Personal Development Uncategorized

What does it take to create your own lifestyle business?

lifestyle business
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How would you like to join the “221,815 that are making between $500,000 to $999,999 as a non-employer businesses”, aka One-person businesses?

This past week Forbes published an article called “How Bold Entrepreneurs Are Breaking $1 Million In One-Person Businesses,” which outlined the growth in lifestyle entrepreneurship, this is a number that continues to grow.  As more people come online and technology continues to advance, it becomes easier to access new fans or clients and build a lifestyle business.

The question that is on everyone’s mind after reading the Forbes article; How do I get started?

If you’re thinking about starting your own business, the first step would be to read Kevin Kelly’s article on entrepreneurship called “1,000 True Fans.”

This article is one of the most enlightening and inspirational pieces on entrepreneurship and gives a perspective on how attainable it can be to make a living for “an artist, musician, photographer, craftsperson, performer, animator, designer, videomaker, or author – in other words, anyone producing works of art.”

Assume conservatively that your True Fans will each spend one day’s wages per year in support of what you do. That “one-day-wage” is an average, because of course your truest fans will spend a lot more than that.  Let’s peg that per diem each True Fan spends at $100 per year. If you have 1,000 fans that sums up to $100,000 per year, which minus some modest expenses, is a living for most folks.

One thousand is a feasible number. You could count to 1,000. If you added one fan a day, it would take only three years. True Fanship is doable. Pleasing a True Fan is pleasurable, and invigorating. It rewards the artist to remain true, to focus on the unique aspects of their work, the qualities that True Fans appreciate (click here for the full article).

– Kevin Kelly

I want to re-iterate what Kevin Kelly said above; “You could count to 1,000. If you added one fan a day, it would take three years to reach $100,000/year.”

“1,000 True Fans” was written in March of 2008, and since then a number of massive technological advances have made entrepreneurship even more accessible – 3D Printing, Crowd Sourcing and Social Media to highlight a few.

In Bold, Peter Diamandis highlights the benefits that Crowd Funding and 3D printing are bringing to the new breed of entrepreneurs. One of the most important facts he highlights is the potential of online businesses when more than 5 billion people come online in 2020 – yes that’s almost everyone on earth!

In the new economy, scaling to ‘1,000 True Fans’ becomes much more attainable as the number of potential customers nearly triples.

What can you do today to start your own lifestyle business?

  1. Read – there are a limitless number of FREE tools that will help you get started, below are a number of free tools that I have used and highly recommend.
  2. Experiment – with the growth in crowd funding and 3D printing, entrepreneurs can validate the demand for their product and create prototypes at a fraction of the cost from 5 years ago.
  3. Just Do It! – every entrepreneur has one thing in common; they took a chance and learned quickly. The days of leasing a space, buying equipment and inventory are gone – there are so many alternatives to getting started. Just pick your idea and get started. Use the free tools below to get a handle on next steps.

Free Resources:

Enjoy the Happiness in your Pursuit!

~

This summer I will be launching “The Happiness of Pursuit” podcast where inspiring individuals can share their story about their path to success and how they found a way to live a passion-filled life. The objective of the podcast is to provide inspiration to anyone looking to push themselves to achieve more in their life; whether that is to start their own business or travel the world with their family,  I want them to find happiness in their pursuits, rather than pursuing happiness.

Please join me by following me on Twitter at the top of this page or search @douglasjfoley.

 

 

 

Doug Foley
Doug Foley is a podcast host, content marketer, and problem solver. He is also the youngest of 7 brothers and sisters, a proud father of 2, and is on a mission to help people find their passion, take action, and build the life they want to live. He frequently writes about entrepreneurship, personal development, and motivation.
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