What are the best lifestyle business ideas? The best lifestyle businesses allow complete flexibility while giving you multiple streams of income. A lifestyle business should be completely flexibile in terms of where you work and when you work. Businesses such as drop shipping and affiliate marketing offer this kind of business model. Simply send people to ready made affiliate websites or products delivered by someone else, and earn commissions on the sales.
Best Lifestyle Business Ideas
This business model lets you send website traffic to either affiliate products or drop shipping companies. You simply act as the ‘middle man’ for online sales. It’s a model used by many online entrepreneurs to generate income from the internet. It requires no storage of products, sending out of products or dealing directly with customers. Because of the automation in the system it is scalable. Unlike a normal job where you trade your time for money, a scalable online business lets you leverage systems and online tools to generate more sales.
A Scalable Internet Business
So how does a scalable internet business work? Let’s look at the affiliate marketing model. Affiliate marketing lets anyone sell someone else’s products online. They then earn commissions based on the sales. You can sell things simply by sending targeted website traffic to products and services around the internet. Products are delivered by the companies who own the products and affiliates are paid commissions based on their referrals. This model doesn’t require anything other than sending internet ‘traffic’ to website. As such it can be automated and scaled up.
Scalable Internet Business Versus ‘Normal’ Job
Having multiple advertising platforms sending customers to products is a model which can grow over time. With a ‘normal’ type of job, you can’t earn more by scaling your time. You can only trade your time for your paycheck. With an internet based business you can send more and more website traffic to affiliate products. Once you find a profitable model you can repeat it over and over. Due to the automation in the system and your not having to deal with any products or customers, you can simply automate the wonle process. Your main job as an affilaite marketer is in the testing and measurirng of your adverts and content.
The best lifestyle business ideas take advantage of this model. With a business like this once you have the right adverts which are making a profit, you can increase your budget. Once you reach this point, turning up your advertising budget turns up your profits. This is by far the best kind of business.
Best Lifestyle Business Ideas – Types Of Products
Of course you need the right products, the know-how and the desire to build such a business. It doesn’t happen over night. Not all products are equal either. Physical products tend not to pay as well as digital products. Digital products, thos which can be easily accessed online, typically pay the affiliate 40% of their cost. This is because digital products have fewer costs attached to them.
With physical products you need storage space to keep them and you have the delivery costs involved in shipping them out. Digital products do away with these costs. You simply send someone to a website where they can access information over the internet.
Best Lifestysle Business Ideas – Tools and Strategies
The tools and strategies of online marketers include:
- Landing pages – to collect subscriber emails
- Advertising platforms – Google Adwords, Facebook etc
- Digital products and services
- Autoresponders – automated email services to send out pre written emails and collect emails
- Other online software
One of the most important tools of an online marketer or affiliate is their email auto-responder. An autoresponder takes subscriber information from a website or landing page and delivers a series of automated emails. Email may contain any information which is relevent to the service and subscriber. By sending emails to subscribers an affiliate can effectively build relationships with their subscribers over almost any time period. Services can also be bought over emails too.
Best Lifestyle Business Ideas – Products and Services
By choosing products and services which give you 40% comissions and above, you can earn more from each sale. Physical products tend to pay less due to the costs involved in delivery and storage. Digital products therefore are better in terms of income. You should also choose digital products which offer:
- High Ticket Commissions – giving you a greater profit from each sale.
- Multi-product commissions – Having a range of products for existing customers
- Monthly commissions – Selling digital products with membership ensures an ongoing income from all sales (assuming your members continue their membership)
- Built in sales team – closing sales on your behalf.
Choosing the right products to sell online is vital if you want to build a sustainable income from the internet. Selling low value ‘one-off’ items can become a tedious business. You cannot take advantage of the lifetime value of a customer with ‘one-off’ sales.
Best Lifestyle Business Ideas – Lifetime Value Of A Customer
Most physical businesses, (shops, pubs, restaurants) get repeat custom from their ‘regulars’. This is a major source of their income. The best lifestyle business ideas also incorporate this concept into digital products. Although there are thousands of digital products to choose from online, if you choose ‘one off’ sales to build your internet business, you won’t be able to benefit from the lifetime value of a customer.
This is why membership products are the best digital products to sell online. If you also choose a product range to promote you can continue serving customers with other products within the range. Memberships, up-sells and high ticket products all allow you to earn income from an online business. Each single sale is linked to multiple sources of income which you can benefit from. This can then give you a much more stable income from the internet than by selling single point of sale products.
Choose Your Affiliate Products Wisely
Selling only one item online means you need to continue selling that item again and again. When you do, you also pass the customer to the affiliate vendor. The vendor then gets the benefit of the lifetime value of a product. This is how many affiliate products work. They get a new customer referred to them by the affiliate and that customer brings the vendor a lifetime of sales from each customer. But the benefit is seldom passed on to the affiliate. By choosing an affiliate program which offers lifetime sales from your referals you stand to earn more from each individual sale.
Learn more about lifetime sales, high ticket items and get started with your own affiliate business here.