Making money online, effectively being your own boss, having an location independent income, living the digital nomad lifestyle. It all sounds like a dream or at least a cool goal to strive for. But it isn't all glitter and gold that shines on the horizon. We take an honest look at the online enterpreneur lifestyle and you will find that it might not be something for you.... or it actually might.
We will keep this segment short, because you will find these reasons everywhere, sometimes slightly exaggerated. In short making your own money, often while doing what you like and being able to move around should be enough reason to go for the lifestyle of an online entrepeneur.
Fresh fruit juices for a euro, a beach and a swimming pool. Anywhere I can take out my laptop could be my 'office'.
This is the first and foremost characteristic that will separate the succesful from the less succesful and it is also at the same time one of the biggest defining differences between having a normal job and making your money online. It's a highly underestimated requisite for any starting online entrepeneur.
Maybe your current yob requires you to have discipline, but it probably does not measure up to the discipline needed for running your own online endeavour. Why? Because you have no one that will be mad at you for staying in bed until 12pm, there is no one that demands you put in 40 hours a week. There is no one that punishes you when you waste your time on social media. Nobody, except you yourself. Getting all your income online means you need to be highly motivated, ambitious and strict with yourself. It might be more defining than actually being skilled at something.
What works very well for us is waking up at a fixed time and early and have a fixed gym schedule. This puts some routine back in our week, something you might lack if you have no formal job.
Variability of income
Depending on your actual source of income you might have to take into account that your income might change from month to month. This can be a source of stress or concern and you should be able to stand this and take measurements against 'dry periods' by putting some of your profit away/investing it, instead of spending it immediately.
Missing out on standard perks
Most employers will take care of most of your taxes and some will even give you medical or any other type of insurance. As you are self-employed, it's up to you to take care of this.
Dependence on internet or electricity
This one is obvious. But especially while traveling this could give you some headaches from time to time.
You probably won't be in direct contact with colleagues, and if you travel a lot you will not be able to build long-term relations with people. This is something you should consider.
Ruining your resume
While being self-employed certainly is not a bad thing in the eyes of all companies and some will see this as a big plus, take some time to think about the possibility that you have to return to being an employee one day. In some industries being 'out of the game' for a while can diminish your chances of landing a good job again.
In the end, for us, it's definitely worth the risk and disadvantages. But it is something you should think about a bit before actually quitting your job and starting your adventure.
Somewhere on the planet
Fitness, Travel, Trading.
For digital nomads, fit travelers and traders. Get our book here.
If you want to receive updates on our newest posts (and nothing else), feel free to sign up to our newsletter.