Want to make money while traveling the world? Keep reading!
Digital nomads live in different countries and cities and work remotely. Just imagine picnicking in front of the Eiffel Tower and making money. Or skiing on the peaks of Canada’s highest mountains and still running your consultancy in Europe. The world is your oyster!
Check out these seven steps to become a digital nomad and run a successful business while traveling the world:
Step 1: Learn How to Become a Digital Nomad
It’s important that you know how to become a digital nomad so that you can become a successful entrepreneur.
You first need to decide where you want to travel to. Keep in mind the cost of living, and the cultural and language barriers when you choose your destination. It’s also extremely crucial that you control the temptation to overspend on transport, housing, food, or clothing.
Pro Tip: Choose countries where the currency conversion rate is lower. You can always move to a bigger country or city when the revenue from your business starts flowing in.
Step 2: The Big Idea
The success of a business is directly proportional to the idea it’s built on. This is why you must find a niche and choose a line of work that interests you. Without passion, there can’t be success.
Find your strengths and decide what you want to do. However, you must consider the sustainability of the service or product and come up with something that doesn’t require your physical presence.
Examples: Marketing, consulting, writing, music production, data analyzing, research analysis, data analysis, graphic designing, software engineering, etc.
Step 3: Give Yourself a Budget
A successful business depends on how well you plan your finances. If you don’t decide on a budget, your business will end before it even begins. Always keep your overheads as low as possible and set an estimate for your variables.
Once you’ve done that, add an extra 20% to your reserve fund. You’ll thank us later.
Pro Tip: Don’t touch the reserve fund unless it’s an absolute emergency.
This not only applies to your business but also your trips. If you don’t consider an estimated cost for your trip, you’ll soon end up spending more than you make.
Plan wisely and skillfully. Look for discounts and avoid traveling during major holidays or book your flights and hotels at least a month or two in advance.
Step 4: Start Saving Up
Every business start-up needs an initial source of funds. So, start saving up now.
You can start by opening up a savings account. It’s always recommended to open two accounts: one for your personal savings, and another for your business. Find banks that operate globally and one that can give you a better rate.
Inquire about the online banking services of the bank you choose as it will make transactions much simpler.
Pro Tip: If you earn say five bucks, try to save three and spend two.
Step 5: Design a Game Plan
The final thing you need to do before you start your business is to come up with an action plan. A business needs structure, especially if it runs remotely.
So, decide the location where you’ll set up your base, hire staff and get your team ready. Do your research, get licenses and permits (if required), and, most importantly, choose your accounting system so you know how to file your taxes.
If you want to be a true solo-preneur hitting the small business road alone, you may not need employees or contractors, but you’ll still need your own support team. This team can be comprised of a mentor, small business coach, or even your family, and serves as your go-to resource for advice, motivation, and reassurance when the road gets bumpy.
Step 6: Build Your Empire
Now that you have it all, start promoting and building your business.
When you travel, try and make connections. Share your ideas with people you meet and learn from different cultures. You need to know your unique selling points and create a marketing plan.
Soon you’ll see your business flourish. Nothing travels faster than word of mouth so start laying the groundwork now.
Step 7: Live Your Dreams
Success doesn’t happen overnight, but if you’re dedicated enough then you’ll surely achieve your goals.
Stick to your business plan and soon it will increase your chances of success. The first few weeks may not be easy, but you’ll get better every day.
Traveling and running a business at the same time may not be for you if you give up easily. If you don’t enjoy traveling, meeting new people or you’re not tech-savvy, you should definitely reconsider your career choices.
However, if you’re dedicated enough to make money while exploring incredible places around the world, stick to the plan and it will help you reach your ultimate goal.
All you need is self-motivation and the desire to do something great. So, don’t waste another minute, start today!