The irony of being an entrepreneur is that you appear to control most of your time when your job can actually be too demanding to even travel. That’s why most people are turning to online businesses. But starting a profitable business online is not all cakes and ale. In fact, about 90 percent of startups fail. So, how can one succeed as a digital nomad?
Plan for rough days
Before quitting your job to start a new business online, determine the startup costs, and analyze how the living costs will affect your savings. This allows you to come up with a plan for the worst-case scenario. Having a backup plan allows you to make confident decisions, even when you know the chances of flopping are slim.
Do your homework
Before traveling, you must get a phone number that functions internationally, develop an invoicing system, inform your bank, freeze your credit or take safety measures to safeguard yourself from identity theft while working abroad.
Additionally, consider evaluating the cost of living in the country or city you plan to visit and work from. When starting, choose a city with a low cost of living so that your dollar can take you further as you build and scale your profitable online business.
Know your working style
Most people love the idea of traveling freely and employing themselves, but the lifestyle comes with its own challenges and inconveniences. As such, it’s prudent, to be honest with yourself when looking at both sides of the coin. If life as a digital nomad outweighs the cons, such as undefined next pay and some level of instability and uncertainty, then make the move.
Knowing when you’re most productive is also very critical. In fact, it’s a key factor to consider or discover in advance. Entrepreneurs who don’t understand their working styles often get frustrated or demotivated because of working alone for long hours.
Find a work-life balance
While you may be tempted to spend long hours working on your profitable business online, it’s really important to keep a healthy, work-life balance. If you’re spending more than 8 hours a day working, then you’re not truly enjoying the benefits of the digital nomad life.
Instead of sitting on your computer for more than 8 hours a day, find ways to be more efficient. Make a list of the tasks to accomplish per day, block social media, turn your phone off, and set timers for every task.
If you don’t find that work-life balance, you may end up resenting your new online business.
It’s important to start a profitable online business so that you can have time to travel and enjoy the perks of being a digital nomad. Ready to get started?