Location Independent Business Models
2) Selling a Product
3) Affiliate Marketing
While Freelancing always includes trading your time for money, options 2) and 3) can lead to long term passive income and financial independence.
Freelancing is the easiest and quickest way to generate income online and most Digital Nomads start there. Options 2 and 3 take a while to build up and grow, especially driving traffic to your products, but are long term the more stable option.
Let’s look at each option individually:
Freelancing covers a vast field of location independent business ventures from Graphic Design to Writing, Teaching, Consulting, and much more. See the Freelancing Module for a more detailed list.
Technically, even working as an expat consultant falls under freelancing and sometimes tour guiding unless you are tied to one company. Those two, however, require you to be at a specific location while this chapter focuses on freelancing online.
The 15 Entrepreneur Blueprints Chapter covers many forms of Freelance options
Selling a Product
This can include eCommerce where you sell someone else’s products - either from your home (not practical for a Digital Nomad...;-) or remotely via drop shipping. Anyone can do this and it does not require lenghty, complicated training, just an understanding of how effective online marketing works - which again can be learned quite easily.
Another large and very lucrative area is Product Creation which in the online world mostly refers to online courses and ebooks - sometimes also software. Don't worry about needing special skills. It is more about researching what people are actually buying/looking for and then tailoring a product to their needs. If you are not an expert you can outsource most of the course creation/writing - and most things can also be learned quite easily by taking other people's courses and then putting your own twist on it.
Don't ever think you need special skills or be a "online ninja" for any of this. This is a classic case of working smart, not necessarily hard - and recognizing quickly which parts of your business you can and should outsource and then focus and become an expert at the ones that need your full attention and mastery.
A good understanding of online marketing is required for any online business you participate in. Even if you outsource part of the marketing, this is the one area you need to be very good at yourself - so don't skip Modul 3....;-)
My first venture in this regard was Kindle Publishing which I started with two #1 Amazon Bestsellers that are still co-financing my travels. I didn't have much writing experience, nor did I know much about online marketing, but I got some good training - a simple online course - and the rest was history.....
That is the key for success as I mentioned before - good training and then taking action. You don't need to be perfect to start, just get good training and then apply it. The rest is learned over time "by doing".
Kindle Publishing, btw, is great fun - and - a great way to build a long term stream of passive income, so be sure to check out the Chapter above.
The general area of Product Creation as well as eCommerce are also covered under “15 Entrepreneur Blueprints”.
This Location Independent business model is often used in combination with other online business types. "Affiliate Marketing" means you promote someone else’s products - e.g. web hosting, online courses, insurance, Amazon products etc - and get a commission on each sale. Sometimes a very substantial one!
Promotion happens through SEO (that’s how you rank in google, see the Online Marketing Module), Facebook Ads and numerous other methods and can - once automated - be a great way to generate passive income.
You can even use affiliate links in Kindle Books - and of course, on your regular website or travel blog.
It is a fun and easy way to create extra income and can be added to any existing online business.
Affiliate Marketing is discussed in detail in the 15 Entrepreneur Blueprints Module
A mix of all 3 Location Independent Business types is usually Travel Blogging - described in more detail in this Chapter. Most Digital Nomads also run a travel blog - and how can you not with all the great locations you visit and the many fantastic pictures you shoot!
Most Digital Nomads start with freelancing since it is the fastest and easiest way to generate income and then build a business a la 2) or 3) or a combination of both long term.
The next very important area to master is Online Marketing