Multiple Streams of Income for Digital Nomads
True or false: freelancers tend to be relatively adventurous people, given that they’ve eschewed a “regular” job to live a more free work/life style? I vote for “true,” so it wouldn’t surprise me if a large proportion of freelancers suddenly decided that they wanted to live the lifestyle of a Digital Nomad – a person who utilizes technology to combine work and travel.
FreelanceSwitch has previously published articles and interviews about traveling and freelancing. Another facet to prepare as a digital nomad is having alternate income streams to build overall reliable cash flow. The suggestions below come from my own research as I prepare to work and travel with my fiancee within the next year or two.
Reliable Cash Flow: Multiple Streams of Income
Call me financially conservative, but when you’re traveling long-term, the need for reliable cash flow cannot be overstated. For digital nomads, there’s the added cost of keeping gadgets/ tech functioning, and getting reliable Internet connections.
Consider building up multiple streams of income before you travel. Build both active and passive income streams. Passive streams of income are especially important if you want to take a real vacation, away from your computer. Otherwise you’re just working “at home,” from a different country. A few options are listed below. Obviously, some options require certain skills, though you’ll probably find something suitable.
1. Freelancing. Of course, if you’re reading this article, freelancing is probably already your bread and butter. If you can take the tools of your trade with you when you travel, then freelancing is an ideal income source for digital nomads.
2. Monetized websites. There are a number of ways that you can monetize your own websites:
- Ad revenue. One work option for Nomadic Webpreneurs is of course blogging from anywhere in the world, and having ad revenue as one stream of income.
- Paid reviews. There are a number of online services that allow businesses to buy a paid review of the their website, product or service. If your website meets entry criteria, you can join a pool of paid reviewers.
- Affiliate marketing. Pick products or services you feel good about, because your reputation is on the line. Write about these products and services, and provide your affiliate member link in text links or ads. Each time someone visits the affiliate site, they become a “lead.” Some affiliate programs pay for each lead. Others require that the lead actually purchase something before you earn a commission.
- Subscriptions. Maybe you have knowledge that you can use to produce “premium” website content, including special reports, ebooks, videos, etc. Monetize this premium content with monthly memberships.
3. SEO work. This is another web-based opportunity that can be performed pretty much anywhere that you have an Internet connection. Check out Aaron Wall’s seminal SEOBook ebook to learn more about SEO.
4. Ebooks, books. Write once, sell many times. Promote your (e)books online to produce semi-passive income.
5. Travel writing + photography. In addition to the typical newspaper/ magazine writing and photography, there are literally thousands of potential website clients. You might also find buyers of upscale restaurant and hotel reviews. (Try to negotiate a deal with an editor before you leave.) One semi-passive income option is to sell stock photography. Post quality travel pictures on one or more stock photo sites. This can turn into a significant passive income stream, provided you know/ learn what sells and can supply lots of that type of content.
6. Consulting, workshops, lecture circuit, speaking tours. If you have skills you can apply in the real-world, you have a big opportunity here, especially if you’ve developed a name. Workshops are one potentially lucrative option, and a simple numbers game. For example, 30 people at $100 each for a 2-hour workshop is $3000. Not bad for a few hours work (plus the preparation time and minus the cost of a place to offer the workshop). Do a couple of these each month, if possible, and you have a nice side income. If you’re traveling extensively, then you will always have a fresh audience.
7. Teaching English. This is an old mainstay occupation for world travelers. Of course, there are other languages you can teach, depending on your background and where you go, though English seems the most in demand geographically.
8. Tour guide. Stay long enough in one country and you just might gain the smarts to give paid tours to other visitors. Be forewarned that such activity sometimes leads to becoming an expatriate.
Note that if you are working exclusively online, you can often work in another country without a work VISA. (Many countries allow you to stay up to 6 months/ 180 days without requiring a VISA. There may be some conditions, so always research. You might need a “business” VISA or a work permit, for certain types of work.
If you want to learn more about this lifestyle, check out the quality Digital Nomads website. Do you have plans to work and travel? How are you preparing for such a lifestyle?
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Nice Writing Raj, It’s not too easy to find a easy way to get paid for your work. This article might help peoples as a guide towards different streams of Incomes.
Of course, if you are already into freelancing world then it’s not hard to understand this article as may of items from the list already known by us. Still it’s a nice summery of opportunity details.
DKumar.
Hi, and Happy New Year first of all.
I am new here and owe some introduction but first I wanted to refer to Raj’s post, which I very much enjoyed reading. I have just completed a year working as a freelancer (happy anniversary to me!) – the field of consulting for improvement of customer service for corporations and international market research. Thanks to that I managed to be mobile and this year changed locations of my virtual office three times: Poland, Greece and UK. What inspired me a lot in how to get mobile was the book by Timothy Ferriss ‘The 4-hour work week’. If you haven’t read it yet – go ahead.
Totonowe
Great tips Raj. I’m a big fan of digital nomading…nomadness…?
I’ve been exploring multiple streams of income for a while now (I have huge plans for 2009 that I track on my blog and they’ll definitely require more than one stream) and this list really nails it for me. I’m keeping it as a reference. Also, thanks for thanks for linking Digital Nomads. Looks like an awesome site. I’m checking it out now.
Thanks!
Thanks for the tips!
A very minor nit…you don’t need to put “visa” in all caps. The generic political visa is just a normal word; it isn’t even an acronym.
The only place you see VISA in all caps is on the logo of one company’s credit card, in which case it is an acronym.
Another good resource is http://www.locationindependent.com.
This is a topic close to my heart. Nice article, Raj.
Thanks, everyone.
DKumar: You’re right, the income sources are mostly nothing new, really. However, the idea is to show that you have several options when it comes to combining work and travel.
Travis: Digital Nomadry? I’ve been trying to come up with some collective term too.
Ed: I think it’s some strange quirk I have as a Canadian. Not sure why I do that. Thanks for the tip
Laura-Jane: Very interesting. I’ve bookmarked it and will keep it as a reference in my upcoming long-term series of Digital Nomadry articles all over the place.
The idea of Multiple Streams of income is one of the Key concepts to finding freedom in your life. The more streams you have the more security and freedom you have to do what ever you want, when ever you want because you are never dependent on 1 thing. Ive been able to establish a few different sources of the last 3 years. It really changes your whole view on Job Security.
These are some good tips, thanks!
Digital Nomadry…I like it!
@raj, thanks for the post and the link to the http://www.digitalnomads.com community. This is an interesting topic, to say the least. If any of your readers have an interesting angle on working or playing from a ‘nomadic’ sense, I’d love to hear from you. Our site is not about Dell (or Apple, HP, RIM, Nokia or any other vendor), it’s about those who work or play with a digital device and the challenges and opportunities that style of living presents. Do you have an interesting story? Are you using technology in a unique way? Drop me a note at bruce_eric_anderson@dell.com and we’ll connect. Happy New Years all. Let’s have a great 2009!
@bruceericatdell – twitter
@digital_nomads – twitter
Great tips! Once my web design business gets completely off the ground, I want to go on a several year trip around the world, these tips will defintely make that possible!
I was thinking about this very same thing as a freelancer that doesn’t travel. My business goal for 2009 is to open up several streams of income for the inevitable down time that comes with being a freelancer.
Great tips, thanx
Great inspirational post for the beginning of the new year, thanks!
Very nice article, thanks a lot Raj.
Does anyone know where might be a good place to check and see whether freelancing in one particular country or another would require a business or work visa instead of a standard entrance? (Japan in particular, for my question, but I’m mostly looking for a resource I can check
I’m planning on continuing to do illustration work through my laptop for my primarily U.S.-based clients and am trying to figure out if that requires wading through some more papers).
Great tips, thanks Raj! I’ve bookmarked both websites. I’d like if you could write more about the tech stuff on-the-go (i.e. good internet connection which is not always available and mobile connection).
I have been doing SEO for many years while on the road now. An internet connection is all I need – sometimes when there is no high speed connection available I even have to use my cell phone with slow GPRS to connect to the internet but hey, I’m free as in freelancing! I love it.
Very nice article!
Lots of useful tips over here, cheers mate!
You might want to look into http://couchsurfing.com/
Its a project were registered users offer their couch to each other, so if you wanna travel to distant land you can always find a friend over there and crash at their place. Fun stuff and it dramatically decreases ones living costs, although a bit adventurous i must say Just my two cents.