Becoming a Digital Nomad Entrepreneur

According to OpenColleges' complete guide to digital nomads, "remote working trends are growing worldwide, and taking the faster internet connections and growing millennial workforce, who value travel, into account, it is safe to say that digital nomadism is here to stay."

Tourism is viewed as an escape from our mundane life and traditional 9-to-5 occupations. People will be able to travel much more freely as remote employment and a shift away from traditional working roles become more prevalent, and they will also be utilized as a tool to rebuild the travel sector.

While starting an enterprise or startup, one of the primary decisions to make is considering the location of your base or whether to even have one! While most digital nomads you find are freelancers or remote workers, many of them are running their own startups remotely. It sure is challenging but many of them do it. Unlike Western countries like USA or Canada, in India, you are not always restricted to using particular addresses for non-business purposes only, so you’re not limited when it comes to registering any remote location as your legal business address for your start-up.

Many new businesses that have sprung up in the last 3 years have resorted to using a remote base because of clear financial advantages. Every digital nomad who runs their own blog is essentially running a business if they are gaining financially from the blog. Travel bloggers were perhaps the first group of entrepreneurial digital nomads, leveraging their abilities to live a carefree life on the road. Of course, many travel bloggers will argue that they are not "carefree," but their unconventional lifestyle has garnered a lot of attention and has also allowed the sector to become ripe for new inventions and business ideas that will bring them one step closer to their aspirations.

There are many ways to sustain yourself as a digital nomad but starting a business is one of the most interesting. It can be a product or a service that’s sold online. The more unique your service or product is - the more value. If you are someone hoping to have a completely disconnected nomadic lifestyle, then being an entrepreneur is not for you. Running a startup in itself is challenging and when you plan to go digital, there are a lot of variables to consider.

Building a startup is a huge responsibility. It creates an attachment. This is not something a digital nomad would want to sign up for. But although this might sound challenging, once the initial setup is done and you come to a point where you can disconnect from the business and depend on getting passive income through it, it makes life so much easier as an entrepreneur. If you want to do something different and make an impact on the community, this is a great choice to make. The great thing about society today is that with the help of the internet, you can be remotely connected to a lot of clients/stakeholders without boundaries.

Becoming a nomad entrepreneur means you are ready to take a great leap of faith not just as a nomad but also as an entrepreneur. It’s tricky as there are additional challenges since being a nomad is a less stable lifestyle. If you are someone who has the knack and knowledge for business and wants to plunge in, go ahead!

Many entrepreneurs have traded their cabins for beautiful sunsets and views. Building your business doesn’t exactly need proximity to people. You can connect with your clients from any place, thanks to the Internet. Many digital nomads travel and work from startup incubators from across the globe where they get to meet other entrepreneurs who are also part of the startup community. While working from co-working spaces or startup ecosystems, you will likely meet like-minded nomads who are also trying to grow their businesses. Although there might be a lot of differences, what you will find common is the sheer determination most of these entrepreneurs have to succeed.

Often, it is confusing to know the difference between being a digital nomad, a sole trader, a freelancer, or an entrepreneur. A digital nomad is often seen as an exotic term but with more companies offering remote work options, the term is becoming more and more common. Digital nomads are people who work while travelling. They can be freelancers or employees or entrepreneurs who are not tied to a specific location to do their job or business.

While anybody who begins their own firm is considered an entrepreneur, the current definition emphasises innovation and automation. Entrepreneurs typically focus on an original idea or enter a new industry while making high-risk decisions that frequently involve financial concerns. This is in contrast to small business owners, who prefer to take tiny, cautious risks and maintain their company based on established practices. Entrepreneurs want to tread new ground and develop an innovative idea into a venture that may eventually be sold to a large corporation.

If you are an aspiring nomad-preneur, know that having an online business is just as competitive and hard as having a brick-and-mortar store. It often takes many years to establish a sustainable business that’s profitable. You can be living in the mountains, but if you intend to establish financial freedom online, you will need to be completely dedicated to making your business grow. This also means knowing how to hire remotely. Before you do this, it is essential to talk to other digital entrepreneurs who have built their teams remotely. Do your research and take enough time to build the right team so that you can save money, effort, and time in the long run.

Most of us are conditioned for vacation mode while travelling. Often we don’t pace ourselves and end up exhausting energy by trying to see it all. This means travelling too often and changing places. This is not just exhausting but also creates an irregularity in routines. Slow down, especially if you are a first-time digital entrepreneur.

Being a nomad-preneur, you need to set your schedules right so that you build a lifestyle that enhances your personal and professional outcomes. Develop a process that works for you and your team so that there is ease in the work you do no matter wherever you do it from.