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How to start a company while traveling - Tips on Successful Remote Entrepreneurship

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Income Hacks

Oct 12

5 min read

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5 min read

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This post explores 7 key things you should consider when becoming a remote entrepreneur

,Jack, a serial entrepreneur, was working on his latest project when out of nowhere, he was attacked by three people. They fought hard, but one of the attackers hit him over the head, and he passed out. The last thing he remembered was darkness. When he awoke, Jack found himself sitting in a chair with a bright light beaming down on him.

"Hello?" he called out, "Is anyone there?"

No answer. He tried to stand up but found that his feet were shackled to the floor. "What's going on?" Jack demanded as he shook the chains that bound him to see if they could break free. To his surprise, the chain snapped and left him free to move about the room unhindered. It was only then that they noticed the screen in front of him. He read the words that appeared on the screen.

You don't have to be shackled to your town to start a successful company.

Remote Entrepreneurship is the new way to work and travel.

Jack woke up in the middle of the night, sweating and panting but with a clearer mind than he had had in years. He knew exactly what he needed and wanted to do. He picked up his phone and booked the first departing flight to Bali, a place he had always dreamed of visiting. It was one of the items on his bucket list he had never set the time apart to tick off. However, the epiphany of his dream made one thing very clear: he didn't have to take time away from work to make his dream a reality; he could travel the world and continue working remotely at the same time.

"Life is so short!" he thought to himself. "I can't believe I didn't do this sooner!"

Can you relate to Jack's story? It is so common for us to feel shackled to one place because of our work or other obligations that we end up just standing there, frozen, like the horse that's tied up to a chair by a thin string. It would be so easy for it to break free and simply walk away if it only tried!

It's the same with entrepreneurship. Starting a new business is no longer restricted to the traditional 9-5 office in your local town. You can take your business on the go with you and create a remote company that enables you to reach more consumers while visiting the world. Whether you're traveling for work or pleasure, here are some tips on maintaining your entrepreneurial spirit while visiting new and exciting places and meeting incredible people!

What is Remote Entrepreneurship

Remote Entrepreneurship, or being a digital nomad, is becoming a popular way to work. With the fluctuation of the job market and the many changes in technology, this type of business model is becoming more and more widespread. The idea is that you can live anywhere in the world while still running your business. In fact, you can become a digital nomad with nothing but a laptop and an internet connection.

Pros and cons of Remote Entrepreneurship

Pros

  • Enjoy traveling without needing to take extended periods away from work.

  • The ability to live in multiple locations and get to know different cultures (and markets).

  • You'll have more time for family and friends.

  • The ability to work from wherever you feel most comfortable and productive, whether at a local coffee shop or on the far side of the world.

  • Flexibility: working hours and location are more flexible than traditional brick-and-mortar businesses.

  • Ability to communicate face to face with clients in other parts of the world.

  • Maintain a high level of motivation and drive since you are powering your own business while at the same time checking off items on your bucket list.

  • You can hire people that aren't restricted by geographical location, which will allow for more creativity and a lower payroll.

Cons

  • Having no office space can sometimes lead to isolation.

  • Outsourcing or hiring non-local employees can be difficult and time-consuming. It may also make projects take longer to be completed.

  • You need to be self-motivated and well organized in order to manage your time well.

  • Productivity may drop without the physical presence of coworkers in an office.

  • Managing things like physical mail and customer support hotlines can be challenging if you're always on the move.

In general, if you're not much of a homebody, then remote entrepreneurship could be perfect for you! Many people feel that working from their living space or even at cafes can cause distractions that affect their productivity. However, you will still get the same amount of work done if you're motivated and know how to manage your time properly while traveling! As long as you're willing to put in the hours and effort and keep yourself on track, there's no reason why you can't run a successful business while traveling around! How? Keep reading to find out.

Tips for starting a new business while traveling

Tip #1: Invest in a good laptop.

If you're going to start a company while traveling, your laptop will be your most important tool. That's why you absolutely need to have one that is reliable, fast and secure. You don't have to go all out on the latest Macbook Pro (it may not even be a good idea, depending on where you're traveling to, anyway), but a decent laptop with good battery life is a must.

It's also a good idea to get some sort of damage and/or theft insurance on it as well. You don't want to be caught off guard without the means to work on your startup due to any unforeseen event.

Tip #2: Get a good international sim card and a portable and mobile Wi-Fi hotspot.

The next thing you want to do is secure a good and reliable internet connection wherever you go. If you're unsure where your travels will take you, a global sim card may be the best choice. However, if you know that your travels will be more localized, then a local sim card from the place that you'll be in most often would probably be best since you'll have access to much better mobile data rates.

Tip #3: Set up a company bank account at an online bank.

The last thing you want to happen is to run into any legal or financial issues because of your remote lifestyle. Setting up a company bank account that's easy to manage while traveling is the best way to avoid this scenario. The best wait to go is to use an online bank that will let you take care of all your banking needs from your mobile phone or laptop. There are plenty of options to choose from, like Wise, N26, and Payoneer, to name only a few.

Tip #4: Set up a virtual office.

Setting up a virtual office with a virtual mailbox service provider is also a great idea. It allows you to get the benefits of a real, physical address for your business without the costs of buying or leasing office space. You'll be able to receive physical mail from suppliers, banks and governmental agencies while you're living on a beach somewhere. You can also get all your packages forwarded to you wherever you are.

Tip #5: Be flexible with your itinerary.

You want to enjoy your traveling as much as possible, but you also want to save on transportation. The best way to do this is to be flexible with dates and places you want to visit. You'll be able to work on your business from practically anywhere anyhow, so it doesn't make sense to create a rigid travel plan. Go with the flow, take advantage of any good offer you can find, and you'll be going around the world for less than $1,000 per year.

Tip #6: Define a fixed schedule for work and play.

While you can be very flexible with your travel itinerary, that shouldn't be the case with your daily schedule. In order to maintain a decent level of productivity, you'll need to set time apart every day to work on your startup. The particular hours don't matter, only that you be as consistent as possible. This will be especially important to maintain employee engagement, which can be tricky for some remote businesses.

Be sure to set aside time to enjoy the places you visit too! There's no point in flying to Bali if you don't even go down to the beach every once in a while.

Tip #7: Hire a virtual assistant.

My last tip for starting a remote business while traveling is to hire a virtual assistant. A good virtual assistant can help you with a broad range of tasks, from managing your website and online marketing campaigns to handling any number of basic administrative requirements that you may have as an entrepreneur.

Just make sure that the people you hire are trustworthy and reliable since you will be relying on them a lot!

The Bottom Line

Starting a new business while traveling can be difficult but not impossible, and it's well worth the effort. It will take more work and determination on your end, but the pros outweigh the cons in terms of having flexibility with time and location. Having a good laptop and mobile internet connection while traveling is a must to manage a remote business. It's also important to set up a virtual office and hire someone who can help run things from afar when needed. Whatever type of business you decide to start while on the road or in the air, be it an online business or something else, following these seven tips will help you become a successful remote entrepreneur!

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