How to start building your lifestyle business idea today
Ever since books like the 4-Hour Work Week by Tim Ferriss, Escape Cubicle Nation by Pamela Slim and $100 Startup by Chris Guillebeau came out, a brand new sense of earning a living was brought to a lot of people’s awareness. These and other books became pioneers in challenging the status quo of the traditional 9-to-5 job.
How to become location independent
According to these books, you can make money while you sleep anywhere in the world from your laptop as long as there is a wi-fi connection. They show case studies of different people that have successfully done it for themselves. Inspired by their message, I decided to try it out for myself.
Active Income Versus Passive Income
Living location independent and making money online is a dream that almost all people want for themselves. Because of this, there is so much noise going on in the Internet Marketing industry. Everyone’s selling the dream and many are buying.
Most people have disillusioned themselves with the idea of making passive income that they’ve closed themselves to alternative ideas. With the abundance of information available, analysis paralysis eventually show its fangs and bites the unsuspecting victim. Beginner entrepreneurs are left feeling overwhelmed and they end up making no money.
Because none of them took action. They don’t know which idea to implement first.
Making money online is something real. Regular people everyday do it, myself included. However, to make money while you sleep, most people don’t realize you have to spend the majority of your waking hours doing it. Energy and will-power are both exhaustible resource; you only have so much of it everyday. If you work 40 hours a week and you don’t get paid a lot of money, it’s going to be much more difficult to concentrate on your lifestyle business. You feel drained and uninspired. Becoming location independent becomes just another good idea, not a reality anymore.
I know this from first hand experience. Having worked my unfulfilling corporate job in the Engineering industry, I spent more time thinking how to escape my cubicle than actually working. After reading the books mentioned, it gave me hope. I began to fantasize about what it would be like to work on the beach, sipping juice from a coconut bowl as I watch my bank account grow like weeds.
That dream quickly became a nightmare when I started to figure out how to do it. There are so many conflicting and out-dated ideas on this topic. Overtime, I became confused and frustrated. Not seeing the results that I had expected, I quit eventually. I had a period of my life that finally accepted mediocrity and admitted defeat. I guess I wasn’t cut out to be an entrepreneur.
When you think about it, any successful business provides one thing: value. Whether that’s offline or online, it doesn’t matter. Money at hand is something you can take to the bank right away. When I realized this, I thought I’d give entrepreneurship another shot. This time my focus was a lot different, I wanted to make active income first from freelancing to free up my time and learn more about creating passive income. When you have control of your time, income and mobility, making money while you sleep becomes much more achievable.
Ever since I’ve implemented a much more simple approach, I’ve been able to travel and work anywhere in the world. With my new found freedom, I spent almost 8 weeks in 5 different cities in the US meeting other Lifestyle Entrepreneurs and developing my business.
While my days were long, I was willing to put in long hours because I really enjoyed what I was doing. It was great to meet with high profile individuals that I’ve only read about before I got started.
Making Money Doing What You Love
If you love what you do, you’ll never have to work another day in your life ever again. How do you get started? Believe it or not, everyone is good at something. By that I mean your skills are good enough that other people will pay for it. If not, you can always spend a little bit more time practicing and getting it to that level.
The information age has given anyone the ability to learn anything they want without breaking the bank and taking out a student loan. If you adopt a growth mindset, you can learn the required skills you need given enough time and concentrated effort.
That’s exactly what I did.
After reading a very inspiring post by Kevin Cole on Location 180, I figured freelance SEO writing was something I could see myself doing. My experience in blogging thought me how to create compelling content people want to read and write sales pages as well. Naturally, I decided I wanted to learn how to become a freelance content writer and a digital marketer.
I visited the following websites to educate myself:
Internet Business Mastery
Smart Passive Income
Figure out exactly what you need to learn, get enough information and begin to take action. You’ll learn more from actually doing it and implementing the idea. Experience will always be the best teacher.
How Do You Find Clients
After spending enough time where I feel comfortable with the information, I knew it was time to find clients. This was the scary part. Everything was hard before it gets easy and it sure as hell was the case in this situation.
I sat down and asked myself, “Who would benefit most from my knowledge? What problem am I solving and for who?” The riches are in the niches. It’s always better to be a big fish in a small pond when you’re starting out.
I began thinking of many different industries that I’ve been a part of before. I knew this was a good way to start since I was familiar with those businesses. Since I used to be a personal trainer, I went on to Google and typed “Fitness Center” and I was presented with the list of smaller local gyms in my city.
Before contacting them, I made a professional looking business website to create credibility and make it look more legitimate. Nowadays, people judge you based on your presence online before they meet you in person.
I made a simple website with the following pages:
Once this was done I made a list of all the fitness centers and systematically sent them an email.
It’s a numbers game at this point.
The more you put yourself out there, the better your chances are. Be patient and make sure to follow-up. Some will reply, some won’t and that’s alright. The ones that send you back a message, make sure to connect with them immediately. Establish the meeting right away. Set up a date and time that works well for both of you. This could be done in person if it’s within your city but over Skype will work very well too if they’re from somewhere else.
Seek First To Understand Before You Sell
People like to buy, they don’t like being sold. Also, other people like to do business with people they like. If you can make them feel that you are genuinely interested in their business and success, they will be a lot more open to hear what else you have to say.
Remember, it’s all about them. If you can help them save time and make more money, you will have their undivided attention.
Inspired by Dane Maxwell, ask these questions first before giving them your pitch during your meeting whether it’s in person or via Skype.
With regards to your business, if you can have any result you want today, what would that look like for you?
What in your business would change if you get that result today?
What is the number one struggle preventing you from getting that result today?
Explicitly convert your services into benefits and solutions for your client. A benefit has an emotional component to it. How much better would they feel because of the services you offer?
A solution are tangible ways to track progress and improvement. People will always pay to alleviate their pain. They want solutions to make their lives and businesses better.
Ideally, take the deposit right there and then to get some sort of commitment. I take payments in a few different ways:
How To Make Your Clients Happy
Maintain An Open Communication
Your clients don’t like to feel like they made a bad decision working with you. The best way to do that is to always keep them in the know. Give them progress report at least once a week. Tell them explicitly what’s been done and when the next steps are going to be.
Be Conservative With Your Delivery Dates
It’s always much better to under promise and over deliver. If you think the project will take you 2 weeks to complete, tell your client it’ll take 4. If you end up finishing it much faster then you look like a hero. Also, it removes any stress from being rushed so you can guarantee the quality of your work.
Over Deliver What You Under Promised
Expectation is the root of all heartaches. Make sure to manage that from the very beginning. Set their expectations lower so when they get the amazing work that you promised, they’re going to be that much more impressed. The best way to generate business is through referrals and word of mouth. Wow them and they’ll be a talking billboard for you. It’s also more cost effective to maintain a client than to get a new one.
Wash. Rinse. Repeat.
Figure out how much money you’ll need to earn every month to replace your income and convert that into the number of clients you need to make that happen. Keep repeating this process until you make enough money to quit your job.
While my first business wasn’t sexy, it allowed me to pursue my passion project which was my dating company, Magnetic Dating. Now I’m able to implement all the skills that I’ve learned doing work for my clients to my own business. It’s nice to earn money while learning something worthwhile and useful.
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