June 28, 2016
If you’ve been bitten by the travel bug, you’re never going to be satisfied living in one place. Fortunately, more and more employers are becoming comfortable with telecommuting. To make things even more perfect for the wanderlust-riddled entrepreneurs, the freelance market continues to grow from year to year. But how can you get acclimated to this lifestyle filled with hotel rooms and coffee shops?
Living the location independent lifestyle isn’t all sunshine and rainbows as lot successful nomadic entrepreneurs paint it. Getting started and succeeding requires tremendous amount of work, persistence and dedication. Fortunately, these essential tips for budding entrepreneurs will make leaving the nest that much easier.
Take Advantage of Geo-Arbitrage
The term popularized by Tim Ferris, author of the NYT bestseller the “Four Hour Work Week” refers to the fact that labor on an international scale has a number of disparities, which can be leveraged to increase the return on our time. In simpler words – determine your hourly rate, compare it to what you could pay to a VA abroad to do the same task and keep your focus instead on the high-priority tasks, which are moving your business forward.
Geo-arbitrage can be extended even further based on the other disparities outside of labor cost. For instance, you may choose to live in a cheaper region/country, where your lifestyle will cost you much less, yet your earnings stay the same.
Reduce Your Travel Expenses
Travel hacking involves getting all sort of rewards and rebates from credit card signups, loyalty programs and other activities that could get you free airline miles, free hotel stays or significant discounts. Considering you’ll be traveling a lot, it’s always worth it to take extra advantage of your spendings on airfare and accommodation. Chase Sapphire and Barclaycard Arrival Plus are currently named among the best options by travel hacking experts for traveling entrepreneurs.
Additionally, it’s worth signing up for the two most popular airline loyalty programs – Miles and More and Flying Blue. This way you’ll automatically accumulate miles for each flight, duty-free purchase and hotel reservation. If you lack a few thousand miles towards a free flight, you can purchase them for an affordable rate at Miles Buyer – a special airline miles marketplace to buy/sell miles for any airline.
Expand Your Network During Your Travels
Being location independent means that you can do business from wherever you want, and do it with whomever you want. Lynan Saperstein, founder of Experience Experts, organizes client’s meetings and trainings wherever she goes. Instead of focusing on the local market only, she proactively seeks and approaches tourism companies worldwide with her services and training sessions.
Additionally, it’s always worth mingling with other fellow digital nomads as you never know what kind of potential collaborations and partnerships may grow from there. Checkout Meetup for some curious events in your current area or pay a visit to the local co-working space to see if they have anything scheduled.
Take Time Management Seriously
The popular picture painted of a digital nomad hanging out at the beach all day, sipping cocktails is far from the truth. Even building the so-called “passive income” requires tremendous amount of work. You need to have efficient business systems in place and streamline all the processes efficiently to make location-independent lifestyle work for you.
Paris is certainly alluring, but also distracting when you really need to get things done. Hence, eliminate all the time-wasting habits you are guilty off, work on creating the ultimate routine, which allows you to have work time and playtime without one eating up most of your schedule. Get offline work prepared and done one the plane to minimize the distractions. Block your calendar for the days in transition and the next ones, especially when you are switching time and climate zones.
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