How would you like to manage your business from anywhere in the world?
What if you could take extended vacations to Europe, spend half the year at your second home in Costa Rica, or live permanently in Thailand – all while making a living in the process?
It’s possible. There are many people who run million dollar businesses from all-around the world. You could be one of them.
Here’s how to get started….
1. Determine your strategy to location independence
There are some businesses that are innately location independent. If you own one of these, your transition to digital nomad will be easy. Bloggers, online store owners, graphic designers, and other freelancers who already work exclusively from a computer can move anywhere without it influencing their client base. If you’re business is one of these, congratulations!
Meanwhile, if you have a physical storefront, warehouse, or service that requires in-person interaction, leaving your hometown can be a bit more difficult. For example, a financial advisor, lawyer, or CPA may hinder their firms by moving away.
But making the transition isn’t impossible! In fact, you have several options.
First, you can bring on a partner who will manage the operations while you’re away. This may reduce your income, but the freedom can be rewarding.
A second option is to hire someone with project management certification to manage the business. If you’re earning $300k a year, spending $50-100k to hire a full-time manager may be well worth it! Then you ultimately find yourself earning $200k without lifting a penny – and there’s nothing better than having your money on autopilot.
Finally, a third option is to find a way to maintain your current client base in a part-time capacity. As a CPA, if you’re around for tax season you may be able to spend several months away when it’s slow. Meanwhile, as a lawyer or financial advisor you might be able to touch base over the phone quarterly, with in-person meetings during your months at home.
Regardless of whether you’re looking to retire, enjoy a short-term adventure, or simply enjoy location independent flexibility, there are others who have already achieved your goal – find them and emulate their process.
2. Pay close attention to your finances
Before committing to life abroad, it’s absolutely critical to pay close attention to both your business and your personal finances. Begin budgeting and tracking your finances to determine how much you’ll need to earn, how much you can afford to spend on help, and how long you will be able to live abroad if business slows down for a while.
Gaining a healthy understanding of your financial position (which will hopefully require little additional work) can alleviate a lot of the stress during this transition.
Once you have officially made the leap, don’t forget to closely track your wealth and net worth to prepare yourself to respond to any challenges before they become serious.
3. Start with a trial period
Before selling everything and moving permanently to the Philippines, consider committing to a short-term trip consisting of 2-12 weeks.
Not only will this trial period allow you to determine how well your business will operate if you live internationally, but it will also give you a taste for the lifestyle. Although some people love expat life, others find it boring, annoying, or even miserable.
Give yourself enough freedom to escape from a long-term life abroad if that doesn’t seem to be the best decision for you at the moment.
4. Use travel to become a better entrepreneur
As with many forms of personal development, travel can actually make you a better entrepreneur. From improving your communication skills, to gaining a new perspective on time and money management, travel will provide you with a wide range of skills capable of improving your business acumen.
In fact, some people find the best business ideas while abroad. Entrepreneurs can be found in all corners of the earth who run stores, service-based businesses, or import/export agencies as the result of an idea while on vacation. Sometimes the best way to become a millionaire is to simply take a vacation.
Committing to becoming a remote manager may not only give you freedom, it may also provide you with brilliant ideas for growing your current business or starting a new one.
Finally, focus on freedom
Location independence can be one of the most freeing decisions anyone can make. Whether your plan is to live abroad or simply work from home, gaining control over your time is incredibly rewarding.
Whether you decide to live abroad or not, one of the best decisions you can make is to find ways to automate your business. The more of your work that you can hand off to others, the more time you can spend on things that really matter to you – whether that’s growing your business or spending time with your family.
What could you do today to give yourself more freedom, while enhancing the future success of your business? Now go do it!
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