Turning 50 or retiring does not mean that your life is restricted to watching soap operas and sitcoms all day. With the modern inventions of the internet and smartphone technology, it is now easier than ever to launch a business of your own right from the comfort of your home. Creating your own lifestyle business provides both freedom and flexibility while allowing you to generate an additional income to enjoy during your golden years.
What is a Lifestyle Business?
A lifestyle business is a type of business that is often defined by the individual who is in charge. Whether you enjoy traveling for work, working from home, or even spending time driving across the country to meet with clients, lifestyle businesses are optimal for flexibility and time freedom. Lifestyle businesses can include affiliate marketing, selling items or handmade products online, or even creating a dropshipping business that can be managed with your computer or even your smartphone while on-the-go. Choosing to launch your own lifestyle business with the business models that work best for you is possible with a bit of creativity, determination, and the willpower to move forward with your plans.
One of the simplest business models to learn more about if you are over 50 or just retired includes affiliate marketing. Affiliate marketing is ideal for individuals who are not interested in raising capital or taking out large loans to generate a passive income for themselves. With an affiliate marketing company, you have complete control over how you promote a business, service, or even a specific product depending on the niche or market you are most interested in.
Affiliate marketers are able to earn an income by generating leads and sales while also recruiting others to support the affiliate marketing program they have chosen. Before choosing an affiliate marketing program that is right for you, be sure to conduct thorough research to determine the best choice for you based on your current following and the type of industry you prefer to enter most.
Selling on eBay
While there are thousands of popular websites to shop for items online today, eBay is still a giant source for those who are searching for unique, one-of-a-kind, and even collectible items. One of the easiest business models to learn is selling on eBay (or another website such as Amazon or Etsy). Selling your items simply requires high-quality photos, vivid descriptions, and relevant keywords. Learning the basics of SEO, or search engine optimization, and how to better list or promote your items can drastically increase your chances of generating a sale and making money.
Before opening an online shop to sell your items or handmade products, it is important to research the market and niche you are most interested in. How saturated is the market? Is it going to be easy to outperform your potential competition? How do your products and their prices stand out from others who are already working successfully in the industry? How do you intend to reach prospective customers?
Not all business models are the same, especially for those who are interested in dropshipping. Lifestyle businesses are often much more relaxing than managing an entire company in a corporate setting on your own. While some business models require more work and effort from the individual who is profiting with the business, dropshipping is much more simple and eliminates the guesswork that is often found in traditional corporations and office settings.
Owning your own dropshipping company is a great way to create a passive income stream without manually shipping and tracking inventory each time you make a sale. Dropshipping companies range from traditional household items to clothing, collectibles, and extremely unique niche products. With a dropshipping website of your own, promote products that are stored in a warehouse while third-party works to pack, ship, track, and manage the inventory at all times. Dropshipping lifestyle businesses are ideal for those who are interested in selling items online, but are unwilling or incapable of doing so on their own due to a lack of space or desire.
With a dropshipping business, each time you make a sale you receive a percentage of the sale price, depending on your set markup and the overall profit margin of the item itself. With many dropshipping services and companies, there is little to no cost to get started with your own business aside from registering your own domain name and choosing a host for your website.
Launching lifestyle businesses with your own website or a vlog with a community such as YouTube or Vimeo is a great way to generate a passive income while dabbling in your favorite hobbies and activities. Consider your favorite hobbies, passions, and pastimes and what brings you the most joy each day. Sharing information, unique content, and even tutorials with others who are interested in similar activities is a great way to build an audience with a blog or vlog.
Create an official website along with social media pages to build an online presence for your brand or for the type of lifestyle businesses you envision yourself running. Update your social media consistently, sharing links from your blog and YouTube channel to drive traffic while garnering the interest of potential followers or customers. Blog at least two times each week to keep content fresh and visitors coming back for more. Engage and communicate with those who follow you on social media or those who subscribe to your newsletter to create a sense of community among your users. Implement and host third-party ads or reach out to work with sponsors once your following and traffic have flourished to begin generating income.
Comparing the business models of different lifestyle businesses can help you find a path that is right for you and the lifestyle you want to lead. By researching and comparing various business models along with the requirements for each type of lifestyle business you are interested in, choose a route that works best with the future you envision for yourself and your family.