The Lifestyle Entrepreneur Way of Doing Business
Hey, everybody. This is Jesse Krieger, author of Lifestyle Entrepreneur and founder of Lifestyle Entrepreneurs Academy, and I want to welcome you to this free video training series where I’m going to share with you some of my best ideas on how to become a lifestyle entrepreneur.
Or in other words, how to take your interests and passions and turn them into products and services that bring value to others and allow you to operate a business from anywhere in the world with little more than a laptop and an internet connection. This allows you to explore these interests and passions and have a creative and engaging lifestyle that is a reflection and really an amplification of your own interests.
That is the essence of being a lifestyle entrepreneur.
So having the ability to travel freely and frequently, having the opportunity to explore languages, cultures, different geographies. Even now, I’m on location here in Munich, Germany visiting friends on a holiday doing, a little bit of work and visiting a client.
I want to share with you one of my best ideas in this video, which really stems from one of the most frequently asked questions that I get from clients and people who have read Lifestyle Entrepreneur. And they’re saying, Jesse, this is great, and it’s inspirational to have this type of book to help me understand how to build a business, but I really just don’t know where to start. So if you’re looking at a blank sheet of paper and you’re wondering, well, what’s the first thing that I do? What’s the business that I enter into? What type of product or service should I offer? Well, hopefully this video’s going to answer that question for you in about 10 or 15 minutes. So, let’s jump right into it.
Generating Business Ideas From the Your Interests and Passions
If you’re looking at starting an online business that you can run from anywhere in the world, then the first thing that you need to ask of course is, well what type of business am I going into? And I think the most useful exercise to start to generate these ideas and to essentially come up with the types of products and services that you can offer is to sort of plant the flag; to start from one your interests and passions and then survey the economy of products and services that has grown up around it.
So, planting the flag is analogous to picking one interest or one hobby, one passion, something that you actively want to pursue learning more about, or an area where you already have a relative level of expertise or working experience in the field, and then we’re going to survey the surrounding ecosystem, the surrounding economy that’s grown out of these hobbies, these interests, these passions, these fields to support and elaborate them into a place where essentially people are interacting with different products and services that have been brought to market.
The first thing that we want to do is look at the surrounding economy that embodies the different products and services that you can bring to market. So let’s take a look at one of these in the context of let’s say hockey, okay? I have a lot of people that have read the book, either they’re from Canada or they’re passionate about hockey and they live in the States, or maybe they’re from somewhere else in the world entirely, but this is an example that we can use just to illustrate the point of how do you elicit, how do you bring out the different products and services that you can offer within the context of an interest or passion that is hockey in this case.
Identifying the Products that Support Your Passion
Let’s look at the economy of products that has grown up to support hockey players and start generating business ideas. So, start to think, what are the products that are reflective of hockey, and what are the products that support hockey as a sport, as a passion, as an interest, as a profession?
Start by just writing them down to get your mind working. This is really just the first step to show you the lay of the land and what’s out there, what the possibilities are for a business you can launch, and then in the next video and post we’ll talk about how to do some more marketing research and how to really flush out the opportunity that surrounds these interests and products in this space where you have an interest and want to explore how you can turn that into a business.
So what’s the obvious first couple of products that come to mind? Well, let’s keep it close to home here and think if you’re playing hockey, what do you actually need, right? You need sticks, pucks, gear; so if you’re a goalie you’ve got the whole outfit and all the gear, and so just looking at these for a second, how could you become a lifestyle entrepreneur in this sense if you’re focusing on hockey and want to turn these products that are in the hockey space, which is your interest into an actual business?
Well, right away, sticks; you could have some option whereby customers could do wholesale orders of custom branded hockey sticks. Same is true with pucks. So maybe you can market or sell to a high school team, or to even a middle school or an informal league and have their own branded sticks and pucks that you would in turn supply wholesale, having a supplier relationship on the back end to manufacture and fulfill those, and that’s just one example of how you can be in the business as a lifestyle entrepreneur setting up the business so that it can be run from anywhere in the world, providing the product, which would be custom branded sticks and pucks.
Now let’s look beyond the immediate products that support this interest and start to think about what are some of the other physical products that support hockey as an interest in the context of business? So there’s instructional material, let’s say that there’s books on how to, so informational products such as how to become a better hockey player, how to be a goalie, the mindsets required to be a hockey player, how to become a professional hockey player. If you have a history in the hockey space or some relative level of expertise or knowledge then you can contribute that in the form of a book, which would, in effect, be one of the main products or a focus that you could pursue in the lifestyle entrepreneur business focused on hockey.
So besides books, what else do we have here for the physical product selection outside of just the gear that you’re wearing or a book that you’d read? Maybe you’d want to purchase a training DVD where you’re effectually learning more about your interest from watching a DVD.
Now, if you’re in the production side of this equation and becoming the lifestyle entrepreneur, then you could in fact film the DVD and help other people with your knowledge and expertise that want to get into the space and want to learn more, essentially shorten their learning curve to become a better hockey player, and that’s a product that you could create and provide online in a fashion that it doesn’t really matter where you are in the world, as long as you have a website up and running and enough traffic and interested visitors coming to the site where you could sell enough of these to support the lifestyle that you’re really looking for.
The Economy of Services That Support Your Interests
So now let’s look at the other side of the equation here and talk about some of the services that support the economy which has grown up around hockey as an interest. So one of the first ones, most accessible here on the services side of the equation, would be let’s say live training, and let’s say maybe you hire a coach. You’ve got a coach or a trainer and somebody that you’re taking lessons from to improve your skills and get you to the next level in terms of your hockey game.
So in this context you could potentially offer services as a coach, as a trainer, as somebody that’s going to help people either get into hockey as an overall sport that they want to get into, or specializing and do training specifically for goalies, training specifically for other positions. While that may not necessarily be scalable, but if you were to build a coaching practice and have other coaches that were effectually working for you, then that’s something where you could manage from your laptop, and just coordinate customers and coaches, connecting the two of them, and getting a percent for setting up the platform and bringing them in.
Another approach would be you organize a competition, and you could have a small league that is put together and essentially competes, and you could get sponsorships and have some type of a prize or some type of a, some incentive for people to compete in this tournament, or in this league, knowing that they could either get a sponsorship or have say a priority pick to go into the next league up from where they’re currently playing.
With an incentive for people to join and participate, then that becomes an opportunity for sponsors, advertisers, perhaps the people that create the gear. You could even look at combining these products and services in the context of having a business that you can run online that supports your lifestyle and the pursuit of your own interests.Effectively this is about providing value to others based on your own interests, and your experience in the areas where you have a relative level of knowledge, where you can in effect help other people shorten their learning curve and make an impact in their lives.
Another angle would be to set up an online coaching service. So instead of doing in person you could have video conferences, you could coordinate experts in the field to come in and do guest videos, and you could create an online learning portal or platform that people can then opt into and become a member and learn and increase their own understanding in the field of hockey.
At this point we’ve got over five ideas on how you can take hockey as an interest and determine the products or services you can offer in the market that support your own growth, that support your own learning, and that support your own lifestyle in the context of being a lifestyle entrepreneur.
Market Validation for Your Business Ideas
Now that we have some ideas to play with, let’s do some quick market validation. Let’s fire up our trusty friend Google, and do a search for “wholesale hockey sticks”. Ok – in less than one second you’ve got probably 1,000,000 plus results, but how do you know if this is an opportunity where you can actually enter the market and profit with an online business?
Well, here’s the quick litmus test to validate the potential opportunity.
What we want to determine is whether there is a “full slate” of advertisers. In other words, are there three ads on the top above the organic search results, and are there eight ads on the right side? Then you’ve got what I call a full slate. And what does that mean? That means that people are willing to pay, at least 11 different companies are willing to pay to appear on the first page of search results for anybody that does a search for “wholesale hockey sticks”.
Why is this important? Because that validates that there’s a market; that people are transacting online, and if you click through and look at what these actual results are you can see, well how relevant is it? Are these actual sites that are focused on providing wholesale hockey sticks, or maybe they’re even custom hockey sticks or buying in bulk, and so then you can go through this exercise and do a couple different variations on the keywords that you’re using.
Some variations would be “bulk hockey sticks”, “custom hockey sticks”, “promotional hockey sticks”, and that’s just exploring one of the products from the idea list that we just generated of products and services within the economy that’s grown up around this field, which is hockey in this case, and this exercise is equally valid for any other field.
In the next post in this Become a Lifestyle Entrepreneur video blog series, I want to share where to go from here. Once you’ve done a little bit of market validation, how do you check to see if there are suppliers available. And if there are suppliers that are available where you can actually contract with them so that you have producers ready to fill orders to customers you can find in this niche.
I’ll share with you how to do it in a way where the goods can be delivered straight from your suppliers warehouse or factory right to your customers front door. This is a huge part of having a lifestyle entrepreneur business; whether you’re selling physical products or offering services, setting up your business in a way that you can fulfill orders and complete transactions independent of where you are in the world!
Building a business you can manage from anywhere in the world from your laptop is what my book, Lifestyle Entrepreneur is all about, and it’s what I teach step-by-step in the Become a Lifestyle Entrepreneur training program.
So, I hope this video and blog serves you and gets some ideas flowing. Today is a great day to begin taking whatever interests and passions you currently have in your life and generate some ideas on how you can turn them into a business that supports the lifestyle of your dreams. In the next video and post in this series we’re going to go a little bit deeper into just that.
I encourage you, as always, to learn what you need to know to do what you love to do, so you can be the person that you want to be today.
Leave your questions below and I’ll get them all answered!
To your success,