can even pitch national or international retailers and wholesale your inventory.
9) Niche marketing
Like the social media strategies we discussed above, you can build an audience around a specific niche and promote related services and products. If you love traveling, for example, you can promote hotels, resorts, restaurants, and activities. Still, instead of getting paid a commission on units sold, you will get a lump sum from the advertiser based on your audience size and the amount of engagement your posts get.
10) Writing
You can easily turn your passion into a lifestyle business if you love writing. There are many ways you can go about it, but I'll discuss email marketing for this post. You can easily reach out to hundreds of e-commerce stores and ask them if they'd like you to write emails for them in exchange for a 10% or 15% commission on the sales attributed to the newsletters. And since most email responders give you sales analytics, you can pull up the reports at the end of the month and bill your clients.
If you are looking for a way to turn your hard-earned degree or passion into a lifestyle business, shoot me a message, and one of our team members will get in touch with you within a couple of hours!