Ever wondered what it takes to be a successful lifestyle entrepreneur? This comprehensive guide reveals the success habits that lifestyle entrepreneurs all have in common.
In my role as a certified life coach, I am often helping clients navigate into a new job or a new lifestyle, and that’s why I’m excited to finally publish this guide on my website for you.
So, let’s dive in.
What Is A Lifestyle Entrepreneur Example?
A lifestyle entrepreneur is someone who builds a career that supports their lifestyle, not the other way around.
In other words, they ask themselves “what kind of lifestyle do I want?” then find a career that allows them to do that.
A good example is the Bucket List Family.
Often, they find a way to earn money doing what they love – but that’s not essential to become a lifestyle entrepreneur.
Some lifestyle entrepreneurs simply want to live in a certain part of the world – or to enjoy a location-independent lifestyle – and will find any job that allows them to do that.
It is common for lifestyle entrepreneurs to make their money from the internet. Some examples of lifestyle entrepreneurs include:
- YouTubers and social media influencers
- Freelance bloggers and copywriters
- Online tutors or coaches
- Affiliate marketing experts
- Social media marketing experts
- Website designers
- Graphic designers
- Virtual assistants
- Online stock or cryptocurrency traders
What Motivates A Lifestyle Entrepreneur?
For a lifestyle entrepreneur, creating a life they enjoy is more important than making loads of money.
In fact, when they first quit their traditional full-time job to begin this new venture, many lifestyle entrepreneurs start off earning far less money than they were previously making.
It’s not the end of the world for them. They’d take that pay cut, if it meant they could live in Bali and go surfing every morning, or backpack across Europe exploring a new city every week. Their ideal lifestyle comes first.
That’s not to say lifestyle entrepreneurs aren’t financially ambitious.
Many go on to make far more than they were in their previous careers, as well as having more freedom to plan their working schedules as they wish.
How To Become A Lifestyle Entrepreneur
Below is a list of key steps you’ll need to take if you’re interested in becoming a lifestyle entrepreneur.
- Determine what kind of lifestyle you want to lead. List some ideas for ‘must-haves’ and the ‘nice-to-haves’.
- List what is required to support that lifestyle. Where would you want to live? How much income would you need? What will you need to give up?
- Identify some jobs you can potentially do to support this lifestyle. Is there one or two that stand out based on your skills, passions or interests?
- Research, research, research. Is there someone out there who has already created a lifestyle like this. Is there a guide to help you do it? It’s rare that you’ll have to re-invent the wheel to create the life you want.
- Make a plan. Once again, there’s probably a guide on the internet with a step-by-step plan already created for you.
- Get started. Most probably, that means creating your product or service, launching a website and kicking off your marketing.
Essentially, you need to discover what kind of life you want and work backwards to discover how to create it.
But don’t fall into the trap of waiting until you feel ‘ready’ to launch your lifestyle company. No-one ever feels completely ready. There will always be more you can learn about how to make money online.
If you wait until you know it all, you’ll never get started!
So, focus on starting your journey into lifestyle entrepreneurship as soon as possible. The sooner you launch your lifestyle business, the sooner you can start making money and living the life you always wanted.
Still need help? Perhaps it will make sense for you to invest in Digital Nomad Business Coaching. A coach who specialises in this field can support you through every step of launching and marketing a lifestyle business.
Lifestyle Entrepreneur Characteristics
These are the personal traits most commonly shared by lifestyle entrepreneurs. If you are able to develop these traits yourself, you’ll be far more likely to succeed in endeavors to create a business and live the lifestyle you want.
1. A Lifestyle Entrepreneur Is Highly Ambitious
When we’re children, our ambition for what we want to do with our lives typically knows no bounds.
Yet, for most of us, this ambition dies in adulthood.
Not for a lifestyle entrepreneur. They are determined to live life by their own design, and they’ll do whatever it takes to make that happen.
There are often a few bumps in the road on the way to becoming a lifestyle entrepreneur. Sometimes, it requires a fair amount of resolve to overcome them.
Indeed, there is a lot of competition in some of the typical lifestyle business ideas mentioned above. It isn’t always easy to stand out and win clients.
Still, successful lifestyle entrepreneurs are willing to work hard to find a way to succeed.
This resolve is a key part of the lifestyle entrepreneur personality. And why shouldn’t it be? You get one shot at being alive, so surely it’s worth fighting to live the lifestyle you want…
2. A Lifestyle Entrepreneur Is Open-Minded And Believes In Themselves
Even in today’s market where there are more lifestyle entrepreneurs than ever, there are still plenty of people who would love to become one who are too close-minded to believe they have what it takes to do so.
A lifestyle entrepreneur is open-minded enough to believe it’s possible for them to start their dream business.
Honestly though, you don’t have that open-minded to believe that in the present day. These days, it really doesn’t take too much imagination to be able to launch a lifestyle entrepreneurship business.
There is probably someone out there already living your dream life right now.
And, in many cases, they have probably published some sort of book or online guide on how to do it.
Failing that, you could reach out to them on social media to ask questions or invest in coaching with someone who knows how to create that lifestyle.
There was a time where launching a lifestyle business might have felt like reinventing the wheel, but it shouldn’t feel that way any more.
3. A Lifestyle Entrepreneur Is Passionate
Most lifestyle entrepreneurs are fueled by a passion they feel so deeply that they want to spend as much time as possible pursuing it.
They’re excited about the idea of this pursuit, even if it means potentially making less money.
Perhaps you’re passionate about travel and exploring new places – and that’s why you’re desperate for a location-independent job.
Maybe your passion is video games – and you want to make a living playing and reviewing them.
It could be something completely different.
Either way, without a passion burning intensely in your stomach, the risks and sacrifices associated with lifestyle entrepreneurship might not seem worth it.
Passion isn’t just a key for the inspiration to get started, it will also drive you toward success.
Indeed, if you explore what makes the most successful artists, creators or coaches better than their competitors in their niche, you’ll often find they’re more passionate about their topic of expertise. This passion comes out in their work and makes it more enjoyable for others to consume.
4. A Lifestyle Entrepreneur Tends To Be Incredibly Adventurous
It’s not necessarily that they love the adventures associated with travelling the world and trying new experiences in new cultures (although this is often the case).
It could also be that they like the thrill of having an idea and making it come to life.
It might be that they crave a career where success isn’t guaranteed, and their income is determined by their effort and skill, not the amount of hours they put in.
Or maybe it’s just that they want the freedom to say ‘yes’ to a spontaneous trip if they’re friend invites them on one.
These are all different but true definitions of adventurousness. Indeed, a typical lifestyle entrepreneur might be inspired by all of them.
5. A Lifestyle Entrepreneur Is Often Highly Extroverted
It’s often the case that these business owners desire a lifestyle where they’re out meeting lots of new people all the time.
Indeed, an extroverted nature can often be useful on your journey to become a lifestyle entrepreneur.
This makes it much easier and more enjoyable to network with, learn from and even create partnerships with other business owners.
Extroverts are more likely to desire the remote lifestyle, because they’re able to create new connections easily. An extroverted personality can often lead you to great success as a YouTuber or social media personality too.
But that doesn’t mean all lifestyle entrepreneurs have to be extroverted.
Perhaps you’re launching your business because you want the freedom to spend more time with your family.
Maybe you even want to live in a remote village, where you only have a handful of neighbors! Provided this village has an internet connection, lifestyle entrepreneurship allows you to do that too. You’re only limited by your imagination.
6. The Fear Of Not Trying Supersedes The Fear Of Failing
The fear of failure exists in all of us. No-one is excited about the prospect of trying to launch their dream business and failing.
The difference is: a lifestyle entrepreneur is even more afraid of not even trying.
If you ask older people about the biggest regrets in life, it’s about the things they didn’t do, rather than the times they tried and failed.
A lifestyle entrepreneur is someone who understands the pain of this regret and wants to avoid it at all costs.
The good news for them is: the consequences of failing are rarely as extreme as people tend to think.
In most cases, the consequences of failing as a lifestyle entrepreneur are that you have to go back to a traditional job.
Sure, it might take a couple of months to get back on your feet, but eventually you’ll be back where you started before your journey into entrepreneurship.
Perhaps you’ll have lost a bit of cash during your efforts to become a lifestyle entrepreneur, but hopefully you created some memories and experienced some personal growth.
Then, whatever you do with your life in the future, at least you can say you tried to create a business around your desired lifestyle.
7. A Lifestyle Entrepreneur Understands The Importance Of A Great Social Circle
It’s a famous quote in the world of self development that you become the average of the five people you spend the most time with. Jim Rohn originally said that – and it’s widely cited because it’s so accurate. The company you keep has a huge impact on your personal growth.
Indeed, a lot of people launch businesses because they were so sick of being surrounded by awful people in their old job. It could be that they were tired of the vibe in their home town – and wanted to move on to pastures new.
Either way, a lifestyle entrepreneur is attracted to the idea of being free to choose who they spend their time with. Employees don’t get that freedom. They’re forced to spend several hours per week with whoever else the boss of their company decided to hire.
Lifestyle entrepreneurs often like to spend time together – and this isn’t just because they like to bounce ideas off each other. It’s also because of the energy they get from being around other optimistic, open-minded and adventurous individuals who have the same goals as them.
8. A Lifestyle Entrepreneur Is A Great Student
A great student is a person who is always willing to learn.
There are plenty of people out there who have been introduced to the idea of lifestyle entrepreneurship – and had no idea how to do it.
In fact, that’s how most (if not all) entreprenuers start out. For whatever reason, the basics of creating a business is rarely taught in schools.
The difference between an aspring entrepreneur and an actual business owner is that the latter was willing to learn how to do it.,.
On top of that, the most successful entrepreneurs will always be looking to learn new skills. After all, the more skilled they become, the easier it becomes for them to make money or free up time for them to enjoy.
9. A Lifestyle Entrepreneur Is Often Happy To Take Risks
While it is more than possible to create an established business through copying the paths laid by someone else, a lifestyle entrepreneur also understands that you won’t stand out by being exactly like your competitors.
That’s why they won’t be afraid to try something new to stand out from other businesses in their niche.
Indeed, it’s the entrepreneurs who dare to think outside the box and integrate ideas into their business that really can reap the financial benefits.
Not happy to take risks at all? Maybe you’re better off in a traditional job.
10. A Lifestyle Entrepreneur Likes The Idea Of Outsourcing
If a lifestyle entrepreneur has the option to pay someone else to take care of certain parts of their business, they often will. By doing so, they’re essentially exchanging money for time.
Perhaps they’ll use this extra time with their family, or to take advantage of their focus on their true passions and interests outside of work. Or maybe they’ll use it to focus on the bigger decisions that lead to the growth of their businesses.
Either way, they realise that you can’t reach your full potential as an entrepreneur without hiring some help.
If you’re really smart about outsourcing, you can use it to create passive income. All you need to do is make sure that whatever you’re paying your staff is outweighed by the revenue they’re making your business. That’s the profit-making formula for all businesses.
Once you’ve learned how to do that, there will usually be an opportunity to scale your business by hiring another person to do the same job.
It is possible to outsource most or all of your online business to other people, while still keeping a percentage of the profits to yourself. That is when you create a truly passive income for yourself and are free to fully focus on enjoying your personal life.
That’s the ultimate goal of most entrepreneurs.
11. A Smart Lifestyle Entrepreneur Will Have Eggs In Many Baskets
It’s one thing to build a lifestyle business based on your existing skills, but if you really want to future-proof your freedom, it makes sense to try and secure income from several income streams.
If you talk with enough lifestyle entrepreneurs, you’ll begin to notice there are plenty of business ideas where you can learn the skills to succeed and make money with relatively little effort.
Sure, it can take time for online businesses to make enough income to live off, but you can launch a few side-hustles to support your main revenue stream relatively quickly.
Then, if something happens that affects the growth of your main business, at least you have other sources of income to take the heat off.
Once you’ve launched one business and began to make passive income, the idea of running several businesses becomes far less intimidating…
Lifestyle Of A Successful Entrepreneur
If you watch any YouTube videos portraying the lifestyle of a successful entrepreneur, you’ll usually only see the benefits of this career choice. The parts of their life where they’re taking a few days off work to hike the Pyrenees mountains or hanging out with their friends on a boat in the Caribbean.
Indeed, once you’ve ‘made it’ as a successful entrepreneur, especially if you’re outsourcing most of your daily tasks, or if you’re making money as a travel influencer on YouTube.
In reality, there will be some time spent building and maintaining your business, especially in the early years of your entrepreneurship. It won’t always be fun, joy and endless partying during these years. Check out this list of the Main Reasons Why Entrepreneurs Experience Daily Stress.
However, if you work hard to establish yourself as a lifestyle entrepreneur, it is possible to create a life where you’re mostly focusing on play and not work.
Tim Ferriss wrote a famous book on lifestyle entrepreneurship called ‘The 4 Hour Workweek’ – and there are plenty of people in this world living that life – while doing whatever they want with the other 164 hours.
Any Questions About Becoming A Lifestyle Entrepreneur?
Thanks for reading this blog post! Please send it to any friend or family member with an interest in becoming a lifestyle entrepreneur.
If you have any questions related to launching a business around your ideal lifestyle, feel free to leave it in the comments section.
I love to hear from visitors to my website and I’ll do my best to support you.