Setting up a location independent business is not a new idea. Companies like IBM and Deloitte have been leveraging the power of remote jobs for years. There can be many ways to build a location independent business. One is by setting up offices around the world, and the second one is ditching the office completely. If you feel that you no longer need to be surrounded by four walls, here are some effective ways to make it happen.
Tips to Build a Location Independent Business :
Start with a plan
Now when you’re ready to set up a location independent business, you must have a plan. Every business needs a plan regardless of its size, location, and age. Start with the basics. Note down everything your business needs from the first day. Every business needs resources, both common and industry-specific. Get a clear picture of what you will need. Money, manpower, machines, and meetings.
Starting a business with no location sounds interesting but you and your team must be ready to accept the changes. In the beginning, choose the safest road possible. Instead of relying on intuitions, rely on your skills, your current situation, your current bank balance, your connections, and your experience. Playing safe is always better than losing everything in one shot.
Do not start until you really feel that you have all the arrangements for location independent work. You can choose to become a remote worker in the beginning. If you are in a 9-to-5 job, ask your employer if you can be allowed to work remotely. If this is not the case, try working as a freelancer. There are many opportunities available for part-time workers. You can try getting one just to test your will. But if you are all set to do location independent work, go with a complete business plan. You must have a plan for at least 6 months unless you have clients who regularly pay you for the services.
Consider lifestyle changes
Once after making all the arrangements for remote work, check how your lifestyle will get affected. Working from different locations is a dream of many, but not every freelancer can afford to do so. It is not always about the money because there are people who live a frugal life just because their passion is traveling and working from remote locations. The most important factor is how comfortable you are with those sudden changes in your lifestyle.
If you’re excited because you’re going to do what you love with a location independent business, you should think again. Doing what you love doesn’t guarantee happiness, satisfaction, and comfort to everyone. Unless you are ready to make significant changes in your lifestyle, location independent work is not a good fit for you. When people start thinking about working from remote locations, most of them forget to ask two important questions. The first one is – What is your desired lifestyle? And the second is – For how long can you hold the same passion?
So, before you decide anything, know what your desired lifestyle looks like. Is your work schedule going to help you enjoy the things you desire? Will you really get the freedom? Will you really be able to make your own schedule? If you don’t know the answers, there are chances that you’ll fall into a trap. So before you go out and build something, know the changes you are going to face in the long run and make changes to your plans accordingly. Your goal is to get freedom, so make sure that you get it after ditching your physical office.
Start a side hustle
A part-time job may sound like a roadblock to those who want to be their own boss. But the reality is – if at any point you lose a client or don’t get paid on time, a side hustle can help you survive anywhere. A job is a great way to learn discipline. It’s a great way to remain focused because you will always have a pressure that you need to complete the project on time and you need to deliver the work as soon as possible.
A job turns out to be a great teacher. So, even if you don’t like working with someone, find a side hustle and try to find happiness in it. The moment you’ll need an extra push in form of money and connections, a side hustle can turn out to be more than an extra revenue stream. Regardless of what you do and how much you earn from it, anything can be your side hustle. All you need to do is to choose it smartly.
While managing this side hustle, don’t lose your main source of income. Create a game plan and start working. There are many reasons to love your side job. It will help you become more creative and it will also help you meet new people who can be a great source to learn and earn.
Write an exit strategy
You are being asked to build an exit strategy and it doesn’t necessarily mean that you will be using it. It is a way to know when and how to come out of your location-independent business. The struggle of launching a business is never painful if your business starts doing well, but the pain of closing a failed business and accepting the failure is the most painful part of the life of an entrepreneur. So before your ship sinks, come out of it safely. Always have a backup plan for yourself. As long as you work alone, your liabilities remain less, but when you have a location-independent team, you can’t even think about running away from problems.
If things are not going well or if you feel that there should be an exit strategy for unexpected situations, always keep yourself and team ready to take a step back. Don’t rely too much on your business because even if you feel that you can’t sell your business to someone, you will still not going to run your business forever. There will be a point when you will have to step down.
Regardless of your current business conditions, if you hire an agency to take care of your basic business needs, you can easily come out of the problems. If you’re maintaining strong connections with clients, getting work easily, you will need a lot of time to promote your business once after establishing your location-independent business. You will need a team of expert marketers who can help you generate leads and keep your business thriving through smart marketing strategies. So, it’s better that you jump into the game with professionals, so that even if something goes wrong, with a push of marketing, you can make everything smooth.
Image Credits To : TeroVesalainen