Business

5 Business Tips for Digital Nomads

With the right kind of skillset and a stable internet connection, the dream of traveling the world while working for a living is now a reality for many entrepreneurs.

The lifestyle is not easy, but it’s achievable. What’s more, the experiences you gain as a digital nomad are worth every effort you put into pursuing this kind of career. 

If you’re considering making a lifestyle change, here are a few business tips to make your transition smooth. 

Have a budget

Both traveling and running your own business requires a lot of financial planning, like the way you handle your budget can either make or break your efforts to become a digital nomad. You’ll start by accessing your current financial situation, and move on to determining how much life on each location you visit is going to cost you.

Check the costs in the destination of your choice and make sure to cover expenses such as:

  • Rent
  • Food
  • Transport
  • Flights
  • Coworking space
  • Eating out
  • Gym
  • Coffee shops etc.

You can find these expenses listed, by the city, on various sites, such as NomadList or TheEarthAwaits. Use them to get an idea of how much money you will need for living on a monthly basis, as well as to gather other relevant information on the city of your choice. 

Make sure you’ve separated your traveling and living funds from those dedicated to the development of your business. Otherwise, you can easily end up overspending on both fields, and face some serious cash-flow issues.

Also, acquire multiple income streams, and have at least two before hitting the road. This way, one can always serve as a safety net, if any emergency occurs.

Look into anything that could make your life cheaper once you reach your destination, as the more you save on unnecessary expenses, the more you can invest in your business. For example, you can choose a credit card with free luggage promotions, and cut some of your traveling expenses.

Plan ahead

When you’ve chosen your next destination carefully, except for planning your budget, you need to adequately prepare for your transition. For starters, be a responsible traveler and know the requirements and conditions of your visa before you leave. Also, as medical bills tend to be high abroad, make sure to cover your medical health insurance, and have them covered.

Continue with researching your next destination and get as many details about the culture, customs, weather, economy. 

A stable high-quality Internet connection is a must-have. Before you book your stay, ensure your hotel or the place you plan to rent has one accessible. Have a free access backup plan too, for urgent matters. 

Work on the skills you can monetize

Wherever in the world you choose your next work and travel destination, always make sure investing some of your money and your energy to enhance and further develop your skillset, or to gain new skills which you can monetize. 

The online world is ever-changing, and so are its demands. If you want to continue with your lifestyle, you have to keep up with those demands. Make a list of all the skills you have, and select the ones you can earn from online. 

There are numerous resources available online, starting from various courses, podcasts,  and videos you can learn from. Use these resources to sharpen your skills, and later, leverage the skills to make another income stream.

Be available for your clients

You might be a digital nomad, but the rules of the business game still apply to you. If you want to be successful in your job, your first goal is to make your clients happy. So, even if you’re on a beach, sipping your margarita, you need to be available for your clients, showing them that you’re a reliable partner.

Respect your deadlines, and try to deliver your work ahead of time. Make sure you show up on every business meeting you’ve scheduled, as you don’t want to appear inaccurate or untrustworthy.

This is especially important while you’re still struggling to make a brand out of your business and start acquiring new clients through referrals and recommendations of your satisfied customers.

It won’t be easy

It’s crucial to have clear expectations of what your life is going to be like once you start your digital nomad career. You’ll have to get used to bad infrastructures at certain locations, no internet connections on the others, as well as different types of cuisine wherever you go. Many things will differ, and you won’t always feel comfortable with your situation, nor have resources to immediately change it. One thing is consistent though – you’ll have to work hard through it all.

If you’re a novice, the general advice is to start with more familiar and friendly destinations, closer to your home, and progress as you gain experience.

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