Build a lifestyle business

This article will help you discover how to achieve freedom

Introduction

Do you want to start a business?

Do you want to:

  • Work independently?
  • Create an online business without a physical office?
  • Use the Internet to sell products?

Do you value freedom and flexibility rather than pure profit?

Through a profitable lifestyle business, you can:

  • Set your own time
  • No boss
  • No one responded
  • No need to ask for any permission
  • Does not have to be physically in any particular place
  • Decide what to do every day and how long to do it
  • Have a real impact on your financial situation, and therefore have a real impact on your income

This is freedom,Free operationAnd become the proud owner of the online business.

This is the reality that many people already live in.

Do you want to join them? Cool! I will introduce you to how things work and explain how to achieve this freedom.

In 2007, I was an engineering student and knew nothing about the job after graduation. After dozens of attempts, some failures, and some small successes, I learned about the effective methods and the difficult methods that did not work.

I have a lot of ups and downs, a lot of disappointment, a lot of failure, but also very satisfied.

Ten years later, I can share all the lessons I have learned. I think I certainly don’t have absolute knowledge, but I know this article will help people who still need to try to go out on their own, and are a little scared because they don’t know where to start or how to do it. Expected.

The way to achieve freedom is to create a small business and keep it small.

Why reduce the size? It’s generally believed that, especially in American business culture, companies areBorn to grow, Grow and generate more and more money. You succeed when you have many employees, many customers, and are always busy.

How many times have you heard "We made X million dollars, only to find that they are not yet profitable or have very low profit margins?"

Of course, this is a choice, but let us come up with this concept.

When starting a lifestyle business, you should strive to achieve the following goals:

  • youOwn 100% of your business, You don’t have any bad VC funds and no other co-founders
  • youSpend time on your business every week, In order to effectively manage some customers who are very satisfied with your earnings. Not necessarily every day, you can take a vacation at will without asking anyone.
  • youContinuously create valueFor your customers
  • You have timeCreate new products, withResearch new ideasAnd you are free to experiment
  • you haveYour own user baseYou can sell new products to existing customers

Too much growth will mean:

  • Constantly increasing the number of customers
  • As customers increase, so do support requests, so it takes time to take care of customers
  • You will have to hire people who can help you manage a large number of customers, because you can’t do anything on your own
  • You will eventually have to manage employees, which is a very time-consuming task

finally,Means of growth:

  • Forced to increase income to pay your employees
  • Increase operating and bureaucratic management costs
  • Increase the time spent on business
  • Increased pressure
  • Less flexibility
  • Less freedom

That's not what I want you to do.

A lifestyle enterprise is a kind of established enterprise whose purpose is to generate and maintain a certain level of income over time to provide a basis for enjoying a certain lifestyle.

Use the Internet. The Internet is an amazing tool. In 2019, we can use it to access about 50% of the world's population anytime, anywhere. In human history, people have never had such an opportunity.

For example, what is not a lifestyle business:

  • become aFreelancerOr electrician, because your working hours are directly proportional to how much money you make
  • become aboss, Bartender, or any activity where customers walk in the door. In this case, you buy a job because you can't really close the door and reopen it the next day, unless you hire an employee who can help you get rid of your business. This is not freedom.

someExamples of lifestyle business:

  • Become a book writer
  • Create online courses
  • Become an information product manufacturer
  • Sell your own software
  • Selling digital products
  • Have a blog with affiliate links

In each of these activities, you can decide when, where and how to work.

In the beginning, you need to spend a lot of time creating products and systems that can power your sales, but when the system is installed, you will have an automatic cash register and you will not be forced to spend 10 on your computer. Hours, because the business will work for you.

Your lifestyle business should really be related to your passionate topic because:

  • You will encounter many problems at the beginning, and being passionate about the subject will ensure that you persevere in your business and will not shrink from it before you start your business
  • Lack of passion will be reflected in all your communication and participation. Similarly, if you are passionate, people will see it
  • Maybe you won't make a lot of money from your business, but the satisfaction you get from doing what you like will be a great motivation to get through difficult times.

Consultants, freelancers, professionals exchange money for time.

In your small business, you will try to manufacture products and sell them. You are not directly involved in sales, so how much money you make has nothing to do with the time you spend in the business.

Once the system is set up, money continues to flow even when we are sleeping or traveling.

Bootloader

Do not seek funding from accelerators, investors, family, friends, venture capital or any other institutions.

Accelerators, venture capitalists or angel investors will usually provide you with someone you need to respond to every action you take. Therefore, if you want to maintain control, especially freedom, avoid using it like the plague. Making money from family or friends will only destroy the relationship between both parties, unless things are not done according to your ideas (and things are almost always not done according to your ideas).

In any case, seeking and managing funds has deviated from the goal. Don't use other people's money. If you don't have one, please don't start a business that requires a lot of capital.

The best idea does not require any money, but only time. It takes a long time to grow spontaneously, but it is worth it.

If your idea needs more than 5000 $ and you are not ready, please change your idea.

If your idea requires some reasonable funding and you don’t have one, please work hard to get this money. Freelancer. Acting as a contractor. Wait a minute and discuss your thoughts on the weekend. If you don't have an existing network of contacts, or a market that specializes in your work, Fiverr, Upwork, or other sites can all help you make money. If you are starting from scratch, find a temporary job in an industry that interests you.

If you already have a job, keep it and work on your project in your free time.

The money you make will help you buy freelance services from a talent pool in areas where skills are lacking; managing the company alone does not mean you have to do everything yourself.

You may be a programmer, and making a pleasant interface is not your forte. Maybe you don’t know where to start marketing. You may not know how to make a compelling email, or you think you know but you don’t. Or, you are a designer, but don't know how to make your product bright, and the idea of learning programming is taboo.

Don't stop yourself. You will find that many people can help you with these tasks. Just look around. If you don’t have enough resources to pay, even a service transaction may be an idea. Sometimes you just need to ask.

Your purpose

Depending on your current starting point, you may have different goals.

Here are some examples of what you might need.

If you are starting from scratch, maybe you are still a student, then you may want to make enough money to make ends meet and never have to work for anyone else.

If you are looking for a job but cannot find it now, you may want to create your own job because the company you are applying for may not like your skills, but you can sell them online.

If you have just been fired, you will want to use the knowledge you currently have.

If you are an employee, you may want to "make money", do part-time jobs and earn some marginal income, or prepare to leave work and go out on your own.

If you are a freelancer, you may want to stop trading hours to make money.

In each case, you have a certain situation, hope that the risk will achieve the best results, and you want to improve the quality of life.

What is the purpose of your activities? Only you know, but don't start from the wrong angle. For example, don't think that you will make a lot of money in a few months, because this will not happen.

of course,TheoreticallyIt may happen, but only if the alignment of the stars is perfect and it will not happen in 99% of the cases. The chances of winning the lottery are greater, so don't even think about it. If you are looking for this information, you are reading the wrong post because it does not explain how you can achieve that goal.

The goal I am talking about in this article is lifestyle. Creating products that will make you more satisfied will produce considerable economic returns over time, so that we no longer need to work for anyone else, we can work when we need it, and create an automated business.

In the medium term, this is your goal: financial independence, independence and freedom of residence, control and power.

  • Financial independence: You will not get rich in 3 months, but you can reasonably assume that over time, you will be able to establish a source of cash that can be integrated first and then replace your salary (assuming you have a salary).
  • Independent of your residence: One of the main advantages of online business conducted in a certain way is that it is completely unaffected by geographic location. No matter where you are, the important thing is to provide your customers with what they want.
  • Freedom, control and power: Creating a company can give you a system of financial freedom, and have the freedom and power to decide our destiny. If we work with commitment, nothing is impossible. Have a new idea when you wake up? You can start testing it immediately, and no one can reject us.

After you dream about what you want and imagine what it might be, there is still a lot of work to do. Of course, it will not be as described in movies, TV series or magazines or websites. For a simple reason, when someone is listed as a role model in such a place, it is because that idea accounts for 1% of their successful ideas. No one talks about the rest.

If you are a programmer, then it seems like an interesting idea to consider making and selling software products. But remember, after completing the product, all that is left is technical or commercial support for customers, debugging, writing documents, dealing with servers, optimizing channels, writing emails, replying to emails, responding to feature requests, marketing, and marketing. , Marketing. If you are passionate about programming, it is best not to program for others.

However, if you want to learn everything you don't know, and learn a lot of marketing and customer acquisition strategies, that's great!

In any case, this is a success, because even if it does not go as you want, you will know more about the next attempt.

Everything you learn is repeatable

The process from idea to successful product sale is very difficult, requires a lot of learning, and you need to invest a lot of time.

Even if the product is unsuccessful, no time will be wasted. In the process, all you will learn are reusable features that will come in handy in the future and can also be sold as skills, because people who can ship products are in great demand around the world.

If you do it once, you will already have all the skills you need next time. You already know a few things, and most importantly, you will learn from your mistakes and experience.

Or, if you get a good response for the first time, you can repeat the process and see if it is reproducible, and if you have found a system that can also be applied to future products.

But what skills will you learn? It depends on what your project is, but in general, we are talking about:

  • Product construction
  • Internet marketing
  • Email marketing
  • Search Engine Optimization
  • advertising
  • customer service

These topics take a long time to learn, and I can't explain them all in this article, but at the end of this article, you will get tips on how to continue learning and read other content.

Correct point of view

Obviously, to continue operating, you need to make money. What is the minimum income you should target?

Initially set an achievable goal. Don't assume that launching your apps, books, web apps, online courses, or anything else will automatically attract customers. The "If you build it, they will come" approach rarely works.

Setting achievable goals has two important consequences: once achieved, there will be a reason to celebrate and satisfy, which will be a great encouragement, and setting a lower goal avoids if you realize that no one Give up your business immediately when buying a product.

Suppose there is a profit of $100.

If you do not reach $100 in the first month of posting, you must decide whether to proceed. 100 dollars may seem easy, but it is not.

The project I started performed better than 100% in the first month, but the project I started had little effect. This has to do with the organization of the release, the number of existing audiences, and the decision on how to promote the project.

Do you already have an audience? If your ideas involve the needs of these people, and you start the product correctly, there will be no problems.

Do you have no audience yet? $100 in the first month is already a good goal, and you will be able to expand on this in the coming months. If you do more, this is already an amazing achievement.

The most important thing is not to make a lot of money in the first month, but to start. The first few dollars you will make with your product are awesome and you will be very excited.

Multiple personality

Experience is not enough in your domain. You obviously have to be experienced in your field, but this is not enough to succeed.

Michael Gerber in his bookRevisiting the electronic mythThe three basic roles of a business are listed, and you must imitate them completely:

  • Thisbusinessman: People with vision, people with dreams
  • manager: The person responsible for productivity and creating success: the person who realizes the entrepreneurial vision
  • Thistechnician: The person who actually performs the work, under the supervision of the manager.

Since you are the only person engaged in the business, you will have to play these three roles in turn, and the role that suits you best may be a technician. Experts in your product field realize that, but manufacturing the product itself is the least important part .

There will be more important things to do:

  • Define and find a group of people in need
  • Know how to attract this group of people through marketing
  • Present your products in an attractive way

The product obviously must work, and it must work properly. For software, the internal workings of the product are the least important. For anyone, the technology used doesn't matter, just as no one cares what type of paper and ink are used to write a book.

do not be afraid

The completely normal reason is that you are worried about not being able to do your own ideas, thinking that your business ideas are not really appreciated or experiencing the nightmare of not being able to find customers. Don't worry, everyone thinks the same way. When you are in your own business, you are always prone to failure. This is powerful because it is both a fear and a strong motivation to always do your best.

When we do something for the first time, we are all scared. The difference between someone who has never done something and someone who has been delivering quality products on the other hand is determination and resilience, the ability to improve after every failure. Fear will never go away. Especially when you are going from a consumer to a manufacturer. Your ability to overcome this fear will take you from the crowded bar of those who have never had the courage to try to the handful of tables of those who try to succeed.

What is the best way to avoid failure? Make sure that your service or product has customers. how is it? Start the right way.

Don’t start until you find a market to sell, or even find out if that market is looking forward to finding your product. At this point, it is necessary to figure this out: if your market is not so easy to obtain, if you do not know how to find the person you want, if there is no reasonable cost-effective method, please switch the market completely to the need.

Open to change

You must make changes. In the past ten years, I have changed the core business model six times to adapt to changes in the surrounding environment. At the same time, I have tested and initiated countless auxiliary projects.

In a traditional enterprise, changes in the surrounding environment may mean that a big competitor has opened its own store a few blocks away. Or, the road you are passing (the road many tourists pass) is replaced by a ring road, resulting in a 90% reduction in transit traffic, which accounts for 70% of your customers.

For Internet business, the following may happen:

  • A popular platform, you rely on it to decline in a few years
  • Products go on the market and disrupt the market
  • You sell products on Amazon, but due to unknown reasons, one day you were banned
  • Amazon has made some changes to its system, so you are no longer a recommended product
  • Google updated the search algorithm, from the first page to the 8th page, it became invisible

In today's world, you need to be fast, up-to-date, agile and agile. It worked 5 years ago, but it doesn’t work anymore.

Some trivial examples of how digital reality has changed?

  • Today, the SEO of the website is completely different from 6 years ago
  • 5 years ago, Facebook introduced ads in mobile apps, and it doesn’t even exist yet
  • 9 years ago, almost no one connected their phones to the Internet

Think about bookstores, how many have closed in the past 10 years, and think about taxis after Uber.

The fundamental change, something we take for granted today, is a reality that has been introduced relatively recently.

Last year's perfect marketing strategy began to lose its effectiveness today.

It is very important to have the ability to change strategy and concentrate from morning to night.

In the era of great change, those who are immobile are destined to be forgotten, and children have the ability to react quickly and change direction. This is your huge competitive advantage.

In short, nothing will stand still, and everything around has changed. Whoever stops will die.

Changes are not always negative, the opposite may happen, otherwise new opportunities will appear:

  • A new CMS is launched on the market, and there are another 1,000 plugins with the same functions as your plugin on WordPress. On this CMS, you will be the only plugin and become the de facto standard
  • Your competitors have failed, you can win their customers
  • Your competitor uses so-called "gray hat" SEO techniques, so Google has penalized it, and now you are the first on many new keyword lists
  • Famous people in your industry promote your products to their 30,000 followers on Facebook

These are just changes that you have no impact on, but there are many things you can do to start making changes, such as:

  • You have been writing articles on your blog every day for two consecutive years, and finally Google began to think that you are an authority and send you traffic regularly
  • You can keep in touch with influence networks in your niche market until they recommend any place to you
  • You make a fabulous product
  • The ideal channel for you to find the right market and promote your products

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