Instead of Settling for an Online Business Build a Lifestyle Business A lifestyle business is about achieving all your life goals. Money is a big part of it but far from all of it.
By Kimanzi Constable Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
There are more than three million people that use the Internet, according to Time. Over $107 billion dollars was spent on online learning in 2015, according to Forbes. For entrepreneurs, there's never been a more exciting time to grow a business. We can market our business, and the products and services it offers, to a captive audience that all goes to the same place. The allure of starting an online business is appealing.
Today, you can put together a website that demonstrates your expertise and passion in a topic. You can create digital information products such as books and guides. You can offer services such as coaching. You can create membership websites and online courses. You then market your online business on podcasts, social media and through other websites. The chances are you've seen Internet entrepreneurs posting income reports and crushing it online.
You see the opportunity and others who are doing well. You want to build an online business that makes money while you sleep. This model does work for some. For many, you'll spend thousands of dollars on coaches and courses that promise to teach you the insider secrets to making real money. What you get in return, too often, is disappointment and a smaller bank account. The reality is that if you spend time on audience building and lead generation, you could make decent income.
Here's the thing, there's a different type of business model that takes the good opportunity in the online business space and adds a stronger element. A lifestyle business has the components of online business: courses, products, services, passive income and financial freedom. But, it adds diversity to your income streams and the opportunity to build a business that puts your life first. Here are the elements of a lifestyle business and why it's a better model.
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Your life suffers when you build a business with no balance.
The 24/7 hustle lifestyle has been glorified as the new hot way to build a business. If you're not always "on," you're made to feel as if you're not doing enough. When you build a business this way, it affects other areas of your life. Your relationships can be strained and worse. There are definite times when you will work harder in your business, but those times shouldn't come at the cost of everything else. There's a tendency with an online business to go all in, but it will come with a cost.
The focus of a lifestyle business is to build while maintaining balance. You think about your major life goals, you put them at the forefront of how much time and effort that you'll use to build your business. Your business-building efforts are done to fulfill your life goals. With the focus being your life, it allows you to build your business with the proper focus and motivation.
Related: Lifestyle Entrepreneurship Is the Ultimate in Work-Life Balance
Offline opportunities add to your earning potential.
An online business is all about making money through your laptop and an internet connection. But what an online business tends to miss is that there's still a world of opportunity offline. In a lifestyle business, you add the elements of speaking at events and consulting at companies worldwide.
You take the skills and knowledge you've gained online and use them to book offline opportunities. You teach offline what you have been doing online. Just with speaking and consulting, you've added lucrative income sources to your business. Build a lifestyle business that allows you to earn an income while seeing the world and accomplishing your life goals. Here is an article about booking consulting gigs at companies.
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Life is more than business.
The goal of an entrepreneur is to build a business that creates freedom and financial security. The purpose of all of this is to support you living your life the way you see fit. Life is more than business. Having fun and spending times with those you love is more important than always working on your business. A lifestyle business allows you to have the best part of both worlds. You build a business that puts life first but also gives you the freedom and financial security.
It's easy to get wrapped up in everything that it takes to build a business. There will be times when you have to dedicate more time to your business. This is normal. But, it should never be at the expense of what's happening in your life. Build a lifestyle business, not just an offline or online business. Build a business that allows you to become the best version of yourself in every area of your life.
