Wouldn’t it be fantastic if you could send your startup soaring as your plane rockets down the runway? Digital nomads are this generation’s answer to the age-old desire to travel and make a decent living at the same time. And in today’s uber-connected world, it’s more feasible than ever before.
If you’ve got the entrepreneurial spirit and a wanderlust-welcoming heart in one neat-and-tidy package, you can now live the best of both worlds. Before you buy your tickets, however, there are some pitfalls you should avoid. Here’s a guide to the dos and don’ts of building a startup as a digital nomad.
Build at home first
Before you can go out and explore the world as a globetrotter, you’ll need to get your startup going. This foundation-laying is crucial, and it’s hard to accomplish without boots on the ground. If you want to encourage a local presence, a virtual address in your city of choice can help you establish a head start.
A virtual address is also an excellent investment once you’ve left the country. Virtual addresses are actual locations that can intercept your mail for you, so you’ll never miss a letter, even from worlds away.
Commit to the concept
A startup only works when everyone involved in building the business commits 100% to the concept. While there are plenty of practices to follow to give yourself the highest chance at success, they won’t matter if you and your partners only feel so-so about the business plan.
Leverage the lifestyle in your favor
Once you’ve got the startup running and you’re living the digital nomad lifestyle, you have an unprecedented opportunity for networking on the go. Use these new connections to build partnerships, clients, and other contacts for your business. Just make sure to remember why you wanted this lifestyle in the first place, or burning rubber could leave you with burnout.
Use remote hiring tools
When you’re out traveling, finding and interviewing candidates for new roles in your startup is tough. Remote hiring tools, such as job recruitment boards, video calls, and HR management software will make your hiring process more straightforward. All of these tools give you access to the systems you need to hire a new employee without having to be physically at your startup’s location.
Don’t build alone
Shouldering the burden of building a startup can be too much for most people to bear. If you have business partners or cofounders you can rely on, then take advantage of the relationships you have. Delegate tasks that aren’t your strong suit to focus on your part in growing the startup.
Don’t travel if it is bad for business
While the prospect of traveling while working sounds like a dream come true, it won’t work for every startup. If you being away from your startup would impede the business’s operations, it’s not yet time to take up the digital nomad lifestyle.
Don’t rely on cash flow at first
Startups take a lot of capital and resources to establish and maintain. Most startups don’t even make a profit in their first few years. If you want to start living as a digital nomad in these initial years, then you’ll need to fund that lifestyle with more than profits from your business.
Don’t aim for investors early on
Some entrepreneurs don’t think of their startup’s success as establishing a profitable business. Instead, some folks view success as selling the business once enough work has been done to attract an investor or buyer for the company. Don’t count on this outcome since there’s no guarantee an investor will take an interest in your startup. Instead, focus on making the company as self-sufficient as possible.
Becoming a digital nomad is a mixture of entrepreneurship and resource management. The best way to start this lifestyle is to set up your business before committing to that life. With a bit of elbow grease, you can see your travel and your stock reach a mile high.