Photo credit: Luis Llerena/Unsplash.
Moving around the globe has never been easier. Neither has managing your business while you travel. With this in mind, it's no surprise folks are choosing to see the world and work at the same time, rather than only travel during brief periods of vacation time.
Of course, the challenge is managing to maintain a consistent rate of business activity despite living a fish out of water existence on the other side of the planet. It's not impossible, but difficult without a keen understanding of several factors at play.
Money and material
When money moves across borders - even through wires - it's going to take time. How much time is a matter of which method is used and how familiar the opposing financial institutions are with one another.
Receiving and sending money promptly is no doubt an important part of your business. With this in mind, it's a good idea to have the name of a money transfer service in mind with a reputation for fast transfers and low fees. Money transfer service Ria handles transfers in over 150 countries and has a reputation for the minimal wait time. The Ria Promo deals also tend to be the best in the business at any given time. This enables business owners to handle surprise cash effectively.
Of course, such a service may not serve certain circumstances, in which case a relationship with a traditional banking institution may be in order. Call and ask about which banks they do business with and in which countries, to get a grasp on the level of access granted to your banking needs in your final destination.
When it comes to what to bring with you, the key is to travel light but also prepared for business. Have formal attire at the ready in case you are beckoned before a webcam, and make a point to own more than one web-enabled device (besides your phone.) It's also a good idea to find out which outlet adapters you will need and buy them online before departure, as it's not unusual for these products to be overpriced once you are there.
The potential benefits to your business
Seeing the world while running your online enterprise can be more than just maintaining the status quo. The opportunity may create ways for your venture to flourish like never before.
Perhaps it's inspiration drawn from the serene setting of bed and breakfast in Bavaria - an urge to rethink the marketing scheme to harness better your company's role in calming clients down. Or maybe the marvelous urban planning of a bustling Korean metropolis has you considering ways to reorganize your company's virtual workspace. Regardless of the particular source or business department affected, the potential influence of travel on your venture is profound.
Along with new pitfalls to avoid
However, don't let romanticized notions interfere with rationality. It's easy to be swept away with the breathtaking beauty of an exotic and fascinating culture, but business is business. If you feel awestruck by your travels and wish to apply your experience to your business vision, run it through the ringer of shrewd planning and entrepreneurial wisdom before going any further.
And try not to stay in the same place longer than a few months unless there is a distinct advantage. The reason is simple: taxes. The last thing a small online business needs is being double taxed or otherwise burdened with overwhelming tax debt due to operating too long out of one country over another. It's enough to knock you out of the box for good, and thousands of miles from home to boot.
Of course, aforementioned distinct advantages can balance out any extra financial burden carried by operating your business in a specific place. Perhaps a major untapped market exists in that part of the world, or material prices are vastly lower than they were back home. And with the help of a tax expert, it won't be too hard to finagle your way to paying the least amount possible.
It all adds up to enrichment
When folks think about traveling, it's often we conjure up friendly locals, exquisite lodgings, and jaw-dropping locales. Of course, upon arrival, we find the disbursement of these things to be roughly as much as it was back home - few and far between. Alas, such is life, and it shouldn't deter you from traveling nor handling business while you do.
Unmet expectations are too often the source of discouragement, and this is particularly true when traveling abroad, managing a business as you go along. Finding out a seemingly reserved room in Rio was, in fact, an elaborate lodgings scam, or realizing too late the last tram to the top of the Austrian mountain for the season left two hours ago, are not excuses to neglect your business obligations.
In fact, such situations only serve to add fuel to the fire of inspiration - if only you allow it the air to ignite. Mishaps and mistakes are some of the many spices of life and lead us to places we'd otherwise never have gone. It's in these moments where real innovation is born, at which point your small online business is onto something very big, whether you're on one continent or another.
The dream of exploring the world is a common one. These days it's possible to do so without leaving work or slowing down your business. However, this seemingly simple transition is not without its bumps and nuances. Navigate them effectively to not only keep your business running wherever you are but improve your venture permanently by the experience of traveling the globe.