Launching a lifestyle startup is a great way to make money while you sleep. You may be put off by the idea of starting a startup due to reports that around 90% of startups fail. The good news is that lifestyle startups are more likely to stand the test of time because they involve you running a business based on your passions. Millennials are particularly attracted to lifestyle products as they enhance their quality of life and feed into their health and wellness goals. So, whether itโ€™s virtual consulting, blogging, motivational coaching, photography, or something else, hereโ€™s how to ensure your lifestyle startup flourishes.

Be thorough with your market research

Market research is the first real piece of work youโ€™ll do for your business. The aim of your market research is to determine who your target customers are, how youโ€™ll reach them, why they need your service or products, and what they’re willing to pay for them. A SWOT analysis where strengths, weaknesses, opportunities, and threats are identified can help you too. From there, primary, quantitative, qualitative, and secondary research should be carried out. The outcome of your market research will allow you to make appropriate changes to your products or services. Youโ€™ll also be in a good position to write a solid business plan.

Create a business plan

Business plans are crucial for securing capital. They also show that youโ€™re serious about your business, allow you to set goals, and plot your businessโ€™ growth. Despite the importance of a business plan, 41% of entrepreneurs say they set out with no business plan at all. When you sit down to write your business plan, ensure it includes the following:

  • An executive summary that includes your mission statement, financial projections, and brief business description
  • Detailed business description
  • Business goals
  • Information on your products and services
  • Market research
  • Marketing plan
  • Financial information, including forecast

Register your business

When your business is ready to go, you need to register it. To do this, you need to decide what type of entity your business will run as: sole proprietorship, partnership, limited liability corporation (LLC), or c-corp. If youโ€™re running your lifestyle business on your own, youโ€™ll be either a sole proprietorship or LLC. You can register your business yourself, or you may want to hire a business formation provider to do the job for you. These LegalZoom LLC reviews detail the costs of getting a third party to register your business as an LLC. Standard fees vary from $79 and $349, plus filing fees. You can also pay extra for additional services to help your lifestyle startup. These include legal protection, access to a minutes manager, and having your annual report filed for you.ย 

Get people interested

Marketing can make or break a business. Itโ€™s so important that almost 57% of startups have a dedicated team. Your first marketing strategy should involve you creating a website for your lifestyle business. A successful website should be beneficial to both you and your customers. Make sure that it provides detailed information, contact details, tutorials, product and service guides, reviews, and similar. By selling items through your website, utilizing advertising, and signing up to affiliate programs, you can make money from your website around the clock.ย 

Another marketing practice to focus on is social media advertising. 96% of small business owners use social media for marketing purposes, and 90% say that it works well for them. Social media is also a good way to attract millennials as 79% of them use social media several times per day. Youโ€™re then likely to gain custom through word of mouth. This is the ideal referral for lifestyle businesses because real-life experiences resonate with people. Fun marketing tools should be used too, such as referral or loyalty programs, challenges and competitions, and teaming up with influencers.

Hire a startup mentor

Perhaps your business doesnโ€™t initially take off as well as you anticipated. Or, maybe youโ€™re feeling overwhelmed with the responsibilities that come with being an entrepreneur. Hiring a startup mentor is a good way to help you deal with these issues and grow your business.

A mentor will guide you so you can be sure youโ€™re doing things as productively and effectively as possible. Research shows that when a mentor is called in to assist a startup, it grows 3.5 times faster and makes 7 times more money than startups without a mentor. You can hire a mentor that helps with your entire business or one that focuses solely on things such as marketing or communications.ย 

Becoming the owner of a lifestyle startup will be an exciting and, at times, daunting time for you. But thereโ€™s no need to worry about your business failing, as these tips will ensure that it goes from strength to strength.ย