Become a lifestyle entrepreneur.
What is your greatest passion, hobby, or interest? Acknowledge it within your own mind. Picture it and imagine yourself doing what you love. Now imagine yourself waking up one day and getting paid to indulge your greatest interests. Whether that’s traveling, fashion, technology, media, or something niche, the opportunities available in the world today make the possibility of getting paid to live your passion a reality. This fantastic professional path is known as lifestyle entrepreneurship.
What is a Lifestyle Entrepreneur?
A lifestyle entrepreneur bases their business decisions and investments on their ability to perceive change and market value, intertwined with their personal passions. Lifestyle entrepreneurs have an incredibly high drive to promote and develop their specialised offerings not just for themselves, but for others. Their professional offerings are intrinsically tied to their uniqueness and choices. Essentially, a lifestyle entrepreneur enters a market, develops a business model, or creates a product with the intention of changing or crafting their own lifestyle. Unsurprisingly, walking a professional path of personal interests, passions and values is one of the truest ways to happiness. The art of being a lifestyle entrepreneur is knowing what skills you need to get your idea oﬀ the ground and reliably providing impact-driven solutions. As a brand, it is making waves in the marketplace and delivering on your promises to your internal and external stakeholders.Contrastingly to other forms of entrepreneurship, lifestyle entrepreneurs harness their personal interests and intertwine them with their professional goals. Profit maximisation is not a top priority, and the business vision is instead specialising on niche offerings that drive entrepreneurial innovation and lifestyle career choices.
5 Tips to get you started!
Think about how you can turn your passion into a profitable business model.
The first step to turning your lifestyle into a career is to brainstorm ways in which you can market your services, provide value to an audience, and find a channel in which to host your offerings. For example, some forms of common lifestyle entrepreneurship include podcasts, travel blogging, lifestyle blogging and specialised training programs. Everyone has at least one strong skill and the trend of capitalising on individual expertise is what has propelled the lifestyle entrepreneurship industry for decades. Try to narrow down what you excel at. It could be anything; marketing, customer service, problem solving – there really is no option that is ‘left out’. Take something that you love doing and are good at and find a way in which this could bring a consumer base consistent and marketable value. You don’t need to be number one in the field, you just need to be confident in your own knowledge.
Find an easily accessible channel in which to reach people.
This doesn’t necessarily have to be online, but as our world continues to digitally transform, it would significantly hinder your business opportunities to operate as brick-and-mortar only. Creating a website is step one to legitimizing your personal offerings. This serves as a central location for your target audience, potential leads and partners to engage with your brand. It’s also how you can digitally market your outputs and create website traffic that will boost the exposure of your business and lay the foundations for traction. You can also choose other free online channels such as social media platforms. Social media can be incredibly useful to start building an audience and provides the clear benefit of uncapped exposure at no out-of-pocket cost.
Personalise your offerings and harness your personal passions.
All contemporary marketplaces have a high volume of entrants and players. In order to attribute value to your brand, it needs to have a unique selling point. No largely successful lifestyle entrepreneur has copied someone else; instead, they modelled success and inspired others to do the same. There are plenty of substitutes and alternatives available to consumers. If you really want to speak to your target audience, you need to understand why your specialised knowledge appeals in a different, innovative, and relatable way. And to understand what makes your knowledge unique, you might have to do some spiritual digging. Think about what you naturally gravitate towards because you’re genuinely so interested in it that you already spend a large amount of your time doing it. Your passion for your interest will drive your ability to market it successfully to an audience, as they too will share your passion, and this creates a connection between you and the consumer group.
Focus on creating a connection with your target audience.
This is the most important aspect of shaping a career in lifestyle entrepreneurship. Your ability to relate with people is what will create excellent exposure for your brand, but more importantly it will form an emotional connection between you and consumers. Think about what types of media you subscribe to. Each person’s social media feed revolves around their personal tastes and interests, and although no one’s feed will ever be exactly the same, we all share interests and that’s why influencers are able to create enormous following bases. They show their love of something, and their unique way of doing it. They showcase their unique knowledge and use It to create value for the people who are interested in the same thing.
Don’t undersell yourself – charge what your worth.
It might be hard to know how to price your offerings. You may be tempted to lowball the competition in order to win people over with affordability. This certainly is effective in the short term, but in the long term it’s incredibly harmful to your resources, which are needed to sustain your business model. Look at what your competition is charging and measure yourself relative to the scope of their businesses. Outline how you are the best choice in the market and be realistic. If others are already doing something better than you could, then you need to re-shift your focus to how you can apply your own unique element of expertise to create a point of competitive differentiation. Not only will this propel your businesses overall value proposition, but it will also create an opportunity for you to price your services optimally.
By Rob Schafer – founder | chairman of mnm institute
30 FREE spots for ENTREPRENEURSHIP BOOTCAMP up for grabs!
LAUNCH & GROW YOUR STARTUP
To celebrate our new campus at mnm Loft39 Ultimo we like to find 30 potential individuals with ideas that are worth developing.
About this program
This 12-week entrepreneurship bootcamp kicking off in January 2022 is aimed at teaching participants how to start their very own business from the ground up and make their passion profitable. We will give you all the tools, strategies, information, support and advice to turn your vision into a business reality.
If you would like to come along to the information session on 4 December 2021 register your interest now!