If your dream is to travel freely, then starting a remote business is the way to go. As the owner of your business you will have more control over your time and won’t have to file for extended leaves which can limit your traveling experience. Plus, entrepreneur and digital nomad Tasha Prados’ story shows that, with hard work, running your business will also net you a bigger salary than your average job. You can then use the money to further fund your travels.
But what kind of business should digital nomads look into? Here are some ideas.
A marketing firm
If you’re taking a page out of Prados’ book, then you’re looking at a career in digital marketing. Since people spend a lot of time online, digital marketing is something that every business invests in. In fact, research on Propel Marketing informs that marketing takes up around 10-14% of a company’s annual budget, and more than half is spent on online campaigns. There are several digital marketing fields that your firm can specialize in, such as influencer marketing, search engine optimization, and content creation. Your experiences as a digital nomad will prove very useful if you start creating content for travel and lifestyle sites.
An online shop
Ecommerce has always been a profitable industry, and this year has only shown how resilient this business model can be. Multiple studies listed on Fits Small Business prove this. For example, more than 227 million people shop online in the US alone. Another one found that 64% of consumers prefer the “convenience” of online shopping, especially when seeking a specific product.
When starting an online shop, it helps to pay attention to what the market is looking for and how many competitors there are in your chosen field. You will also need to decide whether you’re selling on a third-party platform like Amazon or are making your own website and shop. The former is more convenient, of course, since the market is already there. But you will make more profits if you are an independent shop. The one thing you will need to consider though is the logistics of running a store while on the move. This will likely mean that you will need to employ people to help you run the business.
An Airbnb
The Airbnb industry thrives on those who follow the digital nomad path, yet if you have the funds you can also be the one providing the service. The platform supports self check-ins, so you don’t need to be in the area to greet your guests. Planning your Airbnb startup begins with determining the cost of your business, such as the lease (if applicable), local taxes, maintenance, insurance, and others. Are you going to put any additional add-ons in the room, like a fridge or router? You also have to add that to your computation. You can also use your travels as an opportunity to scout great locations to start your business. Remember to find a location that’s near a public transportation stop; travelers like it when their destinations are within walking distance.
A consulting business
As a digital nomad, another business term is “consultant.” This doesn’t just refer to people who give professional advice in their chosen field. This also includes freelancers who want to offer a specific service remotely, like web development and photography. In fact, we previously wrote a guide on ‘How to Be a Travel Writer’—and if that’s something you would like to do for a living, it can also fall under this category. To do this you should register your business and make your official title a “consultant.”
Aspiring consultants can either form a sole proprietorship or LLC business structure. Between the two, a sole proprietorship has fewer requirements to worry about. But for extra fees and paperwork, an LLC can separate your assets so they’re better protected. While it may sound like a hassle, it will make you look much more professional which will increase your chance of acquiring clients. You can use your experience as a digital nomad to market your consulting business.
While current restrictions make it difficult to move around, you can take this opportunity to plan your business. Whatever you go with, just make sure that it’s something you like, so it never feels like a chore to manage.