Step #2: Location Independent Business
In Step #2 we will take a closer look at the working part of the location independent business and its lifestyle. It is fairly vital part of the whole process to make sure the work does enable you to move without restraint around just the way you want.
What kind of location independent business possibilities have you then? There are many different ways to provide the needed lifestyle, such as internet-based businesses like dropshipping, entrepreneurship and freelancing.
Internet-based location independent business
The best way to live and run a business at the same time in order to enable a location independent lifestyle is an internet based business. Internet business can be anything from writing an ebook and selling it, developing a video course to collect an email list or running an e-commerce store without having a physical warehouse.
Dropshipping has become one of the most lucrative ways to earn income online these days. We are discussing more that during the next section. I myself prefer both collecting email list and dropshipping because the earning possibility comparing to just one income source, in the long run, can be beyond belief. Anyway, I suggest you start just one business and focusing on that 100% before diversifying further opportunities.Best way for running a business to enable a location independence is an internet based business. Click To Tweet
Dropshipping has become one of the main sources for a location independent entrepreneurs to provide income from. I’m sure you have already bought something from one of the countless e-commerce stores online, haven’t you? So there is a big chance that the item you bought didn’t come from the warehouse of the store itself. It might have been shipped straight from the storage space of the manufacturer. In this case, the store is kind of showroom marketing the products.
Moreover, it is driving traffic to the store in order to get sales. This business model saves money both the retailer and customer. It basically cuts out the middleman costs between the retailer and manufacturer. This means the profit will be higher too.
Entrepreneurship is a little bit different approach for the location independent business part of the lifestyle. It means more like changing your whole mindset from being an employee to an employer. For example, if you’re running an e-commerce store, you would have to think like an entrepreneur in order to find the products to sell. Furthermore, you have to know how to drive traffic (buyers) to your store. Finally, you should learn how to develop store more appealing in order to grow conversion percent, too.Entrepreneurship means more like changing your whole mindset from being an employee to an employer. Click To Tweet
Of course, you have to put a lot of effort in the beginning, like an employee, to make the store run properly and provide the needed cash flow. In the long run, it might become a passive, money making machine for you. You can invest the income for hiring a freelancer, for example, who handles the daily store routines for you. Some freelancer might work as low as $3 per hour salary. In that way, you are able to release precious time for your important matters.
We discussed freelancing quickly during the previous section. It is maybe the quickest way to begin earning income online. You can do various task provided to you from tiny, 1-hour translation gig to become a full-time employee of a multi-national corporation. It is totally up to you. You can also decide your own hourly wage. Remember though, somebody has to be able to pay it anyway so don’t get too greedy. At least not until you’ve proven your skill set.
If you are living in a low-cost country, you will be able to compete more effectively with the other freelancers living in Western countries solely on wage. Nevertheless, it is good to stand out from the crowd with some other ability as well.
Some location independent business people decide to work as a freelancer full-time. Others just want to earn enough income in order to focus on growing and financing their internet based businesses. It’s completely up to you. Just remember that if you don’t have plenty of savings, you should definitely check various freelance sites up such as Upwork.com.