The dream for many people is to have the freedom to own their own business and to travel the world. For many though, they can either have one or the other. They own the business and the business runs their lives. Or they travel, but they are unable to dedicate the time and effort to run a successful business.
Fortunately, there are many travel entrepreneurs in the digital nomad space that have been able to successfully build remote businesses that operate without the need of hands-on management. In this post, we’ll share some of the actions that you can implement into your your business; as well as some of the considerations that you should keep in mind when travelling as an entrepreneur.
Choose a Business Model That Isn’t Time-Intensive
If you want to travel and explore, you need a business model that will give you the ability to earn an income with minimal involvement. If you are travelling, you really don’t want to spend any longer than 4h a day on your business. This will give you 8h to travel. However, if you decide that you want to travel extensively, then you want to build a business that will require less than 10h of your time.
This means you need to choose a business model that can be automated. There are a couple of options that you can consider.
Advertising Revenue Business
Other businesses are always prepared to pay for additional qualified traffic to their site. However, you need to have an asset that has the attention of the market that they want to promote to.
The great thing about this business model is it is an easy way to generate revenue if your business has the attention of a market. If you have a business where you attract the attention for free and then sell it on for a profit, you are basically making free money. However, this isn’t the most lucrative business model. But it is one of the least time-intensive models.
To give you a broader perspective, a YouTuber will generate approximately $0.002 per view. This means they need to have the attention of 1000 people to make $2. If a YouTuber that generates 1,000,000 views a day, they can generate advertising income of $2000 a day.
This business model requires alot of attention. However, if you have the attention, it is easy to make an income that isn’t time intensive.
Affiliate marketing is a great way to make an income whilst travelling as you only need to focus on the lead generation and not the fulfillment. If you know how to find traffic and generate leads, then affiliate marketing is for you.
You will need to know how to find the right offers for a target market so you can make money through affiliate marketing. You can get started by joining affiliate programs with a network like Amazon.
Affiliate programs pay based on performance. You may earn a few dollars a month or a few thousand dollars a month. It will require that you setup a business system which will become automated. Once your affiliate offer starts converting, you can leave it to make money for you while you are travelling.
This can be very lucrative if you set it up well. This is because you can create the product, dictate your own pricing and leave it on autopilot. You don’t need to have a large audience. You only need an audience that is prepared to pay the price for your information product.
Courses tend to be the most lucrative. You can setup some courses and sell them to your target market from $50 to $10,000 or more. This might mean that you only need to make a couple of sales in order to make substantially more money.
Once you have developed your information product, you only need to spend time promoting your product. The amount of time that you spend is up to you. So you will be able to plan your travels around your business obligations.
A subscription-based business is ideal as you will be able to generate an ongoing income every month or year. You will need to identify the market that needs the subscription product or service that you offer.
Plagiarism Checker Free is a good example of a subscription-based business that’s been built remotely. It uses a freemium-model, whereby people can upgrade their subscription to pay for the tool on a monthly basis.
How Can You Free up Your Time to Build Your Business?
Use Automated Funnels and Technology
This is where you invest in systems or technology that will fulfill your business’ processes so that you will be able to earn an income. Some of the best examples include:
This is where websites are developed with sales funnels. Once the business converts, the site will only need to drive qualified traffic to increase the sales and income for the business.
Email CRM Funnels
This will usually require a subscription from an email service provider. This will allow you to contact people within your business’s database at scale. Should you setup your funnels correctly, you will be able to influence your business income by sending scheduled emails. The only time that’s involved is the setup time. Then it is set and forget. You will only need to check the performance from time to time. However, once the funnel starts converting, you will find yourself spending less than 1h a month assessing your email CRM funnels.
Leverage Remote Staff to Fulfill Your Business’s Processes
This is where you invest in staff that will manage the execution of your business processes. Your responsibility will change to overseeing that their work is being carried out and that your business is turning over a profit from their activities. This option works really well once you hire a business manager that can oversee the operations of your businesses. They will then report to you and share the income and profits that your businesses are making. Your time then gets reduced to having catch-up meetngs, which could be as little as 20 minutes a week. Whilst your business continues to operate 24h a day, 365 days a year.
How Much Can You Expect to Make Whilst Travelling as an Entrepreneur?
The income is variable. However, a benchmark of $2000USD a month is achievable. It is niche dependent. But there are other entrepreneurs that make anywhere from $5,000-50,000 every month.
Write down what kind of travel and entrepreurship lifestyle you would like to achieve and then use the information from this post to help you decide the business-model that will allow you to build a successful business whilst travelling as an entrepreneur.