We know that the pandemic drove a shift towards remote working, but while many of us are turning to remote roles, there’s a specific subcommunity of individuals who are going one step further: remote entrepreneurship. In this article, we’re going to dive into the truth about starting a business from home (or anywhere for that matter). Is the idea of running a successful business from a beach in Bali too good to be true? Or is this the perfect work-life balance?
The Dream vs Reality
When it comes to remote entrepreneurship, many of us can be guilty of only focusing on the pros. Surprisingly, there are several cons that also need to be considered, so let’s break down the dream versus the reality.
Starting with location, it’s easy to fall into the trap of believing you’ll be working from anywhere your heart desires, whether that’s working from a fancy home office or from a beach cafe in the Caribbean. The truth is that unless you’ve already achieved financial success elsewhere, these things will be out of reach for many founders who are just starting out. The reality is that your budget will determine where you can work, and your surroundings might not be as dreamy as you initially envisioned.
Speaking of your surroundings, you’ve probably pictured yourself hopping from one destination to the next, exploring the world as you build up your business. Again, this is heavily dependent on how much money your business is making, and in the early days, it may not be possible to fund this lifestyle. What you’ve also probably not considered is the logistical headache this throws up, such as dealing with immigration lawyers in London or needing to sort out your indefinite leave to remain documents. This is without even considering the constant time zone changes that make it almost impossible to build a solid working structure.
Then there’s the draw of a completely flexible schedule. But while you might think that remote entrepreneurship spells the end of your 6am alarm, the reality is likely to be long nights and early mornings as you try to build your empire.
Location Still Matters
Whether working for yourself or someone else, the idea of operating from a remote location appears to be becoming increasingly desirable. But location still matters for a number of reasons, and it’s even more crucial if you are embarking on a journey of remote entrepreneurship. Here’s why:
Access to talent
You might be starting out as a one-person business, but if you want to grow and scale, you are probably going to need to expand your company through recruitment. For businesses that are fixed in one location, the recruitment process is simplified. They have a clear pool of talent to advertise to and choose from. For remote businesses, it becomes a little trickier as time zones and virtual meetings need to be considered.
Business Support
The support you receive as a small business owner will vary from country to country. Most governments will offer some kind of support for business owners through things like tax relief, although this becomes a little more confusing if your company isn’t permanently based somewhere.
Cost of Living
Your location will obviously impact your cost of living. As a business owner, you’ll want to keep living costs as low as possible until you’ve built up a consistent income stream through your business. While you may like the idea of taking your business to one of the world’s most glamorous locations for business purposes, have you considered the personal costs that come with that?
Final Thoughts
Hopefully, this article provides food for thought. While you shouldn’t rule out remote entrepreneurship, there’s certainly a side that we don’t see. So next time you see a remote entrepreneur bragging about their success on Instagram, be aware that they are only showing you the good parts!