hey miles Beckler here and in this video
we're going to talk about what is a
lifestyle business and we're going to
look at my top 10 favorite lifestyle
businesses that are really inexpensive
to start there's something you can start
part-time they don't take much time they
don't take much money to start but they
have practically infinite upside they
can literally revolutionize your life
financially so first of all what is a
lifestyle business now I just mentioned
financial revolution of your life so of
course a lifestyle business is one that
offers you the level of income that you
desire in your life if that's ten
thousand dollars a month if that's a
hundred thousand dollars a year if
that's thirty thousand dollars a month
or a half million to a million dollars a
year that's possible with lifestyle
businesses but that's only one component
I think lifestyle businesses are really
composed of three different components
so there's the financial side the second
part is a time freedom you you have the
ability to work when you want and to
take off when you want and this is
especially powerful for anybody who has
a family anybody who hates waking up and
commuting the third part of it is you
have location independence and location
independence removes the need to commute
to a to an office or to sit in a car for
an hour to go in a energetically dead
building with fluorescent lights that
you don't actually want to be at so when
you combine all three of those the
financial independence the location
get that's what I consider a lifestyle
business now you might not be the kind
of person who wants to travel all the
time and travel the world and work from
a laptop in foreign countries that's
fine you might be more interested in
being able to wake up when you want to
wake up without an alarm clock and then
take your children to school and being
there for them after school to pick them
up and then go back to work again at
night once they go to bed to maximize
the time you have with your family
that's great so what a lifestyle
business looks like as far as how it
manifests is a little bit different for
everyone but it's really those three
components the time financial and
location freedom that you get now with
that said what kinds of businesses our
lifestyle business is
I'm like 1012 videos into this channel
and I'm already teaching the nuts and
bolts of how to get this to work but but
what are the lifestyle businesses and
after that after we get through all ten
I'm going to tell you the number one
trick that makes all of these businesses
work there's one thing that if you do
this right you can do any in all of
these business and you can crush it in
any of them it's the one thing we've
unlocked my wife and I on our business
that has just leveled us up in ways it's
difficult to describe so let's jump in
my first favorite a lifestyle business
or online business is selling
information products generally these are
how-to products they teach people how to
do things how to solve a problem how to
achieve a desire or how to fill a need
that they have they can be in a variety
of niches we've talked about niches in
some other videos if you want to go look
into how to choose a niche go find my
video on how to choose a niche but
ultimately why I love information
products is because they have incredibly
high margins it can be a PDF report
that's old it could be video series or
it can be an audio series and there's
some time required to put this sort of a
product together but once it's together
and online in the systems built around
it you can earn 95 to 97% + margins on
every item you sell so if you sell $100
product you can earn upwards of ninety
five dollars in the bank that's just not
physically possible with physical
products so that's why it's my number
one favorite lifestyle business and it's
one that I highly recommend but we've
got nine more so number two is becoming
an author you know writing books you
could make an argument that that's a
type of information product I would say
that'd be the nonfiction side of things
but fiction books right now are
incredibly hot and there's people out
there who don't even write their own
fiction books they actually have ghost
writers write the fiction books do all
of the work they literally outsource all
of the work and they create these series
of books on Kindle now on Kindle you can
get upwards of a 70% royalty and what I
love about ebooks and being an author is
you get true residual income there's a
lot of people online touting
income it's kind of a buzzword right now
and most of what they say will give you
residual income is not residual it's
very active work and the act of writing
or outsourcing and managing a project of
putting a book together or writing the
book it's it's a project I mean there's
a lot that goes into it but the benefit
is that that book can remain for sale
and can get distribution through Amazon
potentially through physical bookstores
for years and years and decades and
decades to come so every book actually
becomes a little asset and that asset is
something that you're able to kind of
continue to generate cash flow from
month after month after year after year
we've got six seven different books out
right now a new one in the pipeline and
it's a great source source of royalty
information and it's also a great way to
connect with new customers who are
looking on their Kindle devices for a
book to read so number three is
affiliate marketing now affiliate
marketing is when you recommend other
people's products and you earn a
commission when those products sell now
these products could be physical
products or they could be information
products you're generally going to earn
more money on information products as an
affiliate than you would on physical
products you can expect to earn 50
percent commissions all the way up to 65
even 85 percent commissions if you sell
information products as an affiliate the
really cool part with being an affiliate
marketer is you don't have to do the the
process of creating the product testing
the sales copy writing the sales copy
managing the product deliverability
managing the customer service that comes
along with it when people can't access
what they purchased managing refunds
there's a lot of additional work that
goes into an information product
business you're able to leverage the
benefits of an information product
business and really without many of the
kind of risks or challenges that come
with an information business as an
affiliate if you're doing physical
products let's say you've got like a
snowboard niche website and you
recommend you write reviews and you
recommend the specific snowboard
products when someone clicks through and
purchases you could expect to earn
somewhere between four and eight
on average you will see numbers upwards
of 12 to 15% but I would say that's
actually a little bit more rare with
physical goods and that's because
there's so many product costs material
costs shipping costs warehousing costs
associated with physical products
therefore there's less meat on the bone
if you will for you as the affiliate I
love the affiliate marketing business
it's where I started online in 2003 and
what it allows you to do is start the
process learn with very little invested
if you will you can start to make cash
flow and if you get something working
really well you can create your own
information product to replace that
which you are selling and you can
instantly increase your margins by 30 40
50 percent it's a really powerful
business model so the next one number
four is print on demand print on demand
technology has been going crazy for
several years you know in some regards
print books
CreateSpace is a way to do print on
demand books so there's going to be
overlap in this list with each other but
what I'm specifically talking about is
t-shirts there's a company out there
called teespring that allows you to do
print on demand t-shirts
there's also teach if it's tea chip calm
it's pretty much the same thing as
teespring there's a few less options in
the types of shirts that people can
purchase but what you do is you have a
designer or if you are designer you
create a design that people would be
interested in and people can click
through and look at what the shirt would
look like you haven't actually made any
shirts yet they can click they can
purchase that company teespring or tea
chip will go ahead and print that shirt
they'll mail it to the person they even
manage the transaction so you don't need
a shopping cart or anything and you
receive a commission check at the end of
the month now you can go way beyond
shirts you can do print on demand coffee
mugs calendars card decks all kinds of
unique things there's companies called
like Cafe Press and zazzle that allow
you to get a wide variety of products
with your branding or with your logo and
with your kind of um your intellectual
property your designs right you can get
it on all kinds of different products
and build out
a virtual store without having to hold
any inventory very low-cost
but it gives you a high potential
because you'd have a lot of products you
can sell also if your photographer or
graphics artist there's things like fine
art America and you can sell your prints
if you make amazing prints people can go
look at your online gallery and they can
choose the print they want and they can
choose to get it on poster board printed
on metal printed on stretched canvas
they can get prints framed and you would
receive not only Commission on the print
sale but any accessories or frames and
matting that they purchase you would
also get a percent commission they
handle the whole transaction you get a
check at the end of the month or
whatever their their cycle is so print
on demand is huge business right now and
it pairs really well with Facebook
marketing at this point in time I know a
guy who sells hundreds of dollars in
t-shirts to grandmother's every day and
that's his entire business model is
selling a very very niche specific
t-shirt to grandmother's through
Facebook it's a brilliant business model
it works really well for him and it's
something to look into
so next selling services now I did start
making money online as an affiliate but
the second place I went that I really
started to make lifestyle cash flow with
selling services this is after I skilled
up I learned how to use WordPress which
is a content management system and as I
was learning WordPress I was so eager to
do work for others I started doing work
for free 100% for free hey do you need
help with the website great let me
handle that for you just because I'm
trying to get experience I did that for
about 3 or 4 people in the early days
and they told their business owner
friends who started contacting me
wanting WordPress services and I started
selling hosting services those kinds of
WordPress which is basic web design
services that led into more marketing
services I sold graphics services and
what's really important to note here
I didn't fulfill all of these services I
did it first but when I sold graphics
services somebody asked me hey can you
help me redesign a rack card or redesign
the sign for the front of our building I
said absolutely and then I actually
found an outsourcer to do that kind of
design work for me the customer
paid me I managed the job through an
outsourcer and made sure that that
customer got a product that they loved
in the height of selling services I
helped one store build a booth about a
fifteen thousand dollar website we moved
them onto Magento which is a very
complex and strong ecommerce solution
they went from making ten twenty
thousand dollars a month to about forty
fifty thousand dollars a month with that
website my note to self
I could have charged a lot more for that
because they're still to this day
generating four hundred five hundred
percent more return from their web store
because of the work we did so selling
services is really powerful it's really
easy to get started the trick you need
to skill up somewhere if you're a
copywriter that's a great place to go
writing services are very powerful right
now if you are a designer obviously
graphics design work photography
services there's there's a lot of
different services you can sell if you
don't have any skills I would recommend
get some basic WordPress skills you can
start a wordpress.com site for free to
play with it you can get a self hosted
site together it cost you about $100 a
year to start your first WordPress
website and just start playing with it
because even the most basic skills in
web development and WordPress can lead
you to a six-figure annual business
you're not going to be doing all the
work you need to know enough to talk
about it competently but you can
outsource all of that work to teams in
other parts of the world where you can
get high-quality work done for a very
low dollar rate comparatively to what
your clients would have here in the US
so next one drop shipping I got a buddy
I met this guy on the Nomad cruise his
name is David he's an amazing person and
he is absolutely crushing it with drop
shipping now drop shipping is
essentially selling products so you can
have a little bit lower margins but the
cool part about drop shipping and why I
like it you never hold the inventory so
there's no overhead so you make a
relationship with a company who has a
warehouse and they have widgets whatever
their products are it could be gardening
products kitchen utensils I mean it
could be anything you can think of any
physical product you could think of you
build a relationship with them to where
you sell their products
every time you sell their product they
fulfill the shipment they actually send
the product to the customer so you
manage the transaction you attract the
customer you manage the sale and then
the company dropships that to them
my friend David I believe he's doing
literally seven figures annually in
revenue drop shipping selling people x'
products that he never touches so it
eliminates the warehousing it eliminates
the manufacturing side it's a really
elegant business model and that's why
I've made my top ten list of lifestyle
businesses you could run online next it
ties into this it's called
FBA which stands for fulfillment by
Amazon now it's a type of drop shipping
in a sense but it's more like you go get
products that you send to Amazon Amazon
holds them in their warehouse you create
a listing on Amazon's website and when
Amazon sells that product Amazon sends
out your product to that person and you
ultimately earn a commission obviously
Amazon takes a cut right they take at
least 15% I believe that goes up for
specific niches and product product
areas but you're going to have a product
cost that you're gonna have to deal with
you're gonna have to ship it at some
point to get it to the actual
fulfillment center to amazon fulfillment
center and then you're gonna have to
market it so there's costs involved it's
not the most elegant business model and
there's a lot of competition right now
it's had a very strong buzz for many
years so if you're interested in this
business model there's a book named
arbitrage I would recommend taking a
read it's like a 3/4 dollar book on
Kindle and it'll give you an
understanding of how that business model
works I've got friends all over the
globe who do this as their full-time
business some of them make multiple five
figure monthly revenue numbers from this
kind of a business and a lot of them
even go directly to China they source
the products they ship them over in
containers they get them into the
warehouses and then they market them
aggressively on Amazon with Amazon
pay-per-click if you're the kind of
person who loves logistics and numbers
and sourcing things
it's an incredible puzzle it's almost
intriguing to me because
it's such a challenge there's so many
little challenges to it but when you get
it done right you can make a lot of
money because you're able to leverage
Amazon comms customer base which
obviously Amazon's got like the biggest
strongest best customer base in the
world I'm a prime member I'm guessing
you're a Prime member if you're in the
u.s. so it's a really cool business
model it's a little bit too much
overhead for me it doesn't rank that
high on my list because of how much is
involved but for the right person it can
be a great business model next one
coaching and consulting now I got a
little caveat here right make sure
you're an expert and you've got 10 plus
years 5 to 10 years of experience doing
what you're doing before you start
selling consulting and coaching services
you know there is a trend right now in
the online world of people who have read
a few ebooks and gone through a few
courses and now they're our coach
they're a life coach and their lives are
a mess or they have no actual business
other than consulting you on how to
build your business so if you're going
into consulting I think this works best
for someone who's been in a specific
industry for 5 10 12 years if you've
been an employee for a long time even if
you've done a plumber or an electrical
engineer or a solar engineer or a civil
engineer don't know why engineers
architect if you will I mean there's any
real kind of skill any business that
you've been a part of for a long time to
where you've got a level of expertise
you can actually go from being an
employee and as an employee you're just
selling your services to your company
and then you could go ahead and sell
your services to multiple different
companies and that puts you in the
consultant role if you want to get into
coaching it's really cool it takes a
certain type of personality to be a
great coach it's fun to watch people
grow develop and blossom based on you
helping them down a path I've done some
coaching
I don't really choose to do it much
anymore I'm much more of a practitioner
I'm in I'm in the trenches every day I'm
not I don't see myself as the general
who's in the war room with a headset on
I'm an in the trenches kind of guy and
that's why I don't go down this road
very much because I like working on my
businesses and building my business
systems I
the most long-term value out of that
because it's my asset but it's a great
business model if you're looking for a
way to enter into a lifestyle business
selling advertising we can't skip over
selling advertising it's one of the
oldest ways of making money for content
producers it's going to make more sense
when when you learn the trick that makes
it all work of why advertising is so
powerful but essentially you don't
manage any products you don't manage any
of the sales flow you don't get a
commission when something sells you just
have the attention of a specific
audience that someone who owns a company
wants that attention and they're willing
to pay for that attention they could pay
you for every click they could pay you
for every thousand displays you give
them they could pay you just to post a
single article on your website there's a
lot of ways advertising works it's tried
and true
it's been tested and worked for hundreds
of years so advertising is a great
stream of revenue to add on but it can
also be an entire business model for you
lastly this one I don't know that much
about to be perfectly honest but it's
software-as-a-service it's got a SaaS or
SAS is what people call it it's kind of
the nickname of software as a service
but if you're able to if you are able to
create a software that will help me get
a better price on my next airplane
flight I will pay you for access to that
software if you will create a software
that will help me save three hours a
week in my social media marketing I may
very well pay you monthly for that
software the best thing about software
in my personal opinion is that once you
get someone on a software and they start
using your software and loving your
software you're able you're going to
keep them for a long time the lifetime
value goes up significantly because if
it's thirty seven forty seven ninety
seven dollars a month for this software
that saves me one hundred two hundred
three hundred dollars a month in my time
or actual card cost it's a no-brainer
for me I'm going to do that every month
month after month and I may love it so
much that I'll start telling my friends
now I'm not a software kind of person
I've hired teams of developers to create
software for me it's possible to
outsource the whole system and I think
the best software services work when
it's a challenge you've had in your own
business that you figure out how to
solve yourself through software and then
leveraging that software or opening it
up to other people who have that problem
and letting them leverage your software
so that's my top ten list we went
through it I brought it pretty quick
because we got a lot of content now the
one trick that makes it all worth it
right or makes it all work and that's
growing an audience when you have an
audience who knows you likes you and
trusts you every one of those businesses
becomes easy you can create a new
information product and if you've got an
email list of 50,000 people you mail all
50,000 people if they know you like you
and trust you a lot of them are going to
go buy your product right then and there
and you can instantly liquidate and
create cash flow based on your efforts
if you have an audience who loves your
gardening products that your drop
shipping and you go get a new gardening
product that'll solve a problem for them
guess what you reach out to your past
customers to that audience who bought
from you already say hey I got a new
widget that's going to save you this
much time grab it here you're going to
make sales instantly now you can build
your audience on your own website on a
WordPress website you can build your
audience on a Facebook fan page on
Twitter a youtube subscriber following
is a great audience but my favorite is
an email list and that's what all of the
videos I'm working on is really
ultimately going to teach you how to do
and that's to build a strong email list
of people who know you like you trust
you there in a niche they're all related
to a certain common kind of idea they
have the same sort of challenges and
problems and you're going to be able to
help them solve those challenges and
you're going to be able to help them
kind of achieve the life they desire
whether it's through products through
information through books through
services through any of the things we
just talked about right so once you have
that audience and you build a
relationship with that audience they
know you they like you they trust you
when you offer them affiliate products
new products consulting coaching
software it all works they just buy from
you at that point not all of them do
every time a percentage will a
percentage won't and you get to get
better as a marketer at communicating
and building the trust and helping them
know you like you and trust you more and
that just increases
everything the reason I prefer an email
list is because you own it when you're
building your audience on Facebook
Facebook owns that if they decide to
shut down your fanpage there's nothing
you can do if Facebook goes out of favor
from the world there's nothing you can
do so when you're building your audience
it's good to build it in a way that you
own it which is why I prefer the
WordPress website and the email list but
honestly I do all of them they all
connect together they all work together
to do one thing which is build an
audience so we can offer them products
that'll solve their problems and help
them enjoy a happier life I hope you
enjoyed this video my name again is
myles bechler click subscribe above to
get the next video in the series when
it's released and go ahead and leave me
a comment below if you have any
questions I'm happy to answer them I
appreciate your time I thank you very
much I value your time thanks for
watching and have a great day
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