Tired of going to the office or working from home for 44hrs a week? Wondering to start your own location independent business? Well, keeping in mind the consequences of the pandemic like self-quarantine or social distancing lifestyle 2020 might be the finest year to establish your location independent or remote business.
The first phase of Analyzing: Budget & Finance
Some questions to ask yourself before starting location independent business are:
- “How can you sustain your expenses through remote business?”
- “How much budget can you possibly allocate for starting a new location independent business?”
- “Do you have enough savings in a bank account or you might need to consider external help?”
After answering these questions you will certainly get a good start for budget allocation. One might even figure out if he/she doesn’t have enough savings to spare on new business. Some possible options to deal with such difficulties are to ask family/close friends to lend money, apply for bank loans, pitch investors, try crowdfunding, take a loan on personal assets.
You have to determine which option suits you the best and can even talk with an accountant to proceed accordingly.
Sharpen Up the Required Skills
Location-independent business is no different than starting an ordinary business in terms of skills required as a business owner. You may need to master or understand the basics of web development, marketing strategies, sales strategies, and even know how to travel smartly.
The first step for a business to be found online is to fabricate a website. Building a website always doesn’t involve complex coding. So instead of investing lots of time in learning to code, you can be proficient in WordPress. WordPress is a free and open-source content management system with various templates used for developing a website.
But if you have already figured out that your website will be the center of all the business strategies and you are ready to invest a higher fraction of the budget then you might need to consider the option of hiring professional web developers.
Marketing strategies are vital for brand awareness among potential customers so business owners might need to invest considerable time to know some basics of marketing. In 2020 business owners are required to focus mainly on online marketing also commonly known as digital marketing(DM).
With an adaptation of digital marketing by businesses from all corners of the world, it’s trouble-free to find a free valuable digital marketing course online. All you need is to invest 30-40hrs to understand the methodology of DM.
There is no one single magic sales strategy for the success of your business, the sales strategy depends on business models. Research on case studies of proven sale strategies of businesses relevant to your niche. If sales strategies are done efficiently you will gain ground on competitors.
- Smart Travelling
Staying in one place for remote business is not preferred by many entrepreneurs. But traveling is more than just a desire for an adventurous lifestyle. Entrepreneurs just don’t need to manage the traveling expenses but also have to make sure the business runs itself in absence of them. If you’re unsure how to approach your business trip, read Smart Travel Tips for Entrepreneurs.
Cope Up with The Digital Era
People are online like never before because self-quarantine and social distancing life force them to stay connected with each other via social media and the internet. Not just common people but in fact, businesses around the world are also relieved on online platforms unprecedentedly in 2020. With an increase in the number of online activities, it will be more favorable for starting location independent business.
Here are some ways to cope up with the digital era:
- Schedule Online Meetings
Scheduling an online meeting is not much different than a conference video call but with some additional features like polls, raising a hand, the capacity of 100-500 people & many more.
Online meetings are the new normal for all scale businesses in 2020. Therefore, adapting online meetings in your location independent business will be a preferable option for your employees.
- Be Flexible with Payment Methods
Keeping in mind the international transfers necessary for location independent business, it is highly recommended to have an account in TransferWise and PayPal.
TransferWise offers an online money transfer service that is trusted by more than 7 million customers worldwide. While PayPal is an online financial service that allows you to pay for items using a secure internet account.
Stay Motivated: Say no to Self-Doubt
Quitting your existing job is not an easy task to commit. Starting your own location independent business might be a risky turn so you need to be prepared for setbacks too. So when in doubt an entrepreneur’s step is to take the guidance of a mentor or a business coach for directing your new business towards success. If you don’t love what you do and find yourself having a good potential to start a business there’s no better time than now. No matter the business environment in 2020 the longer you wait the less probable you’ll be to ever make it happen.
Mark Burke is a blogger and a business consultant in Alcor, a global investment bank. Mark is passionate about researching the latest small business and marketing trends. He loves writing informative blog posts to help small business owners and startup founders in their entrepreneurial journey. Connect with me on LinkedIn.