It’s your lifeline, probably your only source of income and the machine that fuels your pocket and allows you to continue travel and even survival. Be sure to set up your company to facilitate remote operation Digital nomad in Philippines. The common Digital Nomad business is to provide a remote service that is not physical So your accounting needs to not be too complicated. But, ensure that you have set up your business properly with the right administrative support and following the law and regulations. There are many areas that are suited to run remotely – fighting with the authorities will certainly not one of them! Bear in mind this: the Digital Nomad Lifestyle may be seen as unorthodox or slightly suspicious by certain people which is another reason to make sure all is in order administrative-wise.
A few words on revenue
Digital Nomads typically spend most part of the time living in low-cost countries, allowing them to survive on less income than in a highly developed country. Here are some important things to consider when planning the budget for a Digital Nomad business:
- Be prepared for resistance to remote work! A lot of managers would prefer you work from your desk there, and monitor you
- In general, clients pay less for remote work than for corresponding on-site work
- Local everyday life in a low-cost nation could be cheap – just remember that costs for foreign travel and SW licences and hardware. The same applies no matter which country you’re located in.
- Consider your vocational training by acquiring new methods and tools, participation in conventions, trade fairs and off-line courses, etc.
- Don’t forget to budget for travel and medical insurance for your staff (=YOURSELF! ), accounting and auditing as well as visas and work permits, and possibly legal assistance depending on where and how you setup your business
- Make plans for retirement your employer cannot do that for you as Digital Nomads. 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 falling into the low-cost/low-income trap. It may be tempting to cut down on work and earnings to a point where you are able to enjoy a daily routine in a low-cost country. But, returning to your home country (sometimes fate may call… ) may be a daunting task if you’ve got enough money
Company Secretary or the equivalent service
You’ll require a competent and reliable agent to handle your business practicalities and administration; such as a physical address and maybe contact number for your business as well as mail forwarding. They will also keep records of the returns and accounts to hand in and when renewal of your business license accounting and auditing… The right support will give you the chance to concentrate entirely on your work and help you grow your business. However, the wrong support may cause unneeded and very annoying pain and headache. Do your research and be cautious about the people you select!
Keep track of your expenses, earnings and receipts
It is vital for any business! But the Digital Nomad office is usually “located” in bags or suitcases while daily work is executed from new locations across the globe. The entire operation should be able to pack/unpack easily and often. It is vital to set up a easy system for your documents and records, in order to bring them along while travelling. Make sure to scan everything frequently as a backup or send it to your company secretary (using assured mail!) every now and then.
Responds to customers
The same is true for all businesses, but it could be a problem in the case of the Digital Nomad. I’ve found that email is the preferred way to communicate, and I prefer out-of-office email when I’m out of internet coverage. Give an estimate for the time when you’ll read your email the next time around and make sure you mention which timezone you’re referring to. I employ Skype and other voice over the internet services, but I don’t recommend using them for the first few contacts with a new or prospective client as the quality of service can be suspect.
Data and account management Backups, backups, etc.
This is particularly important for Digital Nomads as we are inherently mobile in our work. Laptops that are tossed around by a frequent traveller has a greater chance of an accident than a colleague in an office or home setting. Frequent traveling also makes for an increased risk of theft. It is important to back up important information frequently and on multiple media. You should also keep different backup media in different locations, e.g. the small portable disk drive in your backpack AND a memory stick in your pocket. There is also the possibility for cloud-based storage. I do not utilize cloud storage personally, as it makes it impossible to work offline, and I prefer keeping my all my data in my personal hands.
You could think of using some type of software for your passwords and user IDs.
The project is lean, but well-organized.
I would recommend a simple, lean yet effective and well-organized project management for the Digital Nomad! I use my mobile, GTasks and Google calendar to track projects and client activity. I also use a simple but bullet-proof process to handle the RFQ’s and any new projects.
Hardware and Software
It is not a matter of negotiation. If your smartphone gets stolen, your laptop crashes or requires a new memory upgrade, or if your new lucrative project requires a particular software – there’s little choice beyond buying what is required. In fact, you are likely to find the correct supply in the closest major city, and almost everywhere in the world. However, if you are in a country with a different character set (e.g most Asian countries) it might be difficult to locate the old keyboard. English keyboards are typically available, but you should be ready to overcome a few obstacles in the language area. It is worth noting that copy software is a problem in certain areas, so beware.
Insurance for companies
If you’ve already arranged insurance for your personal protection, it may be worthwhile to look into a company insurance too. To cover liability in case you are negligent in your work, get your laptop with important confidential information about clients lost or stolen or even hacked… Not an easy thing to obtain, and it could be a huge expense and not worth a look.