21:55
Faizan
Your Digital Nomad business
This is your lifeline, probably your only source of income and the machine that feeds your wallet and enables further travelling and survival. Make sure to tailor your business for easy remote operation. The typical Digital Nomad business is to provide some non-physical remote service, so your accounting should not be too complicated. However, make absolutely sure you setup your company properly, with good administrative support, and according to all laws and regulations. There are many activities perfectly suited to run remotely - fighting with authorities is <strong>not</strong> one of them! Bear in mind that the Digital Nomad Lifestyle may be regarded as unorthodox or even slightly suspicious by certain people; one more reason to make sure everything is in perfect order administrative-wise.
A few words about revenue
Digital Nomads typically spend most of their time in low-cost countries, thus being able to survive on less income than in a highly developed country. Here are a few important things to consider when sketching out the budget for a Digital Nomad business:
Be prepared to face resistance towards remote work! Many managers want you to sit at your desk, on-site, where they can keep an eye on you
Clients in general pay much less for remote work than for corresponding on-site work
Local everyday life in a low-cost country may be inexpensive - just don't forget that cost for international travel, SW licenses, Hardware, etc., remain the same no matter which country you're in
Consider your vocational training, taking up new tools and methods, participation in conventions, trade fairs, off-line courses, etc.
Don't forget to budget for medical and travel insurance for your staff (=YOURSELF!), accounting and auditing, visas and possible work permits, and perhaps legal assistance depending on where and how you setup your business
Consider provisions for retirement - no employer will do that for you as a Digital Nomad
It is far easier to "gear-down" to a low-cost/low-income lifestyle than what it is to "gear-up" to a high-cost/high-income lifestyle
Avoid the low-cost/low-income trap: It may be tempting to decrease work effort and income to a level where you have a comfortable day-to-day life in a low-cost country. However, returning to your home country (sometimes destiny calls... ) may become a real challenge unless you have arranged sufficient funds
This is your lifeline, probably your only source of income and the machine that feeds your wallet and enables further travelling and survival. Make sure to tailor your business for easy remote operation. The typical Digital Nomad business is to provide some non-physical remote service, so your accounting should not be too complicated. However, make absolutely sure you setup your company properly, with good administrative support, and according to all laws and regulations. There are many activities perfectly suited to run remotely - fighting with authorities is <strong>not</strong> one of them! Bear in mind that the Digital Nomad Lifestyle may be regarded as unorthodox or even slightly suspicious by certain people; one more reason to make sure everything is in perfect order administrative-wise.
A few words about revenue
Digital Nomads typically spend most of their time in low-cost countries, thus being able to survive on less income than in a highly developed country. Here are a few important things to consider when sketching out the budget for a Digital Nomad business:
Be prepared to face resistance towards remote work! Many managers want you to sit at your desk, on-site, where they can keep an eye on you
Clients in general pay much less for remote work than for corresponding on-site work
Local everyday life in a low-cost country may be inexpensive - just don't forget that cost for international travel, SW licenses, Hardware, etc., remain the same no matter which country you're in
Consider your vocational training, taking up new tools and methods, participation in conventions, trade fairs, off-line courses, etc.
Don't forget to budget for medical and travel insurance for your staff (=YOURSELF!), accounting and auditing, visas and possible work permits, and perhaps legal assistance depending on where and how you setup your business
Consider provisions for retirement - no employer will do that for you as a Digital Nomad
It is far easier to "gear-down" to a low-cost/low-income lifestyle than what it is to "gear-up" to a high-cost/high-income lifestyle
Avoid the low-cost/low-income trap: It may be tempting to decrease work effort and income to a level where you have a comfortable day-to-day life in a low-cost country. However, returning to your home country (sometimes destiny calls... ) may become a real challenge unless you have arranged sufficient funds
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