The digital nomad lifestyle has become increasingly popular in recent years, with more and more people opting to start location independent businesses that allow them to work from anywhere in the world. This lifestyle offers flexibility, freedom, and the opportunity to travel while still earning a living. However, starting a location independent business can be daunting for those who are new to the concept. Here are some tips on the best way to start a location independent business and embrace the digital nomad lifestyle.
1. Identify your passion and skills: The first step in starting a location independent business is to identify what you are passionate about and what skills you possess. Think about what you love to do and what you are good at, as this will help you determine the type of business you should start. Consider your strengths, interests, and any previous experience that could be valuable in your new venture.
2. Choose a profitable niche: Once you have identified your passion and skills, it’s time to choose a profitable niche for your location independent business. Research market trends, competition, and potential customers to determine which niche has the most potential for growth and success. Look for areas where you can add value and stand out from the competition.
3. Create a solid business plan: A business plan is essential for any new venture, including a location independent business. Outline your business goals, target market, products or services, marketing strategy, and financial projections. Having a clear roadmap for your business will help you stay focused and organized as you work towards your goals.
4. Build an online presence: In today’s digital age, having a strong online presence is crucial for the success of any location independent business. Create a professional website, blog, and social media profiles to showcase your products or services and connect with potential customers. Utilize digital marketing strategies such as SEO, content marketing, email marketing, and social media advertising to reach your target audience.
5. Network and collaborate: Networking is key to building a successful location independent business. Connect with other digital nomads, entrepreneurs, and industry professionals to share ideas, learn from others, and collaborate on projects. Attend networking events, join online communities, and participate in conferences and workshops to expand your network and grow your business.
6. Stay organized and disciplined: Working as a digital nomad requires a high level of organization and discipline to stay productive and focused while traveling. Create a work schedule, set goals, and establish a routine that works for you. Use productivity tools and apps to manage your time, tasks, and projects effectively. Stay motivated and committed to your business goals to achieve success as a location independent entrepreneur.
Starting a location independent business and embracing the digital nomad lifestyle can be a rewarding and fulfilling experience. Follow these tips to launch your business successfully and enjoy the freedom and flexibility of working from anywhere in the world. With dedication, passion, and hard work, you can create a thriving business that allows you to live life on your own terms as a digital nomad.
FIND: Turnkey Businesses
LEARN: How To Make Money Online
HOW TO: Work From Home
REVEALED: Online Business Ideas
What would some service ideas?
Location independent since 2013
Offshore since 2018
Working on time freedom …. still
Clear, logical and dispassionate. Very good.
I agree, then sub contract those services to people in a low wage English speaking asian country, ie Philippines to scale, and free up some of your time, as you will still have to remotely supervise.
Great video as always, Michael!
Hey Michael!
Do you have any videos on opening a zero-tax company in the UK for people who don't want to be nor domiciled nor resident there, please?
Thank you for the awesome content you release in your channel. It's very comprehensible, therefore feels safe.
Start a YT channel. Sell courses through Udemy. Offer 1:1 consulting. Take contract jobs on Upwork. If technically inclined, try building a SAS. If technically and mathematically inclined, try your hand at algotrading.
In my experience starting a business – always takes longer than expected, has higher costs than budgeted, and has lower sales than predicted – at least in the beginning! ALWAYS have an extra 25% contingency in time and money. Going offshore certainly would offset some of your expenses that's for sure.
gonna havta take da GGeNNoCCiDDe JJaBB 2 go 2 any country
Thank you for adding validation to my mindset. Much appreciated.
Have you made a video on the best international payment processing portals for online businesses? Am looking for something that has a decent max on amount or volume of payments one can receive from int'l customers with the least minimal risk and paymt processing/transfer/conversion fees. Am avoiding direct bank transfers due to prohibitive fees even for very small amounts but high frequency. You've done a couple of these vids but nothing on the detailed comparison side, i think. Paypal is popular but have heard many not so pleasant practices n policies nowadays.
When you say you recommend starting with services, would you say technology/software services would be ideal? Obviously depends on the individual, but I mean generally
Covid accelerated location independence enablement… Tech made it possible 10 years ago, covid forced implementation
Thoughts on the futurist Peter Zeihan? – very pessimistic about demographics/China/economics etc. I've watched a few of his seminars – seems very glib and in my experience, no one can get anywhere near an accurate view the further we look forward.
From an economic perspective, what would be the best low-cost base for the next 15 years? Mexico/Latin America or South East Asia? Or somewhere else?
Why is my comment being shadow-banned? Outright ridiculous.
I want to start a business in Latvia. How do I find investors? Any advice?
Thanks for this wonderful video n d info on digital nomad lifestyle.
Awesome video and very helpful to me personally, thanks Michael!
Wise advice Michael, thank you.
If only we could follow these sensible plans…
Eh, not really what I was expecting. Was hoping you were going to give pragamatic examples of how to start a business that’s location independent, the title of the video doesn’t really seem to marry up with the content.
Thanks Michael, in your opinion do you think that affiliate marketing is 'easier' to make money or selling your own products?
I have many affiliate links but don't get the traffic, so am considering using Etsy to sell products.
..are you saying it's better to sell services than digital products ?? I personally prefer not to carry inventory..!!
Great tips, Mike. I have a suggestion to make. As you are experienced with payment processing, I want to hear your opinion on these payment processors holding sometimes 6 figures and how do you mitigate that so you don't have a cashflow issue.
Great advice! Thank you
Great advice! Would appreciate to hear you view on renting vs buying in Dubai?