There are plenty of attractions of a lifestyle business, and plenty of folks out there would love nothing less than to start one. The freedom to work when you want and for whom you want is a massive pull – but the reality is it is not an easy option to pursue.
The vast majority of people out there who claim to have an easy-going lifestyle business that only involves a few hours of work each week are more than likely being dishonest. And the truth is that most lifestyle businesses don’t pay well, and mean you need to make a choice between income and freedom.
Many people believe passive incomes and lifestyle businesses to be one and the same, but they are incorrect. You can’t earn a passive income without doing lots of groundwork first, and the money you make is all of that blood, sweat, and tears. However, if you could create a passive income, it gives you a great platform to build a lifestyle business on.
You have some regular money coming in and get the opportunity to focus on what you love in life, whether it’s to do with work or spending more time with your family. With this in mind, here are some ways of creating a passive income to give you the lifestyle business you want.
Are you an expert in your field? If so, why not write a book about it? It’s never been easier to self-publish a book as it is today, and platforms like Amazon are a perfect starting point. If you can create a unique, helpful book that offers information unavailable from anywhere else, you could earn a decent amount of money – and it’s money that keeps coming in as long as there is a market for it.
Expanding on that ‘knowledge’ theme for a moment, if your ebook is successful, you could consider going into more depth and selling your knowledge as a course. There is a vast array of online education services these days, and if you know how to market yourself to them, people will be willing to invest in your teaching.
It’s important to be an expert in your field, of course, but the online education market is exceptionally healthy these days, and once your course is up and running, should provide you with a reliable passive income. The only caveat here is that you update your class as and when required. Technology is changing everything on an almost daily basis right now, so you need to keep up with current trends to ensure your course is still relevant.
Investments in other businesses
Most business owners plow all their profits into improving their company – and rightly so. But if you want to expand your passive income, why not use those gains to invest in other businesses instead? By becoming a significant shareholder of another company, you could end up as an executive, non-executive or even an independent non-executive director, and act as an advisor to enjoy dividends from its future success.
Investments in real estate
Another option for investing your business profits is to buy commercial or residential property. You’ll need a rental property management company on hand to help with the day-to-day running of the real estate unless you want it to become a full-time role. But fundamentally, with a management company in place, you only have to concern yourself with the top-down view and earn money from your rent.
Are you something of a creative, artist or musician? If so, there are some fantastic ways of earning money if you are good enough. You could sell digital products on Etsy, for example – it requires virtually no overheads, and the only thing you need to worry about is a little maintenance every now and again.
For musicians, why not put your dreams of touring the world on hold and be more practical? Focus your efforts on creating jingles or audio tracks that businesses and advertisers might use and find a licensing company to take you on. Again, it’s not simple, but if you are a talented composer and producer, nothing is stopping you from earning money from music on an ongoing basis.
There are no guarantees of creating a passive income – you really have to excel at what you do and have the money you need to invest. However, if you are looking to create a more flexible lifestyle – or, indeed, a lifestyle business – then a passive income can give you the space to breathe that you need.