The concept of entrepreneurship has undergone a radical transformation since the start of the 21st century. Gone are the days when being an entrepreneur meant being tethered to a single location, overseeing operations from a fixed office space. Here in the digital age, there’s a new breed of business owners out there who manage their businesses primarily online and thus have the freedom to work from any location in the world.
The life of a traveling entrepreneur may appeal to you, and you may already be daydreaming about racking up frequent flyer miles while still earning a handsome income. But you should also know that this life is not without its challenges. You’ll need a unique set of skills and strategies to manage your business operations effectively while constantly being on the move. Transitioning towards this dynamic mode of entrepreneurship will thus require you to rethink your understanding of how business works and how you might conduct your business activities.
Here’s an in-depth look at five actionable strategies that can empower entrepreneurs who eventually want to travel more frequently:
Develop a solid business plan
Managing a business on the go is an inherently unpredictable endeavor, but a well-structured business plan can help you address some of that unpredictability. To begin, your business plan should contain standard essential details like market analysis, financial projections, and a list of key business strategies. Beyond these basic considerations, however, you’ll also need to consider the unique aspects that come with managing a business remotely. These include logistical concerns such as time zone differences, connectivity issues, and handling a remote team.
In addition, a business plan for the traveling entrepreneur should incorporate flexibility as a key element. It should allow for adjustments and pivots as new opportunities and challenges arise in different locales. This flexibility can spell the difference between capitalizing on a unique market opportunity in a new region and being bogged down by unforeseen obstacles. As such, the business plan should be viewed as a living document—one that evolves with the entrepreneur’s journey and grows with their experiences.
Embrace a larger variety of digital tools
Any successful traveling entrepreneur will need a good suite of digital tools to effectively manage their operations across continents. Some digital solutions that any traveling entrepreneur will likely need in their arsenal include the following:
- Cloud-based services for data storage and collaboration
- Instant messaging and videoconferencing platforms
- Project management software
- Customer relationship management (CRM) systems
The goal of utilizing these tools is to create a digital ecosystem that supports all facets of the business. With the right tech infrastructure in your corner, you and your team members will enjoy maximal efficiency and productivity, regardless of your physical location.
To further illustrate: if you’re considering starting an e-commerce operation on the popular platform WooCommerce, you’ll need to put particular thought into the WooCommerce payment gateway you use for your store. One of the premier payment systems available today for e-commerce businesses in the Philippines is Maya Business’s Maya Checkout, which has become highly popular for its ease of integration into popular online shopping platforms. All you’ll need to do is follow a simple setup process to install the plugin and you’ll gain immediate access to a secure, adaptable, and high-performing payment system.
Maya Checkout has become the payment gateway WooCommerce users swear by for a number of compelling reasons. For one, it takes all digital payment methods available in the Philippines at present, which enables online stores to properly capture the preferences of any type of customer. Whether your clients choose to pay via mobile bank transfers, QR Ph codes, e-wallets, or traditional card transactions, Maya Checkout will enable you to accommodate them with ease. All transactions also benefit from 24/7 fraud protection and robust cybersecurity features, so you can assure your customers that their money and sensitive financial information are in the safest possible hands.
Build a strong online presence
As a traveling entrepreneur, you’ll mainly be connecting with the rest of the world in digital spaces. These are where potential clients and customers will first interact with your business. Therefore, it’s in your best interest to establish and maintain an appealing and professional presence online.
Begin by investing in a well-designed website that reflects your brand and business values. From there, you’ll also want to set yourself up on social media—particularly the platforms your target audience most frequents. Lastly, consider starting a blog where you can share insights and stories from your travels that connect in some way to your business.
Leveraging social media effectively, in particular, can change the game for your operation entirely when it comes to reach and visibility. Platforms like LinkedIn or Instagram offer you powerful tools to network with other professionals or market your products or services to potential customers.
Remember that consistent online activity helps build trust and establishes you as a credible figure in your field. Regular updates, engaging content, and prompt responses to inquiries or comments are all good ways to make your audience feel and appreciate your presence, wherever you are in the world as you reach them.
Plan your travel strategically
Whenever you decide to move to a new place, whether for a brief visit or a more long-term stay, make sure that your travel plans match perfectly with your business goals. Factor in aspects like internet connectivity, the availability of co-working spaces, and the local business environment into your decision-making process when vetting potential destinations. This approach will put you in the best position to manage your business effectively, no matter where you’ve decided to set up shop for the week.
Time zone differences are particular challenges that you’ll need to plan ahead for. Devise a schedule for each new time zone you’ll enter so that you can easily maintain communication with your team and clients back home. This might mean adjusting your work hours to match those of your primary market or using scheduling tools for timely responses. Be proactive and adaptable in your travel plans so you can ensure that your mobility enhances your business management approach rather than hindering it.
Prioritize ongoing education and skills development
The business world is constantly changing, and that means you’ll have to change with it continuously if you want to succeed. This means keeping a sharp eye out for upskilling opportunities or new trends cropping up in your industry and finding time to try them out while you’re traveling.
The good thing about managing your business while traveling is that you’ll naturally be exposing yourself to unfamiliar cultures, which come with their own trends and business practices. Hence, you’ll likely find no shortage of lessons and inspiration on your travels.
Take advantage of online courses, webinars, and virtual workshops available to you to enhance your knowledge and skills. Look for chances to network with fellow entrepreneurs and industry experts to glean valuable new insights and perspectives from them.
Your success as a traveling entrepreneur hinges on meticulously planning your ventures and skillfully adapting to ever-changing environments. As you continue on this path, keep your eyes open for new tools, trends, and learning opportunities that will help you stay ahead and shape a travel-and-business experience that’s truly global in nature.
NOTE: This is a guest post.