10 lessons learned boostrapping my business living abroad
DESCRIPTION
From my presentation to 130 members of Berlin's 4HWW Meetup group in August, 2014 How to Make Friends and Money Around the World: Bootstrapping a Business While Living AbroadTRANSCRIPT
How to Make Friends and Money Around the World:
Bootstrapping A Business While Living Abroad
I QUIT!
“People don’t want to BE millionaires. They want to experience what they THINK only millions can
buy.”—Tim Ferriss
$1 = 32 THBThailand
$1 = 44 PHPPhilippines
$1 = 1,901 COPColombia
$1 = 21,180 VDNVietnam
2006 - started writing online, began doing web dev freelancing
2007 - read 4HWW, quit my job
2008 - one-way ticket to Thailand
2009 - BKK Tweetup, ISOS, SEA Backpacker Mag
2010 - productized services - Sovereign Man, Chris Ducker
2011 - coaching and membership training course
2012 - the “year of suffering”
2013/14 - hosting events - seminar in SF, retreat in Costa Rica
1. A Blog is NOT a Business…
BUT...it is your modern-day business card
can connect you to just about anyone these days
nobody is out of reach - authors, millionaires, CEOs
get involved in the conversation online
2. Find a Stepping Stone
take skills from your current career & start freelancing
find what’s at the center of your abilities, interest, & demand
start a side-gig - it’s never too early - or too late- to start
OR negotiate a remote work agreement
the “Sweet Spot”
3. Free Work (yes, free)
Charlie HoehnRecessionProofGraduate .com
8 Silicon Valley companies
Author of Beyond Code, Upbeat and 7 others
13,000+ followers, writes for HuffPo, etc.
Rajesh Setty
4. Find a Mentor / internship
internship opportunitiesEmpireFlippers.com
Linchpin.nettropicalmba.com
5. Use Geo-arbitrage
Live & travel where the cost-of-living is LOW
Sell services to high-value markets like US, UK, AUS
Practice minimalism. Produce more than you consume.
Bootstrap Abroad
Auckland, New Zealand = $1,120 USD
Bali, Indonesia = $1,750
Bangkok, Thailand = $945
Buenos Aires, Argentina = $1,425
Cape Town, South Africa = $1,480
Chiang Mai, Thailand = $665
Monthly Living Expenses
Costa Rica = $1,060 USD
Cusco, Peru = $1,110
Kuala Lumpur, Malaysia = $630
Krabi, Thailand = $1,360
La Paz, Bolivia = $810
Medellin, Colombia = $1,290
Monthly Living Expenses
Melbourne, Australia = $950 USD
Panama = $1,795
Playa del Carmen, Mexico = $820
Puerto Gallera, Philippines = $1,000
Seoul, South Korea = $980
MORE: Expatistan.com cost of living index
“Fun things happen when you earn dollars, live on
pesos, and compensate in rupees.”
—Tim Ferriss
6. Do Not Build in a Vacuum
What are the questions people ask you all the time?
Actively seek out and ask questions of your target market
Incorporate your audience/customers in your story, and let them be part of the process building your products
7. Ship (then iterate)
8. MasterMind!
“You are the averageof the five people you
spendthe most time with.”
—Jim Rohn
**It Really Is Who You Know
Who do you want to be? Find people to “model”
Find like-minded people and mentors (nobody is out of reach!)
Build a support group
Don’t be limited by geography
Technology empowers you to easily build a global business
Sovereign ManNetwork Infiltration reportthrl.in/networkinfiltration
Napoleon Hill’sThink and Grow Rich
thrl.in/tagr
9. $$ is for Solving Problems
(Use it wisely)
Biz School Crash Course
The 4-Hour Work Week by Tim Ferriss
The Personal MBA: Master the Art of Business by Josh Kaufman
Never Eat Alone by Keith Ferrazzi
Linchpin: Are You Indispensable? by Seth Godin
10. Have a Reason
What’s most important
Vision = fuel, your “why” your vision drives your goals
Tim Ferriss’ dreamlining exercise is a good *starting* point thrl.in/dreamline
Don’t limit your vision for yourself, your business & specific areas of your life
Your vision must be fresh & you know it intrinsically
“Twenty years from now you will be more
disappointed by the things you didn’t do than by the
ones you did.”—Mark Twain
ThrillingHeroics.com@codymckibb
3 Types of Location-Independent Business
Sell a physical product that can be delivered remotely (dropshipping) or a digital product which is delivered entirely virtually (software, info products, web apps, ebooks, etc.)
Sell a service that you can provide from anywhere (writing, translation, tutoring, consulting, web design, freelancing)
A website-based business (developing sites for resale, generating income through affiliate marketing, advertising, sponsored reviews, referrals, etc.)
Real-World Examples
Physical products - LifestyleBusinessPodcast.com
Dropshipping products - thrl.in/muses + DropshipDomination.com
Software development - Technomadia.com + Leadbrite.com
Information products / Kindle / ebooks - ExileLifestyle.com + Karol.Gajda.com + NomadicMatt.com
Subscription / continuity - SovereignMan.com + DynamiteCircle.com
Real-World Examples
Courses / membership sites - IWillTeachYouToBeRich.com + ManVsDebt.com + DigitalNomadAcademy.com
Writing - TheProfessionalHobo.com
Language/translation - FluentIn3Months.com
Design/development - WhereIsJenny.com
Consulting & coaching - BrandSuperpower.com + LovePlayWork.com
Real-World Examples
Teaching/tutoring - CraigGonzalesTutoring.com
Fitness Training - EpicSelf.com
Niche sites/blogs - GoBackpacking.com
Affiliate marketing/review sites - ThinkTraffic.com
Web Advertising - Untemplater.com + EliteDaily.com
Adsense/flipping websites - EmpireFlippers.com