Becoming a Digital Nomad: 5 Business Tips for Success

In a time of seamless global connectivity and unparalleled technological progress, it seems a bit wasteful and ineffective to stick to a traditional 9-5 job. Not that there is anything wrong with climbing the corporate ladder and building your career, but it's important to remember that technology has allowed us to detach ourselves from the office environment, and work from anywhere in the world. So long as there is a solid internet connection.

By building your own website, you can become a professional blogger. By acquiring the specific skillset needed for the job, you can become a part of a company's remote team and earn the big bucks while traveling the world. As long as you know how to protect your work, manage your time efficiently, and create a realistic financial plan, you can become a digital nomad. Let's explore the other business tips that will set you up on the path of success.

It all starts with money

As with any new business venture, the first and foremost thing you need to think about is money. Your financial strategy can make or break your efforts to become a digital nomad, but if you structure and execute it correctly, you can rise to prominence in the industry in a very short timeframe. And on a budget, too. To achieve this, though, you will need to do some thorough financial planning.

Start by assessing your current financial position:

• Do you have enough capital to travel and operate abroad? 
• Are you independent enough to leave your steady job? 
• Do you have outstanding tax obligations, are you in debt, and is your credit score good enough?

Next, tend to some financial forecasting:

• How much money do you need for travel expenses?
• How much do you need for daily living expenses?
• How about special excursions and activities while abroad?
• How much do you need to set aside for gadgets, tech, clothes, and other necessities?

There's also the question of actually generating passive and active income streams, but we'll cover that separately later on.

Build the necessary skillset

Of course, you can't hope to succeed as a digital nomad if you don't have any digital skills you can monetize. Now, digital skills don't just mean blogging or doing digital marketing – a digital skill is any skill you can monetize over the computer, a skill that doesn't really require your presence at the office. If you're just starting out with your career, or if you're a student taking some time off, this is the perfect opportunity to define your niche and scope of work.

As a digital nomad, you can work in a number or exciting and lucrative industries, as global companies are increasingly outsourcing various job positions. If you don't want to be someone's VA, accountant, or freelance writer, though, you can always launch your own blog site.

Prep for every destination

Another important "business" decision every digital nomad needs to make, is to choose their destinations carefully, and prepare adequately for each one. Start by preparing for the financial requirements of your journey and find the best travel credit card for the specific destination you plan on visiting in order to save money and maintain a positive balance during your stay. Next, you'll need to prepare for the local culture and customs, economy, weather conditions, and living requirements.

This means that you should research the destination thoroughly before booking your flight. As a general rule, novice digital nomads should choose destinations that are familiar, close to home, and rich with nomad-friendly amenities such as reliable Wi-Fi and affordable living expenses. As your business grows, you can start flying to faraway destinations, and take prolonged vacations.

Develop plans for numerous income streams

As a digital nomad traveling the world and making a living on the go, you can't afford to rely on a single employer, client, or a single income stream regardless of where it comes from. You need at least two stable income streams, but the more the better. Each income stream will serve as a financial safety net and allow you to stay afloat.

With that in mind, try to acquire several stable clients before hitting the road. If you're running your own blog site, be sure to fill up all of your ad space, acquire strategic partners to earn affiliate income, and craft digital products such as eBooks, guides, and courses to sell to your online audience.

Build travel plans around your work

And finally, remember that the destinations you want to visit should take a back seat, at least until you make it big. The more important thing is to keep your clients happy, and your business profitable, so make sure to plan your travels according to the needs and wishes of your clients. Make yourself available at all times, don't skip any Skype meetings, and deliver the work ahead of time to develop rapport and build your brand's reputation. After that, feel free to travel to the most remote destinations on the planet.

Parting words

To become a digital nomad means to travel the world and get paid in the process, but to succeed, you'll need to make a viable battle plan and prepare extensively. Use these tips to map out your career as a digital nomad and ensure long-term success in your field.