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Digital Nomads: Build A Company While Traveling The World

Posted by Milen Vasilev on Feb 21, 2017 10:00:00 AM

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The traditional company is founded in a fixed location by someone with know-how or a plan to capitalize on an innovation. With current technology, you don’t have to be fixed to one location. The world of business is slowly moving to the virtual world. A new generation of workers is on the rise that is opposed to the nine to five grind and wants to travel the world. Many of these digital nomads are well-educated or have worked for a major tech company. Some believe you can build your company while traveling the world. It is much cheaper to work remotely from places like Southeast Asia compared to San Francisco or other startups centers where the cost of doing business is rising.

Employ the right business model

Naturally, building a company while traveling confines your efforts to the virtual world. Pick a virtual need that has not been adequately addressed and explore it. Many successful companies started by nomads offer services to other nomads, like accommodation, exotic travel arrangements, or apps that facilitate remote work. Other successful remote models include online services, like job boards where people can look for work. Web design and software engineering are also services that you can provide using only your laptop. The digital marketing field is also a good model for remote work. You can follow on the path of one of the above or build a company by resolving one of the many other challenges that the virtual world offers.

Pick the right team

Your company is as strong as your team. You can’t build a company on your own. Choosing the right people to work with is essential. Digital nomads often meet in coworking spaces around the globe, form working relationships, stay in touch, and collaborate on projects. Often in the digital nomad world, you meet the people, you work with them first, come up with an idea together, and then start a company. This approach lays a solid foundation of people that believe in the idea and work hard to grow the business. Ideally, you travel cities together, but traveling separately also works as long as you have good working ethics and get things done.

Choose cost-friendly locations

Having a lean financial structure is essential to the health of a startup. If you have saved or have investors to back your idea, spending this initial capital will define your company. That is why many entrepreneurs choose to work from Bali or Chiang Mai where the cost of living can be from $600 to $1000 per month compared to San Francisco at $4000 or more. Even as a nomad, you have to have a healthy financial structure to build your startup and choosing the cities you visit factors in that cost.

Utilize free online tools

There is a plethora of free online tools that can help digital nomads build a company on the go. Employ cloud computing with centralized resources where your team can stay on the same page, a good free example is Google Drive. Project managing apps like Asana will help you be better connected and more productive. You can go as far as renting a server where all your tools can be stored. Open a Paypal account to manage and receive payments. Tools like WeTransfer, Sidekick, and World Time Buddy can help you be organized and productive. These and other free tools can help you start out while keeping your budget balanced.

Topics: Outbound Business, Young Backpacker