Top view of a woman working on her laptop while sitting in the sun on white sand.
A location-independent business is a business that doesn't require you to be in a specific location to operate. This lifestyle is achievable when taking certain steps. — Getty Images/shevtsovy

A location-independent business isn’t tied to any specific location — you can do business and work with clients wherever you like. Let’s look at seven steps for setting up a location-independent business this year.

Invest in reliable internet

If you want to run a location-independent business, reliable internet is a must. But this can be a challenge when you’re traveling, even if it’s just across the U.S. Make sure you have unlimited coverage, and it may be a good idea to purchase a mobile router.

Plan ahead

Many people are drawn to the digital nomad's lifestyle because they crave the spontaneity of traveling. But it takes a lot of planning to travel and run a profitable business at the same time.

For instance, if you have employees, you need to coordinate when you’ll have team meetings. Also, if you have to do sales calls and meet with clients, how will you find a quiet spot to do hold these calls?

Before traveling to a new location, you need to research the area first. That way, you can identify a local library or co-working space where you can get your work done.

Notify your bank

Before you leave and begin traveling full-time, you need to notify your bank about your plans. This could include your local bank, PayPal, and any other financial institutions you use to run your business. Otherwise, you risk having your accounts frozen and being unable to access your money.

Before traveling to a new location, you need to research the area first. That way, you can identify a local library or co-working space where you can get your work done.

Identify the tools you’ll need

Before beginning your travels, determine what tools you’ll need to run your business. For instance, you may need to invest in cloud-based communication and project management tools like Slack or Basecamp so you can communicate with your team.

Dropbox and Google Drive are cloud-based options to store your files. You may also need accounting software so you can manage your business finances.

[Read more: Best Technology Tools for Hybrid Teams]

Keep your equipment to a minimum

When you’re going into the office or working from home, you don’t have to worry about the amount of equipment you use on a daily basis. But as a traveling entrepreneur, you’re going to have to transport these items from one location to the next.

Depending on the type of business you run, you may not be able to eliminate all equipment, but you can look for ways to scale back. For instance, if you regularly record videos, you can invest in the latest iPhone instead of using a camera.

Figure out which items are necessary to run your business and what you can let go of. Over time, you'll learn to work effectively with very little equipment.

[Read more: Best Livestreaming Tools for Small Business]

Install a VPN

There were more data breaches in 2021 than in the year prior, so data breaches are not likely to disappear. There are also risks that come with accessing the internet from a remote location or another country. That’s why installing a Virtual Private Network (VPN) is a good idea.

A VPN ensures you have secure access to the internet, which helps prevent hackers from stealing your data. If you’re traveling in a country that blocks certain websites, like Facebook or YouTube, a VPN will allow you to access them.

A VPN can also prevent your bank accounts from being frozen. Just make sure you choose a reputable company and set it up before leaving your home state.

[Read more: How to Keep Customer Data Secure]

Make sure you have adequate insurance coverage

If you’re planning to travel, you need to make sure you have sufficient insurance. At the very least, you should have travel and healthcare insurance. You may want to look into additional business-related policies as well.

If you travel with pricey equipment, it’s also good to invest in gadget travel insurance. That way, you’ll be covered if your laptop or phone is damaged during your travels.

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

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Published April 05, 2022