Working while traveling is a dream for many. Becoming a world traveler while running a successful company is the new normal for many location independent business owners.
Entrepreneurs “are finding it’s possible to fulfill their dreams of traveling the world while running their business. And it’s not just graphic designers, copywriters and computer programmers – whose work can all be sent over the internet – even traditional bricks and mortar businesses, and those with a physical product, can find a way to make their business run without having to be in the same place.”
If you’ve been considering world travel here’s how to make it happen.
Rent out your home
The easiest way to find a steady income stream is to rent out a property. Being a landlord is about more than just receiving rent – it comes with responsibilities including keeping the property in good working order. Organizing repairs from the other side of the world isn’t going to be easy.
There are a number of options, but the easiest by far is to hire a property management company or letting agent. This does mean some of your income will go on fees, but you can also rely on agents to take the stress out of administration and maintenance. For example, if you live in the UK rent prices look set to rise this year, but you will have to pay tax on this income.
If you don’t have a property to rent then there’s another option. There are plenty of entrepreneurs who work while they travel, often as independent contractors and freelancers.
Thanks to technology there is a lot of work that can be done from almost anywhere with a laptop and an Internet connection. There are a whole host of freelancer websites including Upwork.com, Elance.com and PeoplePerHour.com which help freelancers find paid projects and assignments.
It’s not easy to start freelancing with no experience, but by building good relationships with existing clients and finding new ones it can be done. It might be beneficial to do some groundwork by building a client base before you jet off on your world tour.
Be warned though, it’s a risky position. Work can dry up without notice and being without a dependable Internet connection or technology for a day or two could considerably impede your ability to do or deliver the work.
“Before you jump out of an airplane, you strap on a parachute. Before you hop on the nomad trail, you make sure that you have some cash saved up so that you can ride out the rough patches,” says IncomeDiary contributor Nick Scheidies. There are also a number of important financial decisions to make when you decide to move abroad. This includes savings, investments and pensions which need to be considered before you jet off.
“I’m a firm believer that anyone who has the desire and determination can find a way to create a location independent career,” says BootsnAll writer Jennifer Miller, who has been traveling with her family of six for seven years now. “The only limits: your creativity and determination!”
This article has been edited and condensed.
Sarah Willis is a freelance writer and editor covering a range of subjects from start-ups, business finance and investment. Connect with @SarahQWillis on Twitter.
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