Guide to Running A Location Independent Business

Digitization and job mobility are reducing the number of conventional office-based jobs and giving rise to a dynamic new ecosystem. There is a growing number of location-independent entrepreneurs and digital nomads roaming the world, following their dreams and better lifestyle.  They explore the planet and work from anywhere with an internet connection, be it a deckchair in a beach bar or a hotel lobby. Yet, this kind of life is not without challenges and hurdles. It is certainly not a constant joyride. Here is how to make sure you accomplish your goals and have a smooth ride.

A comprehensive roadmap

Location independence can be an utterly rewarding and fulfilling career path. However, to make it work, you need to plan correctly, well ahead of time. You might be eager to escape the tedious corporate world, but you still need structure and organizing skills. This is to say it is crucial to understand the risks of leading such a life beforehand and create measures to mitigate them. One of the main lessons digital nomads have to learn is that the combination of work and travel is a volatile mix. If you fail to strike a fine balance, it could blow up in your face.

Never out of touch

Furthermore, you do not have a steady workforce to rely on. Most likely, you are sort of a one-person-business. Beyond everything else, this means that success revolves around digital skills you have to offer and your commitment to honing them. At the same time, you have to keep in touch with your clients across communication channels like social media and apps like Skype. Finally, establish fruitful relations with complementary professionals and businesses. For instance, if you are in Australia right now, hire a digital agency from Sydney to carry out stellar online marketing campaigns.

Reaping benefits

Let us now address the fact that operating in a gig global economy has some unique benefits. Namely, mobile and agile businesses are able to save a lot of resources on payroll, benefits, training, and office space. You hire on a freelance basis and outsource to experts that would be too expensive to have as regular staff. You work from wherever you live at the moment. This kind of business is best suited for those entrepreneurs who engage in technology-heavy services. Others could struggle to keep up the pace in a fast-changing and competitive landscape.

Online presence

Ensure you have constant access to the online marketplace and a steady stream of work coming your way. Establish a strong online presence and use the right platforms. Showcase your competencies and expertise.  It is a good idea to put together a portfolio website that includes all your past projects and completed tasks. Additionally, use service providers like Upwork and Freelancer to branch out and land more remote work. Always ask for referrals to bring your network wherever you go. Link an inventory of leads to your website.

Location matters

Know that your dream destination may not be the most realistic target right away. Find something that is on the cheaper side and has a good internet connection. Some of the most popular hubs for digital nomads are Buenos Aires (Argentina), Adelaide (Australia), Cape Town (South Africa), Lisbon (Portugal), Vilnius (Lithuania), and Budapest (Hungary). It is preferable to have the locations close to one another: that way, you can minimize travel expenditures. If you are still in the market research phase and you are not sure where to locate your business, consider renting serviced office like this one in Melbourne. Entrepreneurs who are not keen on hiring remotely should keep an eye on the size and quality of the local talent pool.

Money management

Money keeps businesses afloat and it is the main fuel for your globetrotting business escapade. Going broke during a prolonged work holiday is not an option. Therefore, make an effort to assess living costs in the new area every time. Ballpark figures do not cut it— always come up with accurate calculations of your profits and expenses. Make financial projections and forecasts. Bring six months’ worth of living and operating expenses with you. This will act as an emergency fund. Like it or not, when going around the globe, unexpected situations arise.

Hit the road

Office-based jobs are declining and making way for the new mobile, gig-focused economy. You have a chance to embrace a worldwide lifestyle of freedom and build a profitable business in the process. So, embark on a journey of constant learning and growing, both personally and professionally.  Keep tabs on the online market and stay connected. Commit to growing your customer base and maintain cash flow to support your business endeavors and lifestyle. Take your time figuring out your next suitable location. Research and due diligence can take you far.

Guest Author, Raul Harman, s a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing.  While he’s not enjoying travel, football and great food, you can find him on Technivorz.com.