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Management To The Digital Nomad

It’s your lifeline, likely your sole source of income. It’s the device that fills your pocket and allows you to continue traveling and survival. It is important to design your business to make it easy for remote operation Digital nomad in Philippines. The most common Digital Nomad business is to provide some non-physical remote service So your accounting needs to not be difficult. However, make absolutely sure you have set up your business properly with the right administrative support and in compliance with the law and regulations. There are many areas that are suited to run remotely – fighting with the authorities does not among them! Remember you are living a Digital Nomad Lifestyle may be thought of as unconventional or little bit suspicious by some which is another reason to ensure that everything is in order administrative-wise.

A few words about revenue

Digital Nomads tend to spend the majority part of the time living in lower-cost countries, allowing them to live on less than in a highly developed country. Here are a few things to consider when drawing out the budget for an Digital Nomad business:

  • Be prepared for the possibility of being resisted to remote work! A lot of managers would prefer you work from your desk at your workplace, so they can observe you
  • Clients generally pay less in remote work than the equivalent work performed on site
  • Local everyday life in a low-cost location could be affordable – but don’t forget that cost for traveling internationally, travel SW licences Hardware, etc. The same applies no matter which country you’re living in.
  • You should think about vocational training using innovative methods and techniques as well as participation in conventions trade fairs, off-line classes for example.
  • Don’t forget to budget for medical and travel insurance for your employees (=YOURSELF! ), accounting and auditing visas, possible work permits. You may also need legal assistance based on the location and how you organize your business
  • Take into consideration retirement plans – no employer will 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 reduce your work hours and income to a level where you have a comfortable everyday life in a lower-cost country. However, returning to your home country (sometimes fate may call… ) can become a challenge unless you have arranged sufficient funds

Company Secretary or service

You’ll require a competent and reliable agent to handle the administrative and business aspects of your business; such as an address in a physical location and possibly a contact number for your business mail forwarding, keeping an eye on returns and statements to hand in and when to do it and renewing business licenses, the auditing and accounting… The right support will give you the opportunity to focus entirely on your work and to develop your business. However, the wrong support could result in unneeded and very annoying suffering and headache. Do your research and be mindful of the person you hire!

Keep good track of your expenditures, earnings and receipts

This is essential to any business! However, a Digital Nomad office is usually “located” in a suitcase or a backpack while daily work is performed from different locations in different corners of the world. The whole operation must be able of packing and unpacking easily and often. It is essential to set up a simple method for organizing your papers and records, in order to transport them while traveling. Make sure to scan everything frequently as a backup and send it to your secretary at work (using secure mail!) now and then.

Reliable to clients

This is also applicable to all businesses, but it could be a problem for the Digital Nomad. I’ve observed that email is the most popular way to communicate, and I prefer to use out-of-office messages when I’m out of internet coverage. Give an estimate for when you will be reading email in the future, and remember to indicate the time zone you’re using. I use Skype and other web-based voice services, but I don’t recommend making use of them for the first few contacts with a new or potential client, because the quality of the service could be questionable.

Data and account management, backup etc.

This is especially important to Digital Nomads as we are by definition mobile in our work. A laptop that is tossed around by a frequent traveller is more likely to suffer being damaged than one that is at home or in an office setting. Frequent traveling also makes for an increased risk of theft. Make sure you backup important information regularly and to different media. Additionally, keep backup media in different locations, e.g. the small portable disk drive in your backpack AND a memory stick inside your pocket. There is also the possibility for cloud-based storage. I do not use such for myself, because it is impossible to work offline, and I definitely prefer to keep the data I need in my own hands.

You may consider to use some kind of software to manage your passwords and user IDs.

Lean but orderly project administration

I suggest a minimalist, simple yet efficient and orderly project management to the Digital Nomad! I use my mobile along with GTasks, GTasks and Google calendar to keep track of my projects and client activities. I also follow a straightforward but foolproof method to deal with the RFQ’s and any new projects.

Hardware and Software

This isn’t a bargain. If your smartphone gets lost, or your computer crashes or needs to be upgraded in memory or if a new and lucrative project requires a certain software – there is little choice other than buying the software you need. It is likely to find proper supply in the nearest big city, or almost anywhere in the world. However, if you are in a place with an entirely different set of characters (e.g the majority of Asian nations) it could be difficult to locate your old keyboard. English keyboards are often accessible, but you must be prepared to deal with a few problems in the language area. It is worth noting that copy software is a problem in certain areas which is why you must be cautious.

Insurance for companies

If you’ve already secured insurance for your personal security, it might be worthwhile to look into a company insurance too. In case you commit a mistake during your work, make sure you have your laptop that holds important information about clients lost or stolen or hacked… Not easy to find, and could be a huge expense, but at least worth a look.

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