The lifestyle business definition is a business which is built around a certain life situation. For example, a SCUBA diving instructor can be said to have a lifestyle business. They get to travel, dive regularly and enjoy a great social life. Another lifestyle business might be that of an online entrepreneur.
Online businesses give people the flexibility to work whenever and wherever they choose. Providing there is an internet connection and you have a laptop, lifestyle businesses can allow you to work from anywhere.
Lifestyle Business Definition – Location Freedom
Wikipedia defines a lifestyle business as “a business set up and run by its founders primarily with the aim of sustaining a particular level of income and no more; or to provide a foundation from which to enjoy a particular lifestyle.”
Lifestyle businesses today tend to mean internet based businesses. An internet based business can allow more freedom and flexibility than a normal 9 to 5 job, for example. Providing your income is built up and sustained, you can work entirely from your laptop with an internet based business. This means you don’t need an employer or a place of work. Without being tied to an office or a physical location, you can build almost any lifestyle you can think of, depending on your income.
Most people’s lifestyle’s are built around their incomes. Regular jobs often mean you need to stay in one place in order to keep turning up to work. This isn’t the case with an internet based business.
What Is A Lifestyle Business? – Flexible Working Times
A lifestyle business typically refers to a flexible business model which allows a lot of freedom. An internet business allows you to work from anywhere from your laptop. How does this work and how can you make money from your laptop? There are various business models which can run from a laptop. The two main categories which offer lifestyle businesses are affiliate marketing and drop shipping. Both strategies allow anyone to build a business through online advertising or a website and scale up to reach a global audience. By using other people’s products, they can also automate their businesses.
Drop shipping companies fulfil order which they have referred. The same is true of affiliate marketing. By sending qualified website traffic to various offers and services on the internet, online marketers can earn commissions on products which other people deliver. The online marketers are basically the ‘sales people’ of the internet age. But rather than knocking door to door with their wares, they use technology to target a global customer base.
Lifestyle Business Definition – No Boss
What makes a “laptop lifestyle” the lifestyle business definition? A lifestyle business definition could be any business which gives you the lifestyle you want. Even a traditional business could be a lifestyle business. However, a traditional business tends to be a physical business which is based around a certain location. The lifestyle of an internet business has built in flexibility and location freedom. This means you can work from anywhere geographically. However, there’s another reason why an internet business is a lifestyle business. It’s because it offers the ability to grow and scale online sales independently of an employer.
Anyone can now build an internet based business and scale up to a global audience. Tools, strategies and techniques allow you to stop trading time for money and to leverage the internet to work on your behalf instead. Most normal jobs and businesses operate on the time honoured strategy of trading time for money.
Lifestyle Business – Stop Trading Time For Money
An internet business is different. The lifestyle business definition often relates to an internet business because of the ability to generate multiple sales over and over. This can be done with online marketing, sales funnels and digital products. By building a sales model based on the sales of digital products, an online business is able to sell automatically and globally.
This means you have a global reach and automation factored into the business model. This not only gives you time freedom but financial freedom too. This works when you have built the business model and begin to use advertising to make sales. As you sales grow you can scale up your advertising methods massively. Once systems are working for you, your business is effectively running without you. You can ‘tweak’ your advertising campaigns to make them more efficient, but on the whole, your business is running without you.
What’s A Lifestyle Business? – A Scalable Business Model With Freedom Built In
A lifestyle business lets you work around existing employment and build up your online business over time. Eventually, and depending on how much time you can put into it, your online business can give you enough income to leave paid employment and go full time. Once your business is running, you can scale up up with paid advertising too. Remember an online business which sells digital products is international. This means you have a global audience. For most businesses, the potential customer base is limited to your local area. An online business can reach anyone globally with an internet connection. This makes it very scalable. Scaling up a business to reach more customers is done over time and once a profitable advertising campaign is reached.
Most businesses once they reach their ‘peak performance’ require you to work more and employ more staff. You are tied to your business once it gets more profitable. An online business is often the definition of a lifestyle business because the model allows you to escape the business once you have built it! You can run the business automatically 24 hours a day and 7 days a week, even when you are not physically there. The work is done beforehand and the systems which run automatically are running your business. These are systems like:
- Sales pages
- Online checkouts
- Automated email software
- Automated membership websites
- Webinars, seminars and videos (pre-created)
- Blog content and online advertising which runs 24/7
Lifestyle Business – Start Yours Today
If you like the idea of this lifestyle business definition, please share my article and comment below. You can also access a free 7 day video series which will show you how you can get started building your own lifestyle business. Click here to start today.