Flying around the world while getting paid in your sleep might seem like a dream to some, but this is a way of life for thousands and thousands of youngsters. Being a digital nomad is actually feasible if you have a trade or business that allows you to work online without having to meet clients face to face. For many, the problem is finding an actual non-local business that will pay them enough. Others might not be totally sold on the idea. But building a non-local business can be done with the right knowledge, resources, and commitment. Here are a few tips on how to build one.
Get Things in Order Before You Leave
Make sure that you have all your paperwork ready before you leave. Know what kind of taxes you’ll have to pay and meet with an accountant if you’re going to do some freelance work. Also, decide if you’re going to operate as a business or an independent worker.
If you do decide to create a business, you should start looking into business bank accounts. Credit union business accounts are increasingly popular and have many benefits for small businesses. For one, credit unions are usually much more likely to fund a small business and will put more importance on the business’s performance. They also usually have lower fees, and some will waive fees completely over a certain deposit limit.
Make sure that you consider how many checks you’ll be issuing and/or receiving, as well as the number of deposits you expect to make, as this will have an influence on which plan you pick. And choose the one that has favorable rates for overseas withdrawals as well.
Be Careful with the Destination
If you already looked into becoming a digital nomad, you have probably already heard of places like Chiang Mai, Colombia, or Buenos Aires, for instance. But, when picking a destination, you have to pick them with work in mind. Colombia and Thailand are both very popular with nomads, but not all areas in the country are conducive to work. So, make sure that you consider lesser-known destinations with good infrastructure, security, and with a smaller, but still substantial, ex-pat community.
Choose the Right Business Model
In most cases, location independent businesses will revolve around a service. For instance, a large portion of location independent entrepreneurs are in advertising and marketing. Another option is web development.
One thing that is great about services is that some can be completely outsourced. For instance, you could work on getting clients for your web design services, and work with other developers who, like you, could be anywhere on the globe. You then present the work to your clients, ask if they want some revisions, and send it back to the developer if they need any. Once the job is done, you get to keep the difference between what you paid the developer and what you charged the client.
This is only one example, but it can be carried in a number of other industries as well. So, make sure that you look at as many as you can, and find the one that will make things as easy as possible for you. You also want to pick a field where you have some sort of expertise so you can at least come off as someone who knows what they’re talking about.
Building a location independent business is not just a dream and can be done if you know what you’re doing and are ready to make the jump. Make sure that you follow these few simple tips, and don’t hesitate to ask for advice from people who are already living the digital nomad life.
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