If you’ve been considering what it would be like to quit your day job, travel the world, and make money while you sleep, I’m about to tell you. It takes a lot of time spent learning, self-development, motivation, ambition, persistence, perseverance, creativity, willingness, fearlessness, excitement and positivity. You can't possibly do it all alone, but you shouldn’t rely on others to get where you want to go either.
Being an entrepreneur, digital nomad, internet marketer, whatever you want to call it, isn’t easy, but it’s a rush. Building a business takes time, patience, and the ability to listen. Most of all, though, it takes the ability to take action, get the work done, not procrastinate or get distracted. It also takes sacrifice. Instead of going out partying or watching the latest episode of your favorite TV show, you’ll be putting in work on your online business.
If you think you have what it takes to be an entrepreneur, work from home or be a digital nomad, read on. These are my 7 favorite things about having an online business.
So I Could Sleep In Every Day
I usually wake up at 9 am every day just because I can. It’s early enough where I don’t lose the morning, but late enough where I feel like I got a full night sleep. When I had a day job, I was expected to be at work by 8:30 am. I lived about 10 miles from my job in LA, so it took between 30 minutes to an hour to get there depending on traffic. If I wasn’t up by 7–7:15am, and out the door by 7:45–8, I would be late. In the beginning, I was on time every day, but around the time I started my online business, I started showing up 10–15 minutes late almost every day. My boss didn’t seem to mind, but I knew that his good will wouldn’t last forever. After a while, I started getting called into his office to have discussions about my “dedication” to my job.
I remember one day I woke up tired and I told myself with the most conviction I’ve ever had that I wanted to be able to wake up anytime I wanted to and still make lots of money. I decided that I would do anything it took to achieve this goal. Today, I wake up whenever I want to and things still get done. This might seem like a little thing, but watching everybody rushing to work on Monday morning makes me more grateful for all the hard work and sacrifice that I put into building my online business so I don’t need to do that.
So I Could Leave Early from Work Every Day
The greatest thing about being an entrepreneur is that you are the boss and you set your own hours. The only people that call on you are your customers, and you can outsource customer service to a VA in the Philippines. If you wake up early, have a list of things to do, get it done by noon, you can just fold up your laptop and take the rest of the day off. If you read the four hour work week, you will understand the concept of batching all your to-do’s into a couple hours a day so you can pursue other projects you’re more passionate about.
For me, I usually take the afternoon off to go for a bike ride or go skateboarding. I might film some videos, write a blog post, or just hang out with friends. The point is, you can do whatever you want to when you own your business. But, you can’t get there until you create procedures, streamline your system and outsource your customer service. Even with all this built, you will still have periodic fires to put out with your business, but those come at a small cost to the true freedom owning an online business provides.
So I Wouldn't Have Any Boss or Office Politics
You don’t have to work around people if you don’t want to, so the only office politics you might have to deal with are communicating with your suppliers, your customers, and your virtual assistants and outsourced workers. Even then, you’re still the boss. You will talk to everyone like a boss, not a co-worker.
So I Could Work Anywhere
You can work from your home, from a coffee shop, from a co-working space, an airport lobby, a restaurant, park, car, boat, airplane, or pretty much anywhere you can get wifi signal. If you have a smartphone, you can get a mobile hotspot and get wi-fi anywhere you get 3G or 4G LTE service. The beauty of this freedom is that you can get extra creative with your “office of the day” and experience something new every day if you want to.
So I Could Live Wherever I Wanted To
With an online business, you aren’t tied to any one location. The only things that might keep you somewhere is a lease, mortgage, family, pets, or stuff. That’s why I don’t sign leases or have a mortgage, I live far away from my family so they aren’t used to having me around anyways, I only have a couple of cats which my wife and I take with us everywhere we go, and we sold all our crap and travel with our backpacks and camera bags.
If your online business sells products or services or information in the USA at USD $ prices, you can travel to cheaper countries, spend a lot less money on expenses and still make the same income. This is called location arbitrage or geographic arbitrage.
So I Could Build An Asset
You can start an online business, grow it, and in a few years you can sell it for 20–30 times net monthly earnings. For instance, if you start an online business that eventually brings in $5,000 a month net income (after expenses) you can sell your business for $100,000 to $150,000 depending on how well you outsource and streamline your system and where you market the business. If you figure out how to bring in $50,000 a month net income, you can sell your business for $1,000,000. Or, if you can figure out how to make 10 businesses that all bring in $5,000 a month, you can make a million that way too.
There are many different ways to build an online business that can be worth this much money, but the point is that working a day job will never get you to this level, nor will being a freelancer. These will provide you monthly cash flow, but they won’t give you an asset. A business is an asset that also provides cash flow, and if you use a points-rewards credit card for business purchases you can get a nice travel bonus after every month as well.
So I Could Travel The World
This has got to be the #1 reason why anyone would put in all the hard work to start an online business. I don’t know anybody who doesn’t like to travel. Prolonged travel can get stressful at times, but the fact is that if you could figure out a way to work one week straight and then travel for three, would you do it? I’m pretty sure the answer would be a yes.
As long as you have a laptop and can find an internet connection, you can stay on top of your business while you travel. If you’ve set up sales funnels for your online business and outsourced customer service and website updates, you can just check in once every day or so and feel rest assured that everything is getting taken care of.
While you travel, you can film videos, edit them and upload them to a YouTube channel. This sort of content creation will help you build an audience and you can make lots of passive income just from your filmmaking efforts. People love travel videos, product review videos, how-to videos, motivational videos, and explainer videos.