Isn’t it too tempting to live as a digital nomad? To work and travel enthusiastically, without the restrictions of a 9-to-5 job? You can definitely be great at it and make this life-changing decision.
Now, there are different ways you can sustain and thrive as a digital nomad; one is creating your own startup and selling something new to the market. You should, however, be ready for the nomadic way of life filled with freedom and uncertainty before doing all these.
Explore the beauty of being a digital nomad while pursuing a life of digital nomad entrepreneurship.
Let’s do this!
What Are Digital Nomads?
Digital nomads are individuals who travel to different places while working online. They use technology to build their career or business while maintaining their nomadic lifestyle.
Thanks to the internet, these folks are not tied to one place; they perform their functions while on the move.
So, Is 30 Too Old to Be a Digital Nomad?
Of course not. In fact, tons of digital nomads start their entrepreneurship in their 30s and 40s—an age where most professionals want work flexibility so they can travel nonstop.
What is Digital Nomad Entrepreneurship?
Digital nomad entrepreneurship is building a business while constantly on the go. This is where people leverage technology to kickstart their startup while globetrotting with purpose.
Such an arrangement allows entrepreneurs, like yourself, to run your enterprise remotely, empowering you to raise a startup without borders.
Check out these essential features of digital nomad entrepreneurship:
Location Independence
Entrepreneurs as digital nomads are not stuck in one place; they’re all over the place—working, travelling and meeting new people simultaneously.
Digital Tools and Platforms
So, what is the essential toolkit of a digital nomad? The internet and a wide range of online tools allow them to communicate and collaborate with clients online.
Diverse Business Model
Entrepreneurs with a digital nomad lifestyle can work and run a business in various industries. This includes designing, freelancing, online coaching, writing and even startups—any work that can be done remotely.
Focus on Remote Work
The main thing about entrepreneurs who live a digital nomad lifestyle is having the freedom to work remotely. They complete tasks through digital tools despite their unending explorations.
Financial Management
Since digital nomads are perpetual roamers, finances should be carefully controlled and managed. They have to consider the expenses of moving to different places and their potential income streams.
Community and Networking
Meeting new people is inherent to being a digital nomad living in motion. As such, there are plenty of collaboration opportunities.
As a digital nomad, you can create a community with fellow work-from-anywhere warriors and get support.
What Are the Benefits of Digital Nomad Entrepreneurship?
Numerous perks come with being a digital nomad—take a look at some of the best ones.
Flexibility and Freedom
One of the strongest reasons why you want to be a digital nomad is having to work and travel freely. As a remote trailblazer, you can live and thrive in different cities every other week, as long as you have a strong internet connection.
Lower Cost of Living
As you work in your preferred countries, you might touch down in places with a very low cost of living. These places not only make living super affordable, but they also have majestic scenery and speedy internet.
You can live beautifully and economically, saving you money while you’re basically wandering abroad.
Personal and Professional Growth
Another main draw of being a digital nomad is the opportunity to experience different cultures and lifestyles.
You learn more when you travel, as you get to know other cultures and traditions. This is an excellent way to broaden perspectives, learn about yourself and enhance professional development. You don’t even have to speak their native tongue, as long as you know the universal language of food and music.
Diverse Income Streams
Digital nomads have plenty of income options. For instance, they can offer freelance services such as affiliate marketing while running an online business. These various financial vehicles can strengthen your earning power and boost your savings.
Community Building
When you share the same experiences with someone, you tend to connect with them faster and more deeply. Such a connection transpires with fellow digital nomads whom you meet on your journey. They can offer you support, mentorship and networking opportunities, opening new doors.
Challenges of Digital Nomad Entrepreneurship
While it may seem that digital nomad entrepreneurship is the best thing that could ever happen to you, it’s not without its downsides.
Time Zone Differences
The trickiest part of being a digital nomad is the time zone difference. Since you’re constantly flying from one continent to another, you experience the time zone changes. This can be a real pain when managing work with clients and collaborators; it’s harder to stay in touch with them.
Internet Connectivity
Apparently, your work revolved around having reliable internet access, as you should stay digitally connected. Finding a strong internet connection or Wi-Fi can be tricky in some locations, pushing you to pause business operations.
This can be really frustrating, as you will miss deadlines and opportunities. While you can use public Wi-Fis, they’re often unsecured and inconsistent.
The best way to deal with this is to invest in a portable Wi-Fi device or a data plan so you can work remotely without interruptions.
Visa and Legal Requirements
Different countries have different visa requirements and legal regulations, you know. Navigating the legal matters of your nomadic lifestyle can pose a real challenge, as ignoring them could land you in legal trouble.
Thus, we suggest doing your homework first, before flying to your next landing spot.
Maintaining Work-Life Balance Can be Difficult
When you’re surrounded by stunning landscapes, it’s easy to think that you’re on vacation. You get easily distracted and want to go sightseeing instead of doing actual work.
It's important to set boundaries and prioritise work-life balance when working remotely. You are accountable for yourself. Don’t let your work or personal ventures suffer; stick to a good work-life balance and thrive in both aspects of your life.
Loneliness and Isolation
Perhaps the biggest mental challenge for digital nomads is the feeling of isolation; this is often the issue when working and travelling alone.
While technology has created a connected world, it can still be challenging to forge meaningful relationships when you’re hardly in one place.
You can miss tons of big family events. That’s why you have to put in an extra effort to stay connected with your loved ones. Make friends abroad too, so travelling “solo” doesn’t feel hollow.
How to Start Becoming a Digital Nomad?
Foraying into digital nomad entrepreneurship is a real roller coaster. Starting your own business while travelling might be fun, but it also comes with a few additional challenges.
Life as a digital nomad can be unstable, so you should be ready before plunging into this erratic lifestyle.
Your life as a globe-trotting entrepreneur starts here.
Never Do It Alone
Rather than doing it alone, find a partner. Travelling is not without constant uncertainties; thus, it is paramount to have a partner who has your back. They have to be someone you get along with and who is dedicated to your startup's success as much as you are.
Start At Home
You can develop your business model a lot better if you’re physically there with your team; start at home. Once the logistics and infrastructures are dealt with, you can start working while constantly chasing horizons.
Be Fully Invested
You can’t expect your startup to be successful without total commitment. As a nomadic entrepreneur, you have to put in more time and effort than a typical brick-and-mortar boss—after all, you have a more costly lifestyle.
Ensure that Your Nomadic Lifestyle Doesn’t Disrupt Your Business Model
If you don’t want to get stuck in one place, start an online business. This way, you can work wherever you are. However, even digital stores need a stable base. So, unless you have a partner who can manage things for you from home, create a business model that caters to your nomadic lifestyle.
Don’t Mind the Cash Flow (Yet) at the Beginning
You will experience losses in the first two years of your online startup business. Oh, don’t fret, and give up just yet.
Apparently, you are bound to lose some in the earliest phase of your venture, so be prepared. Only commit to a startup when you have some money to burn while you work.
Adapt Your Nomadic Lifestyle to Your Startup
Once you commit to building a startup, you've got to slow down with your constant travelling. There are some places in the world where it might not work for your business due to an unstable internet connection.
You can still be a wandering soul, but a lesser one. Pick your locations right, where the internet is strong. Right now, you need stability, not bad surprises.
Use Your Nomadic Lifestyle to Drive Your Startup Growth
As mentioned, being on the move is an opportunity to meet new people and forge potential partnerships. After all, networking drives your startup and allows you to enter new markets, worthy of your investments.
Don’t Look for Investors Just Yet
Before you go looking for investors, we suggest understanding your market first and confirming the demand. Once you have proof, you can approach investors.
Bear in mind that investors are not just funding an idea but also investing in the team that will carry it out. Imagine telling the investors about your nomadic lifestyle; wouldn’t they question your dedication?
They might accept and invest if you can create a compelling business idea that can actually generate profit.
Be Passionate About Your Business
If you don’t love what you do, you can’t succeed. The process of building a startup is rough and winding. Therefore, you must be passionate about it so you can trek along and prosper despite the low points.
Similarly, when you’re unhappy about switching locations every other month, you become miserable and unproductive. So, choose an idea you love and be a passionate nomad founder.
Don’t Go All In, Not Until You're Comfortable
You’ll certainly make mistakes; it’s inevitable, especially for a newbie nomad. This short-sightedness will drain your time, energy and money.
That said, it’s critical that before you jump into full-startup mode, you be comfortable with this nomadic way of life. Once you have all the basic nomad skills, you can then start your startup nomad adventure.
Explore top productivity hacks every business owner should know about.
Conclusion
Digital nomad entrepreneurship embraces flexibility, uncertainty and freedom. So, if you have a nomadic spirit and enjoy the ride more than landing on a destination, be a nomad entrepreneur.
This path can be challenging, but as long as you have the willingness, the skills— and a virtual assistant, you can thrive and be successful.
By delegating to VAs, you can focus on being a full-blown nomadic entrepreneur, working and living in transit. From email management to scheduling appointments, whatever you need, wherever you are, a remote professional can look after the menial tasks to keep operations running.
Talk to one of our experts and explore VAV's range of virtual assistant services.
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