How to Run a Profitable Location-Independent Business?
Running a location-independent business is not just a convenient thing to do but also versatile and frugal entrepreneurial strategy. Think about it, even if you aren’t running a company in a traditional sense, you’re self-employed, you have no maximum cap on your profit and you maintain a possibility of hiring people and expanding if you spot the momentum. Either way, running a profitable location-independent business is an idea that’s currently at its peak, due to the present-day technology, collaboration tools and digitalization of the workplace. Here are several tips you might find useful should you decide to follow through on this plan.
1. Consider the cost
While it’s true that you can become a copywriter, content writer or online tutor with virtually no cash, whatsoever, this won’t always be the case. You see, some industries require an initial investment, which, although not that great, still has to be funded. For instance, imagine a scenario where you want to start making your own podcast. You can do some basic recording using a headset mike, yet, the majority of the audience is already so accustomed to some sound quality standards that they might recognize that you’re lacking behind. In that case, you might have to set up a studio in your home, which, might not be as cheap as you might have expected.
2. Consider the effort
The next myth that a lot of people believe is that all location-based enterprises can be governed with little to no effort. In truth, not every location-independent business can be governed as a part-time, either. Chatbots can only do so much, so what if you’re not available when a potentially lucrative client needs you the most? Moreover, career options are more time consuming than people assume. In order to maintain a certain quality of writing, an average blog post takes about 3 hours and 20 minutes. Now think about the number of posts you intend to write on a weekly basis. Keep in mind that this is just writing and editing. What about other blog management-related tasks?
3. Consider getting a real office
Regardless if your business is location-independent, there are so many perks to getting a real office. First of all, you create a habit of leaving your home for work, which might help make you more disciplined. Apart from this, video-chatting with someone seems more professional if you’re in an office than if you’re in the living room, although, the same effect can be achieved from a home office. Even if you’re not ready for a real office at the moment, you should consider finding a serviced office, like this one in Melbourne as a temporary solution. Remember that this is a business model you can keep even once you start bringing in new people.
4. Make additional streams of revenue
Keep in mind that financial independence and security you should probably look forward to adding new streams of revenue. Earlier on, we talked about tutoring people online, blogging and creative writing. Well, for a full-time freelancer or telecommuter, incorporating all of these tasks shouldn’t be impossible. This should also be the course of action you take when it comes to your clients. Sure, having a single financially solvent and generous client may (on paper) beat the prospect of having five stingy and unreliable ones. Nonetheless, this also means that you will come to depend on this party too much, which would give them all the leverage they need, next time when they decide to change the terms of your cooperation.
5. Don’t neglect your private life
Lastly, being your own boss and knowing that every single dollar you earn goes straight to your pocket may be much more appealing than you currently assume. This makes people overwork themselves, set unrealistic deadlines and completely disregard every other aspect of their life. Dedicating your life to this self-run enterprise is exhausting and you need something to help you blow off steam so that you can focus and remain motivated. This is why you should always find some time for your private life. Your clients will have to understand that you too have work hours and holiday leave. Make sure to set these boundaries from the very start.
At the very end, running a profitable location-independent business is all about your ability to manage your time, skills and resources. Initially, your entire manpower will consist of a single person. This means that you have to apply productivity techniques that you would do with a much larger staff. Think about your own motivation, give yourself a well-deserved bonus, make yourself a pleasant work environment and avoid getting overworked. This alone should be more than enough to get you through the initial stage.