As an entrepreneurship consultant, I‘ve helped dozens of small business owners strategically grow their companies. Through this experience, I‘ve gleaned indispensable insights into managing a business amidst constant change and uncertainty. These same skills directly apply for digital nomads trying to build location-independent businesses.
Use my hard-won knowledge to set your freelance or company up for sustainable growth and happiness on the road.
1. Construct a Flexible Budget GUided by Data
Budgeting is key for any business owner. But for digital nomads, carefully tracking expenses across multiple currencies and countries is especially critical. Thankfully, powerful apps exist to seamlessly handle money management abroad.
- Average monthly budget for a digital nomad: $2,300 USD, encompassing accommodation, food, transportation, activities, coworking spaces, visa fees, and more unexpected costs [source: Business Insider]
- Useful budgeting tools: Splitwise, Pleo, TransferWise
Follow these best practices for crafting a realistic, data-driven budget that facilitates your ideal digital nomad lifestyle:
- Track existing fixed and variable costs for a month
- Research expected prices for destinations using Numbeo and fellow nomads
- Incorporate buffers for surprise expenses: ~20% of total budget
- Reevaluate budget monthly and adjust categories as needed
2. Pick Destinations Strategically
Choosing destinations aligned with your entrepreneurial goals and business offering is key for productivity and profitability.
Optimizing time zone overlap with key clients, regulatory barriers, internet speed for calls/collaboration, access to support services, and more can directly impact your bottom line.
For example, a solopreneur specializing in graphic design for US-based small businesses should consider sticking to North, Central, and parts of South America for maximum timezone alignment.
Use tools like Teleport and Nomad List to evaluate destinations across dozens of factors like weather quality, LGBTQ+ friendliness, entertainment, safety, and more.
3. Systematize Regular Business Reviews
While on the road, consistently tracking key metrics and milestones for your business is vital. This allows you to ensure profitability and growth doesn‘t slip through the cracks amidst travel.
- Set weekly 30 min "accountability meetings" with yourself to review:
- Revenue and profit numbers
- New client acquisitions
- Project delivery timeline adherence
- New opportunities
- Realign tasks for coming week as needed based on review
- Automate reporting where possible using business intelligence software
Following this protocol will help you operate at peak productivity. You get to fully experience the perks of nomadism without compromise on entrepreneurial aspirations.
4. Actively Invest in Relationships
While busily exploring new destinations, it‘s easy to unintentionally neglect close relationships back home. But having an emotional support system you can rely on is invaluable for enduring the rigors of entrepreneurship abroad.
The volume of quality conversations matters more than quantity of connections.
- Schedule video calls with close friends/family at beginning of each week or month
- Set calendar reminders to check in with your core inner circle periodically
- Join digital nomad communities like NomadList and meetups to find like-minded entrepreneurs
5. Lean Into Serendipity
Rather than rigidly adhering to plans when running your business as a digital nomad, regularly embrace unexpected opportunities or connections that arise.
These chance encounters can unlock game-changing partnerships, new target markets, or innovations to provide competitive edge. Be receptive to surprise adventures – they fuel sustainable entrepreneurial success.
Blending global business ownership and wanderlust rewards the bold entrepreneur. Arm yourself with data-driven planning, laser focus when "at work", and genuine human connections. Commit to showing up fully present for both adventure and your entrepreneurial aspirations to profoundly thrive as a nomadic business owner.
The world is your oyster!