Working at a fancy building from 9 to 5 doesn’t seem as attractive as it was years ago. It doesn’t matter if a company offers you unlimited amounts of coffee or has a nap pod room; sometimes, flexibility is all you want. And while the digital nomad lifestyle looks amazing for some people, others aren’t so much into the traveling buzz. They just want the flexibility of working wherever and whenever they want, coupled with the ultimate perk: being their own boss. In more technical words: they want to become a location-independent entrepreneur.
However, deciding between the safety of a corporate job and the uncertainty of entrepreneurship is one of the biggest aspects to take into consideration. If you’ve set your mind to start a different path that moves along your dreams and desired lifestyle, you came to the right place. In this article, we will tell you from A to Z about what location-independent entrepreneurship is about.
What Does Location Independent Mean?
Being a location-independent entrepreneur means that you’re able to run your business from anywhere; you’re not tied to a physical location.
Let’s say that you want to build a marketing agency; if you wanted to be a location-dependent entrepreneur, you would go and seek out office spaces where you would be working every day. But if you want to become a location-independent entrepreneur, you can run your business from home, from a café, from a coworking space, and from any place in the world you want.
Location Independent Entrepreneur vs Digital Nomad
Now, you might be wondering, is a digital nomad the same as a location independent entrepreneur? I mean, they both get to travel the world, right? However, they are not the same. Firstly, because not all digital nomads are entrepreneurs, some work on full-time remote jobs or are freelancers. But secondly, being a location-independent entrepreneur doesn’t mean traveling the world as digital nomads.
A location-independent entrepreneur’s business can be handled from anywhere if they choose to move constantly. But they can also have a traditional business setup that can be outsourced and managed entirely remotely.
Must Have Skills for Location Independent Entrepreneurs
You want to build your location-independent business, but do you have what it takes? Here are the must-have skills for those entrepreneurs who wish to have the flexibility of managing their business from anywhere:
1. Level Up Your Communication
Communication is a fundamental skill for entrepreneurs, whether they are location-dependent or independent. However, when you’re running your business from a remote environment, you need to level up your communication skills. Let’s say your team has 5 people in different locations. To avoid misunderstandings, you need to be clear regarding what your communication processes and tools are.
Try building all the processes in the most transparent way possible. And keep them documented in a way that when someone has questions, they don’t need to reach out to you constantly to solve them.
2. Organization Skills
One of the first tasks you need to do as a location-independent entrepreneur is to get organized. Don’t leave the basic but boring tasks ‘for tomorrow’; get all the basic things ready. Of course, you can hire someone to do all this, but in the first instance, you need to be on top of everything as this is your business.
Take time to set the foundations; if you’re disorganized from the start, you’ll later find yourself searching through piles of information to find one single document. Get the right platforms and tools to keep all the different areas of your company neat and organized. Consider organization skills as those who will eventually help you save time. And we all know that time = money.
3. Be Money-wise
Financial skills are also fundamental for your location-independent business. Especially at the beginning, you need to have a specific skill set related to revenue, costs, taxes, cash flow, etc.
Eventually, you will find the right person to handle all this for you but for now, make sure you invest in learning these skills as one small decision related to finances can make you lose a lot of money, especially if you aren’t so involved in finances.
4. Embrace Uncertainty
As a location-independent entrepreneur being able to adapt is the name of the game. 2020 was the year that taught everyone how adaptability is an underrated skill that becomes a lifesaver when unexpected things happen. And as an entrepreneur, unexpected things happen on a daily basis.
And yes, embracing uncertainty sounds more like a cliché phrase than a skill, so how can you, as a location-independent entrepreneur, embrace uncertainty?
- Build the right team (people you trust).
- Information is power (Keep up to date with the latest changes in your industry).
- Accept the fact that you can’t control everything.
5. Upgrade Your Networking Skills
Networking has been a necessary skill since the beginning of time. When technology was not around, people networked at the grocery store, buying bread, waiting on the line to pay for something. Nowadays, it’s easier than ever. As a location-independent entrepreneur, you don’t need to go to events to network. You can build an extensive network remotely!
Think about networks such as LinkedIn, where you can find professionals, business owners, employees, etc., and get in touch with them easily. Keep in mind that different social networks and communities will work differently for various businesses. The key is to find the right platform for your business model that can help you grow and connect with different people.
5 Location Independent Business Ideas
The whole location-independent entrepreneur idea seems attractive but are all businesses suitable for these types of flexible structures?
If you’re looking for location independent business ideas, here are the top 5:
Marketing is one of the perfect areas for you to specialize in if you want to become a local-independent entrepreneur. All businesses need marketing; you can offer your services as an external agency and still be able to work 100% remotely without having to attach to a company or a physical location.
For this industry, you need a lot of experience in digital marketing, email campaigns, social media, and all the other aspects that help a company increase its digital presence.
Online courses were a thing before the pandemic. But now that most institutions had to close their doors, online courses have become super popular. If you have experience in a particular area or subject, you can offer online courses and, of course, get paid for it.
For example, if you’re an expert in environmental business, you could create a website where you offer online classes. The same happens with the translation and language business, where teachers offer language services via Zoom.
Being a blogger is almost a 24/7 job. You need to have exciting stories to tell and be constantly in the creative zone to come up with different ideas. However, a lot of influencers have their Instagram pages and websites. Not only do they get followers that are interested in their lifestyle, but they also earn money through promiting products & services.
Brands reach out to bloggers to pay them money to advertise their products, and that’s how they earn money. Their business is their social media accounts.
If you’re a graphic designer, you have a high probability of landing a remote job without any problem. You only require your computer to do the job! Yet, if you want to stop working for someone and become an entrepreneur yourself, offering your services is also a good idea. Many companies require graphic designers’ help for their websites, logos, advertisement, and other aspects.
All you need to have is your designing programs, good Wi-Fi, and other office gadgets, but that’s it!
There are a lot of business consulting firms that don’t have a physical office but work from a safe home office. They can be managed 100% remotely, so if you have experience and knowledge in the business area, why not go for it?
You could build your own business consulting firm and help companies that are struggling with certain areas to be successful.
Do you already have a business and looking for more ways to make money work for you?
Click HERE to find out how!
Final Things to Consider Before Becoming a Location Independent Entrepreneur
One of the most important things to consider before becoming a location-independent entrepreneur is the why.
Why do you want to build a location-free business?
Ensure that the reasons that answer this question are solid ones. ‘’working on Pjs’’ ‘’Doing whatever I want’’ or ‘’Working at the beach’’ are good reasons but not enough to start this type of lifestyle. Any remote worker can do all those, but building a business requires passion, perseverance, and a lot of patience.
Being scared of adventuring to the unknown is part of the process, so don’t let that paralyze you. All it takes is a good idea and the skills above, and you’re ready to become a location-independent entrepreneur!