LRS 055: Creating a Lifestyle Business as a Means to an Enjoyable Life 74

Creating a Lifestyle Business as a Means to an Enjoyable Life

Welcome to episode 55 of the Let’s Reach Success podcast.

I couldn’t manage to make it on Thursday this week, as I usually do, because there was a lot going on around me. But it’s closely related to the topic I’ll discuss today – creating a lifestyle business.

The 2 words in that phrase describe it well enough, but I want to dig deeper into the meaning of how and why one should start his own business that’s dedicated to providing him with just enough to let him live the lifestyle of his dreams.

Because our visions for the ideal lifestyle are completely different, this means our motives and the business itself will be different too. But absolutely anyone can do this, as long as there’s a good strategy behind it, passion, consistency, initiative and a huge desire to stop living the average life and start making the most out of your days.

How is my current situation in life connected to this?

Well, just moved to Amsterdam 10 days ago. It’s my dream destination, which means it’s a big step in my lifestyle design plan.

From all the places in the world, that’s exactly where I want to continue my life, but it was the business that came first, which made all this possible.

Your motivator to become your own boss might be another thing, and that’s alright. No one said you should be leaving your home country, or even town. The point of all this is to live life on your own terms, and creating a lifestyle business is the way to go.

So let’s see what it’s all about.

 

Show Notes:

  • The types of people when it comes down to business, money and time [1:53]
  • What exactly is a lifestyle business [3:49]
  • Who’s such a business for and what’s different about a lifestyle business owner [6:13]
  • The low barriers to launching a lifestyle business [8:53]
  • The differences between a lifestyle business and a startup [10:36]
  • Why most startups fail [11:18]

Mentioned:

Listening options:

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Thanks for listening.

Glad you joined me on the podcast today. If you want to hear a particular topic on it, leave a comment below and I’ll make sure I cover it in the future.
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How do you think a lifestyle business can change your life?

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Should You Buy an Ecommerce Business? 10

Should You Buy an Ecommerce Business?

If you have the funds to make an investment, but you are not sure which is the best option, a good idea would be investing in an ecommerce business. They represent the businesses of the future, and it is already a known fact that they are very profitable.

With an online business you can choose to build it yourself, but that is not what we are recommending. In our opinion, buying an ecommerce business comes with more advantages and in this article we will talk about some of them.

You won’t have to deal with the tough work.

The first days are the hardest when you decide to start a business by yourself.

First of all, you have to decide exactly what kind of products you want to sell and then find the suppliers for them. You need to create a quality customer service, come up with marketing strategies, develop the site, SEO, and many other things.

But when you buy an online business you won’t have to deal with any of these. A business that has been around for a while already has all these things and this means that you won’t have to deal with them. However, you should make sure that you do a little bit the research before you buy the site. You need to make sure that everything matches your requirements.

Successful business model.

Quitting While You're Ahead! Understanding the Limits of Natural Business Growth

When you are just getting started it is hard to tell whether your business will make it or not.

In some cases, it might even be complicated to come up with a strategy that will sell your products. Nevertheless, this problem does not occur when you are buying an online business.

In this situation, you already know that the business existed for a few years, which means that it generates enough revenue. It also means that the traffic and customers are established already so there is almost no risk.

However, before you buy a website you will need to make sure that the financials are accurate.

You can choose to buy a business from an online marketplace such as Exchange by Shopify. This way, data such as traffic and financial reports will be delivered by the platform, not the seller, so you will know for sure that they are 100% real.

Cross-sell potential.

If you already own an ecommerce business it might be a good move to buy another one. By getting another one you will gain access to additional customers, email addresses and traffic, which could be really helpful for you.

If you analyze the metrics of the business a bit you will be able to tell how to cross-sell existing products. Tools like shopping cart data and Google Analytics should help you determine customer behavior, including the returning rate and how many items per order are there.

Cross promotion between email lists could be a great marketing tool if it is used correctly, and even using “competitive” discount could be a way to make customers move between the two businesses.