This is your lifeline, possibly your sole source of income. It’s also the machine that feeds your bank account and allows for further travelling and a better life. It is important to design your business to make it easy for remote operation. The most common Digital Nomad business is to offer some remote services that are not physically accessible So your accounting needs to not be too complicated Digital nomad in Philippines. However, you must ensure you set up your business correctly, with good administrative support and is in accordance with all laws and regulations. There are many tasks that are perfectly capable of being conducted remotely. fighting with authorities can be not one of them! Be aware it is possible that the Digital Nomad Lifestyle may be seen as unorthodox or somewhat suspicious by some people; one more reason to ensure that all is in order administrative-wise.
A few words on revenue
Digital Nomads tend to spend the majority part of the time living in low-cost countries, and are thus able to sustain themselves on less than in a highly developed country. Here are a few important points to take into consideration when sketching out the budget for the Digital Nomad business:
- Be prepared for the possibility of being resisted against remote work! A lot of managers would prefer you work from your desk at your workplace, so they can keep an eye on you
- Clients generally pay less for remote work than the equivalent work performed on site
- Living in a low-cost country may be inexpensive – just be aware that the costs for traveling internationally, travel SW licenses and hardware., remain the same regardless of where you’re located in.
- You should think about vocational training by acquiring new methods and tools taking part in conventions, trade fairs, on-line courses and so on.
- Don’t forget to budget for travel and medical insurance for your employees (=YOURSELF! ) Auditing and accounting as well as visas and work permits, and possibly legal help based on where and how you organize your business
- Consider provisions for retirement – your employer cannot do that for you as an Digital Nomad
- It is far easier to “gear-down” to a low-cost/low-income lifestyle than what it is to “gear-up” to a high-cost/high-income lifestyle
- Avoid the low-cost/low income trap: It may be tempting to decrease work effort and earnings to a point which allows you to live comfortably day-to-day life in a low-cost country. However the prospect of returning to your home country (sometimes fate may call… ) may become a real challenge unless you have arranged sufficient funds
Company Secretary or service
You’ll need a knowledgeable and reliable person to handle the administrative and business aspects of your business including an address in a physical location and possibly a telephone number for your company mail forwarding, keeping the track of returns and statements to file and when to do it and renewing business licenses, financial and auditoring… The right support can give you the opportunity to focus 100% on productive work and also to grow your business. However, the wrong support can cause an unnecessary, extremely painful pain and headache. Do your research and be mindful of the person you select!
Maintain a good record of your expenses, earnings, and receipts
It is vital for any company! But the Digital Nomad office is usually “located” in bags or suitcases and the daily operations are performed from different locations all over the globe. The whole process must be able to be packed and unpacked easily and frequently. It is vital to have a reliable and easy system for your documents and records, to conveniently bring them along while travelling. Keep a regular scan of everything to ensure you have a backup copy, and/or mail it to your company secretary (using the guaranteed mail!) periodically.
Reliable to clients
This too is valid for every business, however it can become a challenge especially for those who are Digital Nomad. I’ve discovered that email is the preferred method of communication. I prefer to use out-of-office messages when outside internet coverage. Make an estimate of when you’ll be reading emails next time, and remember to indicate what timezone you refer to. I utilize Skype and other internet voice services, however I would avoid making use of them for the first few interactions with a new or prospective customer, since the quality of service can be suspect.
Account management and data management Backups, backups, etc.
This is even more important particularly for Digital Nomads as we are, per definition, mobile when working. A laptop being carried around by frequent travelers has a higher probability of failing than a colleague in an office or home environment. The frequent travel also means a higher risk of theft. It is important to back up important information regularly and to multiple media, and to save backup media on distinct locations – e.g. A small disk drive in your bag and a memory stick in your pocket. It is also possible to make use using cloud storage. I have not used cloud storage personallybecause it is impossible to work offline and I would rather keep my the data I need in my own hands.
It is possible to consider using some software service for your passwords and user ids.
A streamlined, lean and orderly project management
I recommend lean, simplistic but efficient and organized project management that is suitable for the Digital Nomad! I use my mobile as well as GTasks, GTasks and Google calendar to keep track of my projects as well as client-related tasks. I also follow a straightforward but bullet-proof process to handle projects and RFQs.
Hardware and Software
This is not negotiable. If your phone gets lost, or your computer crashes or needs a memory upgrade or if your new lucrative project requires a specific software, there’s really not much of an option other than buying the software you need. You’re likely to locate the right supply in the nearest major city, or almost anywhere in the world. However, if you’re located in a country that has different characters (e.g the majority of Asian nations) it might be difficult to locate your old familiar keyboard. English keyboards are often available, but you should be ready to solve a few challenges in the area of language. It is worth noting that copy software can be found in some places and you should be aware.
Insurance for companies
Assuming you’ve taken out insurance for your own personal protection, it may be worth looking into an insurance policy for your company too. To protect yourself from liability if you are negligent in your work, get your laptop that contains important confidential information about clients lost or stolen or compromised… Not easy to locate, and can be horribly expensive, but at least worthwhile to look into.