How to start a Lifestyle Business (step-by-step)
If you are unsure how to start a lifestyle business, this post will show you all the steps you need to take and help you choose the lifestyle business model that fits your needs and preferences.
If you are new to this blog, let me introduce myself. My name is Deniero, and I have been running a lifestyle business for a decade. I started selling on Amazon, and within six months, I was already making 6-figures. Then I decided to sell my expertise in digital marketing by opening an agency. And finally, I packaged all my experience in a business program to help professionals build lifestyle practices. If you want to read more about my story, click here. Otherwise, let's go!
Step 1: Commit to taking the leap.
Congrats! If you are at this step, it's because you have made up your mind. Most professionals are afraid of leaving their careers behind. But you are different. You realize that no matter how hard this journey will be, you're still better off chasing your dream lifestyle. Now let me share a word of caution with you.
If you are here to dip your toe in the water and see "how it goes," you will fail. So, if you are not 100% committed to making this work, don't waste your time.
Opening an online business has the lowest barrier to entry compared to any other business model. That means you are going to face fierce competition along the way. So the only way to pierce through the noise and succeed in the long run is to make up your mind and not look back.
Step 2: Choose the business model that fits your lifestyle goals
Given that you could turn most business models into a lifestyle business, you should spend some time thinking about what you want your life to look like. For example, if you want to move to a desert island and never speak to someone again, working as a coach, a consultant, or a lawyer may not be the best choice.
Instead, you could look into becoming an e-commerce seller or a copywriter.
But if your goal is to work remotely while you keep in touch with the world around you, then you can look into anything we mentioned above.
If you already have diplomas, degrees, or certifications, your best bet may be to build a business around those skills. My business accelerator focuses on helping professionals use their current skills to build lifestyle practices.
But if you don't have any specializations, that's ok! You can start building your experience and authority in a new field by offering your services below market price in exchange for testimonials and reviews.
Step 3: Create an irresistible offer
This step will differentiate you from the sea of competitors in your niche.
If your offer is bland, you will compete on price, and the race to the bottom is not fun... Dealing with low margins and attracting cheap clients are stressful situations to be in.
Instead, learn how to create an offer that solves a set of high-value problems your market is struggling with.
The better you articulate what your clients need; the more people will gravitate towards you instead of your competition. That'll allow you to charge more and avoid getting compared to the other (less exciting) solutions in your niche.
Step 4: Create Content
This is a sore topic for many people because they don't think this step applies to them. I hear a version of this point at least once a week from my followers: I am a doctor. Why should a make content? Or, my target market is too old/young/busy to be on Facebook.
An online business doesn't have a front door. You don't walk past it as you would if it was a brick-and-mortar business. You don't get to put signs on the street. So if you don't create content, your presence will be inexistent.
Think of your audience and what problems they may need to solve before and after they buy from you. Then make a list of how you can help them solve those issues and use that list as your content strategy.
Step 5: Do outreach
If you sell any service (B2B and B2C), you should do social media or email outreach first. Google Ads, Facebook Ads, or any other type of paid media requires a significant upfront investment.
Don't listen to agencies that will tell you to spend $1,000 a month to "try it out."
Unless you target a small local town, you need at least $5k a month in ad spend to test your ad creatives, your targeting, your copy, and your landing pages.
And you need to do that for at least three months to see results. So, if that's not in your budget, dedicate two hours a day to messaging at least 40 new prospects and follow up with them every few days.
If you want to know more about this process, shoot me a message, and we'll get in touch with you.
Step 6: Get good at sales
Even though your ultimate goal is to hire a salesperson to run the calls for you, you'll be responsible for shutting down the deals in the beginning.
If that's scary or "out of your comfort zone," think about the alternative: working 9-to-5 for the rest of your life or being broke and stressed out. If you want this bad enough, you'll make it happen.
I didn't like selling either when I started my journey. But I sucked it up! The faster you realize that you'll need to make sacrifices to build the lifestyle of your dreams, the quicker you'll get over this first business stage. So learn the best angles you can use to sell your offer and get selling!
Step 7: Hire team members to automate the day-to-day processes.
This is the step everyone looks forward to. Now that your business is selling, it's time to get a team to take care of your daily tasks so you can focus on two essential things: a) promote your business and b) manage your team.
If you offer 1-1 services or need to get involved in fulfilling the product or service, that's ok too. But make sure not to lose focus on the tasks that will move the needle.
For example, my lifestyle business employs about 15 people, from paid ads managers to salespeople and web designers, but you don't need to get that big.
All you need is a couple of VAs to remove the non-revenue-generating workload from your plate.