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Category: Starting a Business
How to Make Money Travel Blogging: 10 Ways I Turned a Passion Into a Business
By Will Hatton
Today, many folks dream of hitting the road and traveling the world while working remotely on their own business, as their own boss. It’s a path that has been heavily romanticized, and for good reason. To live life on your terms, choosing where you live and work from, is a truly liberating experience. But to get to this promised land is a challenge, and most folks who try to build an online business are ultimately not successful.
I’m the founder of
The Broke Backpacker, one of the world’s largest travel blogs, and I’m a serial entrepreneur with over a dozen different online ventures under my belt. I started my own journey fifteen years ago while backpacking the world on a budget of just $10 a day, and since then I have learned a TON about what does and what doesn’t work when trying to build an online income.
How I became a travel blogger
Embarking on my own journey as a broke backpacker, I was hungry for both adventure and great stories. I found I had a passion for writing in-depth reports of what it was truly like to be living in a tent, hitchhiking, couchsurfing and basically living like a hippy around the world. I was passionate about the potential for personal development through challenging travel that threw me out of my comfort zone and I used this passion to build up my travel blog and to launch some other projects along the way.
Simply being on the road as a young and naive teenager without two cents to rub together presented me with numerous challenges. I took a good number of risks and made pivotal decisions that transformed this passion project of mine into a sustainable source of income. From refining my niche to leveraging productivity systems, each decision was a stepping stone toward building a sustainable and successful business.
I am sharing some of the key decisions that propelled my humble travel blog for budget backpackers into a profitable business with an audience of over 1 million users a month. So, fasten your seatbelts and join me as we explore the pivotal moments that transformed my budget travel blog into one of the internet’s best-known travel sites.
10 strategies I used to build my travel blog into a business
1. Investing in a catchy domain name
It may sound simple, but let’s be honest—picking the right brand name is a pivotal decision for any business. The Broke Backpacker is a memorable name that immediately tells the audience what the site is about. It also has a personal element to it.
This not only helped me establish a strong brand identity but also attracted the right audience from the get-go: people who wanted to go backpacking, but were pretty broke.
Back in the day, ten years ago when I first started this blog, there was hardly any content online about traveling on an extreme budget. Indeed, most travel blogs talked about traveling on a budget of $50 a day (so $1500 a month) after flights. This was way more money than I ever had access to and I’m glad, as it pushed me down a different path. Ultimately, I saw a sizable gap in the market.
By aligning my domain name with my niche, I positioned myself early on as a trusted resource in the budget travel space, drawing in readers who resonated with my content and message.
2. Embarking on crazy adventures
One of the game-changing decisions I made was to embark on extraordinary adventures that captured the attention of both readers and the media.
I explored and covered off-the-beaten-path destinations like Venezuela when not many were doing it—especially with the same level of detailed, raw coverage that I brought to the game. Some of my photos in Venezuela went viral and this was a crucial moment for me.
By undertaking epic journeys like embarking on an attempt to travel from the UK to Papua New Guinea overland, I managed to attract the attention of powerful media like the BBC and The Daily Mail, scoring the first powerful backlinks that helped ramp up The Broke Backpacker’s value in Google’s eyes and helped me build some more monthly traffic.
I also documented my adventures on Snapchat, taking my audience with me as I hitchhiked across Iran, hiked deep into the Pakistani Himalayas, and drove a rickshaw all around India. I was raw and real in my videos, often enjoying a cheeky smoke on camera and always trying to tell it how it is.
The exposure and credibility gained through these adventures propelled my blog’s visibility and opened doors to new opportunities.
3. Launching expeditions to Pakistan
In 2015, I visited Pakistan for the first time. I was broke (big time) and I covered everything on my Snapchat. I was the first blogger to do this, and the first in Pakistan for a LONG time. My audience was stoked to see this misunderstood part of the world.
I went back there a second time in 2016. I turned to my audience on Snapchat and asked if folks would be interested in seeing this amazing country with me as their guide.
I put up a PayPal link to secure deposits and overnight it sold out. I suddenly had $6000 (12 x $500 deposits) in the bank, which I immediately spent on trying to grow The Broke Backpacker, reasoning that I had 6 months before I led the first tour and therefore time to make it back.
It was a pretty big risk but…I made it work.
4. Being authentic
Authenticity pays off, and it has been a cornerstone of my success.
I made the conscious decision to openly talk about topics that are often considered taboo, such as drug use and things that real people do in the real world. I felt like travel blogs often hid such things, and I made an effort to always be transparent.
By sharing authentic stories and vulnerabilities, I created a deeper connection with my audience. People related to the raw and unfiltered nature of my content, and this genuine approach built up a lot of trust and loyalty among my readership.
Being authentic and true to my personality allowed me to build a strong community of people who appreciated my transparency and valued the realness I brought to the table.
5. Going ALL in
I think perhaps what separates successful entrepreneurs from those who dream of working for themselves but struggle to make it work is their refusal to give up and their ability to fully commit to a project.
I spent two years in Chiang Mai working 60-70 hours a week. During that time, I had to put my travel goals and dreams on hold and focus solely on working tirelessly. It’s ironic that in order to be successful in running a travel blog, I had to temporarily step away from the road and dedicate more time to writing posts, designing strategies, organizing standard operating procedures (SOPs), cultivating relationships, and hiring writers. There was so much involved in that stage, and I made numerous sacrifices.
I vividly remember feeling incredibly anxious and worried, often struggling financially to the point where I couldn’t afford to eat or do much else. I had traded the freedom, joy, and personal development of being on the road for a desk, where I became my own boss and worked relentlessly. I faced significant internal struggles with self-belief and self-talk, constantly questioning whether all the hard work would pay off.
Throughout it all, I managed to hold on to the belief that it had to work because I had reached a point where I had no other options. I had borrowed money that I could only repay if I succeeded. The pressure on me was immense, but ultimately, it galvanized me to do whatever was necessary to achieve my goals.
6. Building an awesome team and knowing when to outsource
The Broke Backpacker is huge. It has about one million monthly visitors and 3000 unique posts. Building a team to help me organize and think of projects and bounce ideas around has been crucial to my success.
Every cent I earned along the way, I invested in hiring and expanding my team. Now, I am proud to have an incredible team of broke backpacker adventurer folks—and let me tell you, they do a stellar job at keeping the show running.
Knowing when to outsource tasks allowed me to focus on my strengths and allocate resources effectively. By assembling a team of expert vagabonds, I enhanced the quality of my content, expanded my reach, and freed up valuable time to explore new opportunities.
With them, I’ve managed to build systems that work, develop a ton of standard operating procedures for new hires and projects, and all of that combined has been the foundational force behind the scalability and success of my blog.
Recognize the power of collaboration and the value of expertise. Hire good people, focus on honesty, work ethic, and creative flair over experience. Trust your gut, not everybody can be trusted.
7. Leveraging the power of existing traffic
Over the years, I realized my blog was bringing in considerable traffic to our affiliate partners in the gear space, so I decided to capitalize on that.
I ventured into the world of dropshipping and started designing my own lines of backpacker essentials like hammocks and quick-dry towels under the brand name Active Roots.
This strategic move not only allowed me to diversify my revenue streams but also solidified my brand presence in the travel industry. It was successful for a while until Covid started and made it impossible to sustain, as shipping costs increased by 400%. Sadly, I had to throw in the towel on that business.
But now that the storm has passed, I’m already working on an upgraded version of that business that is aligned with the evolving demands of my audience, including a new line of Broke Backpacker Basics.
8. Going physical
The online world can be very fun, and I’ve dabbled in a lot of interesting business models and creative ways of building an income. Driven by my passion for online entrepreneurship, I recently ventured into creating a physical business that catered to my audience’s evolving needs.
I am passionate about the power of online entrepreneurship to change lives and raise people out of poverty. For a long time, I had dreamed of opening a business that would act as a beacon, a hub, and a muster point for aspiring entrepreneurs and digital nomads to find their tribe, as well as sleep, eat, work, and play.
In 2022, after a few challenging years, we finally managed to open Tribal, Bali’s first custom-built co-working hostel. I’m thrilled to say that we’ve been getting great feedback, and we’re usually full.
This project allowed me to merge my love for travel, community building, and entrepreneurship. Tribal Bali became a hub for like-minded individuals, fostering collaboration and connection among digital nomads, as well as overall just being a kickass place for my nomad folks to get some work done.
9. Being disciplined
Being disciplined is a crucial skill for entrepreneurs and digital nomads to develop. Personally, I found that cultivating discipline was essential in building and managing a successful travel blog.
To achieve this, I focused on staying organized using tools like Google Calendar and Trello. I set clear goals for myself and identified the habits I needed to cultivate in order to reach those goals. I have whiteboards placed throughout my house, displaying various goals, affirmations, and reminders to keep me on track. Each evening, I review my habits and tick off the ones I successfully accomplished during the day.
I also employ a two-phone system to avoid getting too engrossed in my phone and ensure a proper winding down before sleep. The second phone is dedicated to music, audiobooks, and podcasts, devoid of any social media or communication apps. Ultimately, the key is to minimize distractions, maintain focus, and establish goals for each part of the day. I’ve spent the past 10 years cultivating these practices.
I’ve also developed a strategy to ensure that every aspect of my blog receives the attention it deserves. I break down all the necessary tasks over a three-month period and chip away at them on a weekly basis, even the ones I may not particularly enjoy. Honesty and self-awareness are important in recognizing both successes and failures.
It can be tempting to spend time on your online businesses’ social media, or endlessly designing a logo, but at the end of the day, there are essential tasks that only you can accomplish—the “big business domino” that needs to be toppled every day.
Cultivating discipline enables you to get things done, especially when faced with challenges. It helps you focus and avoid unnecessary distractions. This skill is paramount for any aspiring entrepreneur.
10. Being patient
During Covid, the site’s monthly user count plummeted from 1.5 million to a mere 200,000. Travel-related search traffic took a massive hit as well. Even when looking at it from a percentage standpoint, the revenue generated from the remaining traffic wasn’t as expected. While some people continued to search for travel-related terms, bookings for hostels and purchases of gear were virtually non-existent.
The entire world was in a state of anxiety and uncertainty.
In such circumstances, there was no choice but to double down and fully commit. We utilized that time to rebuild the site, making it faster, leaner, sexier, and smoother. Previously, it had become a Frankenstein-like creation, initially designed by me and later worked on by various developers who never communicated with each other.
Over a six-month period, we rebuilt it from the ground up. We also expanded our team of writers, focused on revamping different content series, and updated older posts. Fortunately, our efforts paid off, but it was undeniably a nerve-wracking experience to double down when everything seemed to be falling apart.
I firmly believe that if you aspire to succeed and create something remarkable, you have to go ALL in.
FAQs about creating a travel blog
How can I monetize my travel blog?
Display ads are a good way to start generating income, though they might deter some readers. My suggestion is to start by joining affiliate programs for brands you love and find ways to plug them as hard (and as softly) as you can.
Is travel blogger a good career?
Starting a travel blog can be an extremely rewarding career, though you really have to be passionate, patient, and persistent. With the right mindset, ahead of you await plenty of travel, income, and creative expression opportunities.
What should I include in my travel blog?
Start by asking yourself what is your speciality or travel superpower. Finding the right niche is more effective than going broad. Perhaps you know a specific destination/region better than anyone, or a style of travel. Start there, study the competition, and create something better.
About the Author
Post by: Will Hatton
Will Hatton is the man behind The Broke Backpacker travel blog. For many years, he journeyed to far-flung lands all over the world on just $10/day. Today, his site is the ultimate resource for aspiring adventurers looking to ditch their desks and hit the road in search of raw, real, and meaningful adventures.
Company: The Broke Backpacker
Website: www.thebrokebackpacker.com
6 Lessons Entrepreneurs Can Learn From Italy
Inspiration and ideas for being a better entrepreneur can come from everywhere, not just the business world. I moved to the south of Italy (Calabria) last year, and I’ve picked up a few lessons that I’m now applying to how I do business. Maybe they’ll help you, too.
1. Connecting people is good karma
We’ve all heard the adage “It’s not what you know, it’s who you know,” and nowhere is that more true than in Italy. It never fails…I mention to a friend that I need a dry cleaner/apartment/driving school, and inevitably, that friend knows someone who can help.
They aren’t doing it for gain. It’s just how they’re wired.
Years ago I went to a networking event and watched a woman machine-gun her business card into the hand of every dumbfounded attendee. I’m willing to bet that she didn’t get much in the way of business from this endeavor.
However, when you connect people in a thoughtful way like the Italians do, you’re building a bond with the person you helped. They trust you. And they’re more likely to return the favor and send business your way.
2. You can’t rush things
In Italy, we say piano, piano. Slowly, slowly. While it can be nervewracking when this applies to getting your wifi set up (over a matter of a week, not hours), it is also beautiful when you let things unfold in their own sweet time.
Recently I met a business owner who was interested in my writing services. As eager as I was to work with him, I knew better than to schedule a meeting to get things moving. It may not happen this week, or even this year, but the seed has been planted, and I have no doubt that a meeting and maybe even a contract will happen. In the meantime, I’ll connect with him on a personal level to build that relationship.
3. There’s always a way
“Signora, è impossibile.” It’s impossible to [insert activity here], Italians tell me. And yet, they always find a way to make it happen.
As a business owner, you may come up against what feels like a brick wall, with no solution to a problem in sight. But if you step away from the problem (I often go for a walk to clear my head) and look at it from a different angle, you’re more likely to find a way through that wall.
It can also help to talk out the problem with a friend. I have an American friend who also lives in Calabria, and we often talk about business problems. Getting a different perspective or seeing our businesses from the outside is usually enough to get us over the hurdle.
4. All work and no play…
There’s a concept in Italy called la dolce far niente. The sweetness of doing nothing. It’s not just the stuff of movies. It’s how they live, and it’s something Americans could really benefit from.
It’s even more apparent to me now that I’m living in Italy that Americans are working themselves to death. They eat lunch at their desk while powering through another task, and they make themselves available to clients on the weekends and after hours.
Italians, however, place life first. I can’t tell you how many times I’ve visited a shop during operating hours only to see a sign saying “back soon.” Here, “soon” is a highly variable period of time, and the shop owner might stop to greet a friend at a bar and chat for half an hour before returning to work. Customers aren’t put out. They get it.
And come midday, everything shuts down, at least in smaller towns. That’s because the business owners are at home having a leisurely lunch with their families and taking a nap. They’ll reopen around four and stay open until eight.
As a result, you don’t see nearly as many stressed-out Italians as you do Americans.
5. Your story matters
Italians are fiercely proud of their culture and heritage. And I love learning about how the local dialect connects to the French language, the origin of a type of pasta, or the history of a small religious festival.
In your business, the story of who you are and why you do what you do matters to your clients. It’s what bonds you. As a spiritual coach, my story of how I ended up on my journey to living authentically (which, for me meant moving to Italy) is what piques people’s interest and spurs them to want to work with me.
6. You don’t need to operate in a bubble
Where I live in Italy—in the toe of the boot—was at one time ancient Greece. There are Greek, Roman, and Byzantine ruins everywhere. And the language and culture have been influenced over the centuries thanks to being ruled at one point or another by the Spanish, French, and many other conquerors. What this does is make for a beautiful melting pot of language, culture, and food.
For years, I didn’t want any outside influence in my business. I thought I could figure it all out on my own. But we’re all better for letting a little light in from the outside.
Read business books. Go to conferences. Talk to other entrepreneurs. Note what others are doing, even if it’s in a different industry. You’ll collect bits and bobs that you can patchwork together to create your own unique imprint for your business.
Italy has shifted how I run my business, and how I live my life. More than anything else, I understand that there is more than one way to succeed.
How to Achieve Your Entrepreneurial Goals: 12 Ways to Turn a Dream Into Reality
By Maulik Bengali
Becoming a successful entrepreneur is no small feat. The path to entrepreneurial success is often paved with setbacks, failures, and moments of self-doubt. It requires relentless dedication, unwavering perseverance, and a hunger for continuous learning.
“Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.”—Anonymous
It’s not only about acquiring knowledge and skills; it’s also a transformative journey of mindset. It requires a shift in perspective, a rewiring of beliefs, and cultivating an entrepreneurial mindset.
Are you an aspiring entrepreneur hoping to make it big in your own business? Here are 12 pieces of advice you should follow in order to succeed.
12 keys to achieving your goal of growing a successful business
1. If you don’t know, figure it out
When you start a business, you’re bound to encounter many uncertainties. But here’s the thing: it’s okay to not have all the answers. What’s important is having the confidence to tackle challenges directly, finding solutions, and continuously learning. Embrace the unknown and trust in your ability to find the right answer.
2. Don’t be afraid to take calculated risks
They say fortune favors those who take bold actions. You’ll often find yourself outside of your comfort zone, but that’s where the real magic happens. It’s all about taking calculated risks—carefully considering potential outcomes, making informed decisions, and seizing opportunities that can propel your business forward.
3. Treat others how you want to be treated
Building relationships is essential for any entrepreneur. So, remember the golden rule: treat others with respect, empathy, and fairness. By creating a positive work environment and fostering trust, you’ll establish strong relationships that can lead to valuable partnerships and collaborations. Additionally, being kind and considerate in your interactions is not only good for others, but also brings positive energy and goodwill to your own journey.
4. Never burn bridges
In the business world, it’s crucial to think long-term. When disagreements arise or paths diverge, take the high road because you never know when you might cross someone’s path again. Handling negative situations with professionalism and respect helps you preserve your reputation and keeps the door open for future opportunities.
5. Always ask what’s working and what isn’t
Your business is constantly evolving and changing, and being able to quickly respond and adapt to changes is key. Regularly evaluate your strategies, products, and processes. Take the time to reflect and ask yourself, “What’s working well? What needs improvement?” Seeking feedback and staying adaptable allows you to make necessary adjustments, stay ahead of the competition, and keep your business thriving.
6. Create a vision board
A vision board, a visual representation of your goals and aspirations, can keep you on your toes, focused, and aligned with your long-term vision. When facing challenges, it should be a constant reminder of the goals you’re working toward. During tough times, it should inspire and motivate you, injecting that extra dose of determination.
7. Know the “why” that drives you to succeed
Understanding your purpose, the driving force behind your entrepreneurial journey is absolutely crucial. What’s the deep-rooted reason behind your pursuit? Knowing this answer will provide you with direction and resilience when you are facing obstacles. It’s that underlying motivation that will keep you going, even when things get tough. So dig deep, connect with your purpose, and let your “why” fuel your passion and unwavering commitment to achieving your goals.
8. Failing’s not a crime; not failing forward is
Failure is not the end—it’s an opportunity for growth. As an entrepreneur, you’re bound to stumble. Embrace those failures, because they hold valuable lessons. Learn from your mistakes, extract those nuggets of wisdom, and use them to make better decisions in the future. Failure should be a stepping stone toward success.
9. Your health is your most valuable asset
It’s easy to neglect your physical and mental well-being when you’re running a business. But here’s a reality check: your health is your most valuable possession. Take care of yourself, both physically and mentally. Prioritize self-care because when you’re in good shape, you have the energy, focus, and resilience necessary to overcome challenges and make sound decisions. Remember, you are the heart of your business.
10. Celebrate all wins, big or small
Whether it’s a major milestone or a small accomplishment, take the time to acknowledge and celebrate your achievements. Entrepreneurship can be a challenging journey, so celebrating wins—no matter how big or small—can boost your morale and motivation. Celebrating also reinforces the belief that you’re on the right track and encourages you to keep moving forward. So take a moment to celebrate. You deserve it!
11. Be grateful for where you are
Take a moment to appreciate where you are in your entrepreneurial journey. Recognize the progress you’ve made, the lessons you’ve learned, and the opportunities that have come your way. Cultivating a sense of gratitude builds resilience and optimism, enabling you to navigate future challenges with a positive outlook. Gratitude can turn even the toughest days into valuable stepping stones on your path to success.
12. Done is better than perfect
Striving for perfection can often lead to procrastination and missed opportunities. Remember, progress is more important than perfection. Embrace the notion that “done is better than perfect.” Take action, complete tasks, and make things happen. As you move forward, you can refine your work and make improvements. Embracing imperfections allows you to make strides, learn from experience, and achieve your goals. So don’t get caught up in the pursuit of perfection—take the leap and get things done.
Transition from being a dreamer to an achiever
Know that success doesn’t happen overnight. It requires cultivating qualities like perseverance, resilience, and a mindset focused on growth. By following this advice, you can transition from being a dreamer to an achiever.
Keep in mind that the path won’t be easy, but the journey itself will be immensely valuable. It’s time to take action, start making things happen, and create your own unique success story.
About the Author
Post by: Maulik Bengali
Maulik Bengali is the founder of Tacnique, an AI-based tech hiring platform that offers Interview-as-a-service and enables engineering to make hiring decisions through evaluated candidates’ profiles swiftly. He’s been an entrepreneur for the last 11 years, and runs a completely remote-first team that caters to clients such as Visa, Zillow, JLL, VTS, and Al Habtoor Group, to name a few.
Company: Tacnique
Website:
www.tacnique.com
Connect with me on
LinkedIn, Facebook, Twitter, and Instagram.
How to Run a Successful Side Hustle
More than 5 million businesses were started in 2022, according to newly released statistics from the U.S. Census Bureau, bringing the total number of small businesses in America to 33,185,550 as of March 2023, according to the Small Business Administration’s (SBA) Office of Advocacy.
However, not all of those businesses are full-time. In its Small Business Insights Survey taken this spring, Index by Pinger reports that of the 60% of adults who own a small business and/or work a side hustle, 76% are also employed by another company, meaning they’re all side hustlers.
Side hustles were once considered a way to make “fun money.” But no longer. Side hustles are serious undertakings. In the Small Business Insights Survey, 61% say their businesses and/or side hustles are their primary source of income.
So, just how many side hustles are there? According to recent data from Bankrate, 39% of all working Americans (about 65 million people) have side hustles, 33% of whom say they need the money from their side hustle to cover their regular living expenses. Plus, 25% work a side hustle to save money, and 12% need it to repay debt.
Who are the side hustlers?
Bankrate notes that while operating side hustles is more popular among younger Americans, all generations are participating in the trend:
- Baby boomers—24%
- Gen X—40%
- Millennials—50%
- Gen Z—53%
Perhaps somewhat surprisingly, more men (43%) than women (35%) are earning money on the side. Bankrate says side hustlers earn an average of $810 a month, though this varies by generation:
- Millennials—$1,022 a month
- Gen Z—$753 a month
- Gen X—$670 a month
- Baby boomers—$646 a month
Why start a side hustle?
While money is obviously a big motivator when deciding to start a side hustle, it’s not the top one. A recent research report from Digital Ocean shows that the desire to earn supplemental income motivates only 18% of side hustlers. Instead, people primarily start side hustles to pursue a passion (44%) and achieve professional independence (41%).
Side hustlers surveyed by Side Hustle Nation reported their motivations to start were:
- More personal freedom—39%
- Extra income to save, spend, or invest—27%
- Extra money to make ends meet—12%
- Pay off debt faster—6%
- A creative outlet—6%
- “It felt like a calling”—5%
Ideas for starting a side hustle
There is no shortage of ideas for side hustles. According to a survey from Side Hustle Nation, the most popular side hustles are:
- Online business, including blogging, podcasting, online courses, and affiliate marketing
- Freelancing and consulting
- E-commerce, including selling on Amazon, eBay, and Etsy, and operating your own online store
- Investing, including real estate, crypto, stocks, and buying businesses
- Self-publishing
- Offering local services, such as cleaning, knife sharpening, notary services, pet waste removal, and more
- YouTube
- Software and apps
- Gig jobs, such as delivery services or driving for Lyft or Uber
However, the best side hustle for you depends on your skills, interests, needs, and time commitment.
Biggest challenges for starting a side hustle
Side Hustle Nation subscribers report their biggest challenges are:
- Growth/marketing
- Having the time
- Coming up with the “right” idea
- Mindset/motivation
- Admin/legal/tech
- Focus/organization
- Money/startup funds
- Lack of skills
Advice for side hustlers
Starting a side hustle is just like starting a business. You should:
- Conduct market research. Find out if there’s demand for your product or service. While you don’t need to create a formal business plan, be sure to cover the basics, such as outlining your goals, identifying your target audience and competitors, and making financial projections.
- Sharpen your time management skills. You are balancing your side hustle with your regular job and your personal life. Invest in technology that allows you to be more efficient and productive and better manage your time.
- Create a website. Customers won’t know how or where to find you without a web presence. Use social media to build your brand and connect with consumers and other business owners.
Business owners and side hustlers in the Small Business Insights Survey offered the following advice:
- “Expect to make mistakes.”
- “Fake it till you make it.”
- “Trust your gut.”
- “Trust no one.”
- “Courage is not the absence of fear but rather the judgment that something else is more important than fear.”
- And my favorite—“Always bring donuts.”
Taking a side hustle to the next level
For some, side hustles are a temporary solution. But others have long-term plans for their side hustles. Digital Ocean’s survey shows side hustlers want to:
- Grow it into a business with a few employees—29%
- Keep it small, but make it their full-time job—26%
- Keep it as a side hustle—22%
- Scale to get venture funding—17%
- Sell to another company—10%
- Go public—5%
Whatever your goals, don’t give up. Building a successful side hustle takes time, effort, and flexibility.
7 Tips for Managing the Stress of Entrepreneurship
Entrepreneurship and stress go hand in hand. For entrepreneurs, burnout as a result of stress is not uncommon, partially because of the extreme levels of motivation and perseverance needed in entrepreneurship. Over time, that passion coupled with high rates of uncertainty can lead to the feeling of being emotionally and physically drained.
A study by Harvard researchers revealed that over a quarter of all entrepreneurs surveyed feel that their stress has led to burnout. That being said, there are a number of ways for entrepreneurs to combat stress and lead healthy and productive lives.
How entrepreneurs can deal with stress
1. Head to the gym
You have probably heard this before, but exercise is great for reducing stress. It releases endorphins, gets your blood pumping, and can even make your decision-making sharper. It also, of course, improves how you feel both mentally and physically.
Unfortunately for many entrepreneurs, working out can feel like a superfluous activity that isn’t helping your bottom line. Going to the gym can take an hour or two out of your day during which you can’t focus on all the work you need to get done.
But you don’t have to make your exercise into an all-day affair for it to produce results. Even going for a brisk walk around the office can reduce stress and improve your mood. A study by the American Psychological Association showed that 62% of individuals who walk or engage in moderate exercise believe it is “very or extremely effective” for stress management.
2. Enjoy your downtime
For most entrepreneurs, work is an obsession. But, it’s that obsessiveness that can lead to exhaustion, lower productivity, and even health issues related to stress. The phrase “work-life balance” has probably been overused in recent years, but its tenets remain relevant. You have to find a middle ground between working and all the other aspects that make life worth living.
This doesn’t mean that you have to go on a four-week meditation retreat every time you’re feeling stressed, however. Scheduling time to be with your friends and family while also turning the “work” side of your brain off is key. This can include having dinner with friends, going for a hike, or heading out to a baseball game. If you have to, leave your phone at home so you’re not tempted to get work done while relaxing.
3. Try not to worry about things that are out of your control
This is a tough one. As an entrepreneur, you are likely obsessed with controlling every aspect of your work. But there are certain things you simply have no power over. Unfortunately, these issues often cloud your brain, and you worry about them even when they are not solvable.
A great way to work around this is by identifying which issues are actually in your purview and working on solving those. Situations that you can’t actionably change should stay off your to-do list.
4. Don’t neglect your diet
It’s easy on marathon work days to eat poorly. A diet that lacks nutrition, however, is a recipe for increased stress. Diets that are high in vitamins and minerals and low in refined sugars and processed foods are ideal for keeping your brain healthy, active, and focused.
That being said, it’s much more common to eat whatever’s easiest. Unfortunately, this usually means getting your meals from the fast food joint around the corner or the vending machine in the break room. Neither option is great. You may also spend entire days snacking on whatever candy or chips are close by.
If you’re not a great cook, try to have scheduled meal deliveries that provide quality nutritional value on a daily basis. If you like to snack, keep some fruits or even a small veggie platter handy to avoid the temptation of the vending machine.
5. Take a few tasks off your plate
It is natural for an entrepreneur to want to have a hand in everything. But as your business grows, you will also need to learn to delegate to relieve some of the stress of handling everything yourself. If you have the budget, hiring an administrative assistant can help free you up to focus on more big-picture things. Bringing on a content marketer or social media manager can also take a few things off your plate.
If you don’t have the budget for another full-time employee, check out sites like Upwork to find freelancers who can do countless jobs for you. It is virtually impossible to handle every task associated with a growing business on your own and it would be foolhardy to try.
6. Make friends with your peers
While entrepreneurship may be a highly individualistic field, no one really wants to go it alone. It’s important to surround yourself with other entrepreneurs who face the same daily challenges and have the same gripes as you.
If you don’t have people to vent to or bounce ideas off of, you’ll just be stuck in the repetitive echo chamber of your own head. This can undoubtedly lead to increased stress. Additionally, always make sure that the people you spend your time with are just as positive and focused as you are.
7. Make friends with your stress
Stress produces a physiological response that is often related to emotions like fear and anxiety. This can induce the age-old “fight or flight” response causing your muscles to tense, your heart to race, and your mouth to dry up. Most of our workplaces, however, do not necessarily require this drastic of a physiological change.
Instead of succumbing to those mental, physical, and emotional responses to stress, it may be more effective to make friends with them. Recognize that there are no immediate threats to your well-being. Stress is just an indicator that you care about the issues at hand. Try to channel that energy into productivity.
Keeping stress under control is key
When it comes down to it, stress is inevitable. But, that doesn’t mean it isn’t manageable. If you take a few of these steps, you’ll be able to keep it under control before it consumes you and leads to burnout.
FAQs about dealing with stress as an entrepreneur
What causes stress in entrepreneurs?
Stress can be caused by a number of factors. One is competition, while another is the fear of failure. Both of these are the most common stressors that can lead to burnout in entrepreneurs.
How can entrepreneurs relieve stress?
One way to help cope with stress as an entrepreneur is to maintain your physical health. This includes eating healthy and going to the gym on a regular basis.
Starting a Business as a Digital Nomad: How to Get the Best of Both Worlds
By Kyle Platt
There is a new breed of worker emerging today: the digital nomad. This is someone who works online and can do their job from anywhere in the world. They are able to take advantage of technology to stay connected with their team and clients, no matter where they are.
Thanks to advances in communication and
collaboration tools, there has never been a better time than now to be a digital nomad. But what if you also want to start your own business? Is it possible to be both a digital nomad and a startup entrepreneur? Can you live the lifestyle you want while also dealing with the challenges of running a new company?
The answer is yes! In this article, we will explore the benefits of combining these two lifestyles and show you how you can make it work for you.
Benefits of being a digital nomad
There are many benefits to being a digital nomad. Perhaps the most obvious benefit is that you can work from anywhere in the world. This gives you the freedom to travel and explore new places while still being able to do your job.
Additionally, as a digital nomad, you have more flexibility to take on projects that interest you and that fit your schedule. You also have the opportunity to work with a global team, which can be a great way to learn new things and expand your horizons. By immersing yourself in new cultures, interacting with new people, and trying different things, you better yourself as a human—plus get more enjoyment out of life.
Why being a digital nomad and running a startup is a perfect match
There are many reasons why being a digital nomad and creating a
startup are a perfect match. Perhaps the most obvious reason is that both lifestyles give you the freedom to do what you want, when you want. As a digital nomad, you have the freedom to travel and explore new places while still being able to do your job.
I myself have really grown to dislike snowy winters. While working more traditional in-office jobs, I felt like I was just grinding through winters, counting down the days until it was spring. With the flexibility of being a digital nomad, I now can travel south to warmer climates and enjoy my life to a much higher degree.
In addition, as a startup entrepreneur, you have the freedom to make your own decisions and chart your own course. Combining the flexibility of being your own boss with the flexibility of being a digital nomad removes barriers that stop you from doing the things you love or have always wanted to try. For example, have you ever thought about going on vacation, and then decided against it because you know traveling will just make things more complicated once you get back to the office?
Finally, combining both lifestyles gives you the opportunity to make a significant impact on the world. You have the chance to create a company that solves a problem and makes the world a better place as you connect with people from all over the globe.
Steps to starting a business and becoming a digital nomad
Taking the leap into this world can be scary. Maybe you can dip your toes by doing just one and then later introducing the other. In my case, I entered the startup world first, and stayed local so that I could rely on friends and family for emotional support. I felt that making too many changes all at once would introduce too much risk to me and my family. However, after stabilizing my startup processes, I have started to ease into the digital nomad lifestyle by moving to warmer climates a few months at a time during the colder months.
You may have better luck doing it the opposite way. If you are stuck in an office for most of the week, approach your bosses with the idea of working from home. If you already work from home, why not try and leverage that into a working from a different city, state, or country for a few weeks at a time situation? Baby-stepping your way into full flexibility may take a little bit of time and effort, but it is achievable. Think about which direction you would want to start from and give it a shot.
Ultimately, being a digital nomad and startup entrepreneur gives you the freedom to do what you want, when you want. You have the flexibility to make your own decisions and chart your own course. If you’re looking for an enjoyable and rewarding lifestyle, then being a digital nomad and startup entrepreneur may be perfect for you.
I Asked ChatGPT to Tell Me the 10 Key Steps to Starting a Business—Here’s What It Got Wrong
Can ChatGPT provide helpful advice in successfully starting a new business?
By now many people know that ChatGPT is an artificial intelligence language model that uses deep learning techniques to generate texts in response to questions. It can answer a wide range of questions, summarize text, and complete sentences and paragraphs. ChatGPT is widely used in applications such as content creation and chatbots to provide human-like text responses in real-time.
Can ChatGPT offer useful advice for starting a successful business?
I asked ChatGPT (by going to
chat.openail.com/chat) the following question: What are the ten key steps in successfully starting a business? Give details on each step.
Here was ChatGPT’s answer:
Here are the 10 key steps in successfully starting a business:
- Idea Generation: Develop a unique and profitable business idea. Conduct market research to validate the idea and identify potential customers, competitors, and market gaps.
- Business Plan: Create a comprehensive business plan that outlines your goals, strategies, and resources required for the business.
- Market Research: Conduct thorough market research to gain insight into the target market, competition, and demand for the product or service.
- Legal and Regulatory Compliance: Ensure compliance with all relevant legal and regulatory requirements such as registering the business, obtaining necessary licenses and permits.
- Funding: Secure sufficient funding to start and grow the business, either through personal savings, loans, or investors.
- Operations and Logistics: Plan and set up the business operations, including supply chain management, manufacturing processes, and distribution.
- Marketing and Sales: Develop and execute a marketing and sales strategy to reach and acquire customers.
- Technology: Utilize technology effectively to automate and streamline operations, reduce costs, and improve efficiency.
- Talent Management: Attract and retain top talent to build and manage the business.
- Financial Management: Establish and maintain effective financial management practices, including bookkeeping, budgeting, and cash flow management.
These steps should be followed in a systematic and well-planned manner to increase the chances of success in starting a business. Entrepreneurs should also be flexible and adaptable, as circumstances may change and require adjustment of plans along the way.
What grade would I give to this ChatGPT answer? I’m going to give it a C+ for the following reasons:
- The content is very generic and summary.
- There are no links to other sources that may be helpful, unlike many of the quality articles out there on this topic.
- Some of the advice is questionable, such as whether every business needs to prepare a comprehensive business plan.
- Some of the advice does not apply to small or basic businesses (such as the information about supply chain management and manufacturing processes).
- The formatting could be improved for readability.
My version of ChatGPT’s article on starting a business
If I were to edit the ChatGPT answer into an article and keep the basic format, here is how it would look:
The 10 Key Steps to Successfully Starting a Business
Starting a successful business is not easy. There are many steps to consider and potential traps for the unwary. But here are 10 key steps to follow in order to successfully start a business:
1. Business idea
Develop a unique and potentially profitable business idea. Conduct market research to validate the idea and to identify potential customers, competitors, and a sufficiently attractive market opportunity.
2. Business plan
For some businesses, it may be worthwhile to prepare a business plan that sets forth the business idea, sales and marketing strategies, financial projections and other information. For many businesses, a pdf pitch deck outlining the business will be easier and more suitable. See Don’t Waste Time on a Startup Business Plan—Do These 5 Things Instead
3. Market research
Make sure you are thoroughly researching the market opportunity and competitive products or services, and keep on top of new developments and announcements from your competitors. One way to do this is to set up a Google alert to notify you when any new information about those companies appears online. Expect that prospective investors in your company will ask questions about the market opportunity and your competitors. Any entrepreneurs who say that “we don’t have competitors” will have credibility problems.
4. Legal and liability protection
Ensure compliance with all relevant legal and regulatory requirements, such as registering the business and obtaining necessary licenses and permits. You will likely want to start the business as a corporation or an LLC to protect your personal assets from the debts and liabilities of the business. See
How to Form an LLC and How to Incorporate a Startup Business.
5. Funding
Secure adequate funding to start and operate the business, whether from personal capital, loans, government grants or investors. One of the biggest reasons startups fail is because they do not raise sufficient capital for the business. See
5 Startup Funding Options for Your Business
6. Operations
Plan and set up the business operations, including sourcing of products or materials, manufacturing processes if applicable, optimal pricing for customers, and necessary leased space.
7. Sales and marketing
Plan a cost-effective sales and marketing strategy to reach and acquire new customers. Make sure to continually monitor the different channels you use and their cost-efficacy. Consider using social media to boost your presence online.
8. Technology
Use technology effectively and efficiently to operate and market the business.
9. Employees
Attract, motivate, and retain the employees you need to start and grow the business.
10. Financials
It can be important to prepare detailed financial projections for the business, for the following reasons:
- To determine whether the business will ultimately be profitable
- To determine your cash “burn” before you get cash flow profitable, showing how much startup capital you will need
- To lay out your key financial assumptions (price per product, cost of developing the product, marketing expenses, employee expenses, rent and overhead, gross margins, and much more) so that you and others can test the reasonableness of the assumptions
- To have those projections ready and credible when investors inevitably ask for them
Financial projections will typically be for a several-year period and will include:
- Profit and loss statement
- Cash flow statement
- Detailed categories of income and expenses
- Balance sheet
- Underlying assumptions
Of course, your financial projections will not be perfectly matched with your actual results, but your financial projections can be revised as you move through the stages of your business.
You will also want to make sure to establish and maintain effective financial management practices, including accounting, bookkeeping, budgeting, cash flow management and tax compliance.
Most of all, be adaptable in business
Paying attention to these 10 issues will increase the likelihood of success, but you should be flexible and adaptable as you grow the business.
More articles from AllBusiness.com:
- The Complete 35-Step Guide to Starting a Business
- 10 Key Steps to Getting a Small Business Loan
- 15 Major Legal Mistakes Made by Startups
- 25 Frequently Asked Questions on Starting a Business
Copyright © by Richard Harroch. All Rights Reserved.
Legal Requirements for Starting a Small Business: 10 Things New Entrepreneurs Should Know
If you’re a new entrepreneur, an important task is ensuring that your business is compliant with all local, state and federal regulations.
Some legal matters require immediate consideration, and you will want to address those issues as soon as possible. To help,
Young Entrepreneur Council members share 10 essential tasks to handle right away when starting a business.
When first starting your business, it’s important to get all the legal matters in order as soon as possible. In your experience, what’s one legal consideration new entrepreneurs should be sure to handle right away and why?
1. Set up a company mailing address
It’s important to set up a company mailing address, especially if you are a remote business and don’t have a physical location. This address will be used in all of your email correspondence, legal documents, and more. You can set this up through a registered agent or through a company that handles mailboxes for businesses. Be aware you can’t use a P.O. Box to receive certain government forms and you may need a physical mailing address. —Nathalie Lussier, AccessAlly
2. Check for preexisting trademarks
One legal matter that needs to be addressed when starting a business is trademark issues. When creating your brand or developing a product, always check to see if someone has trademarked the name. If they have, you’ll need to go back to the drawing board. The last thing you want to do is infringe on a registered trademark and end up in legal trouble before you get your business off the ground. —John Brackett, Smash Balloon LLC
3. Find a good, experienced lawyer
Get a good lawyer who understands corporate law, finance, and mergers and acquisitions. It’s impossible to know what future legal matters you will face at incorporation, but good lawyers will know what’s ahead, even if you don’t. A good law firm can modify existing documents and help with negotiations. Having a good lawyer who understands how to structure legal matters is important. —Sean Adler, GZI
4. Establish the business as an LLC or corporation
When first starting out, one of the most important legal considerations to handle is establishing the business as a limited liability company (LLC) or corporation. That’s because every other step of the business-opening process will demand the legal name of the business. It’s what makes it possible to get a federal tax ID, which is also required for key financial elements like bank accounts and insurance policies. —
Richard Fong, Trustable Tech
5. Put financial agreements in writing
Always put financial agreements in writing. Money can easily break friendships and kinships, and you don’t want any misunderstandings to arise in the future. The agreement should include the nature of the return on investment. This is a serious expression of your commitment to the business and your intent to make money from it. —Bryce Welker, Crush The GRE Test
6. Publicize your company legally if necessary
One of the first things you should do before starting your business is determine if you need to publicize your company legally. Some cities and states require business owners to publicly announce that they created a company before they’re recognized. Failure to follow this step could result in hefty fines, confusion, and legal issues. —John Turner, SeedProd LLC
7. Understand your estimated tax payments
Talk to a CPA about your estimated tax payments, especially if you offer professional services. It would be unfortunate if you lost your license because of the back taxes you owe. In the first few years of business, you don’t want to underestimate your dues to the IRS or find yourself in a financial bind. Estimated tax payments per quarter are ideal. —Givelle Lamano, Lamano Law Office
8. Ensure you’re following the right payment rules
Make sure that you’re compliant with payment issues. There are many regulations that govern how you can accept payments from your clients. This is especially important if you work with clients who live in other countries, as you’ll need to consider currency exchange rates and taxes. By working with a legal professional, you can ensure that your business is following all the right rules. —Syed Balkhi, WPBeginner
9. Register your business name
Choosing the name of your company is one of the more difficult things to do when getting started. In most cases, the name you settle on will have already been taken, so this may take a few tries. But, when you’ve finally made up your mind and come up with a name that’s not taken by someone else, it’s best that you get it registered as soon as possible. —Stephanie Wells, Formidable Forms
10. Obtain any necessary licenses
In many countries, you need a license to start a business. So if you’re residing in such a country, obtaining that license is one of the first things you should do. This will prevent you from landing in any legal trouble. —Thomas Griffin, OptinMonster
How to Build a Unicorn Startup—And What to Do Afterward
By Sagi Gidali
Sitting in a dinky little diner in San Francisco’s Union Square, about to take a bite of a greasy cheeseburger, I scrolled through my phone. A press release had just gone live announcing that our company, Perimeter 81, had secured $100 million in funding to bump our valuation to $1 billion.
What I dreamt about for several years was finally true: I built a unicorn.
I saw all the media coverage we had received, all the kind, congratulatory messages hitting my inbox, and the life-changing moment I was waiting for never came. This is a major milestone I had worked for since I became an entrepreneur. Don’t get me wrong, it was exciting, but I realized that the achievement wasn’t an end goal that made me a different person. The hard work was only beginning.
You might expect the founder of a unicorn to be throwing a lavish party or having brunch in the lobby restaurant of a five-star hotel. I was sitting at a booth in a hole-in-the-wall diner feeling pressure and responsibility to lead us to the next milestone. The perception of a unicorn is that the growth doesn’t stop, so I had to make sure we kept our collective foot on the gas pedal.
With each milestone you pass, there’s increased expectations from the board and investors to continue innovating and scaling your company. Employees are also looking for increased leadership, and to understand what the company’s growth means for their own careers and futures. You need to lead by example and reward their efforts so your company can maintain its growth plan.
Our next goal isn’t directly monetary—it’s to disrupt the cybersecurity industry. We are on a mission to simplify the way we consume cybersecurity and are well-positioned to do so since the world has changed drastically in the last couple of years. Getting to this point was a nine-year journey. That journey is far from over, but I’ve learned enough that I can share some helpful tips that may make your entrepreneurial journey that much easier.
How to build a unicorn startup
Take risks and be bold
In 2013, my cofounder and I
started our first company. We certainly weren’t perfect, but we learned from each other and from what didn’t work. We found that you need to assess a combination of things, from the landscape of the market you’re looking to enter, to your own hunch about what you’re looking to bring to the table, to customer needs, and many data points.
With that first company, SaferVPN, we compiled tons of data points by talking with customers, collecting and analyzing feedback, showing insights, talking with industry analysts, and seeing what competitors were doing. When you combine all those data points, you can make better tactical and strategic decisions.
In 2019, we took the biggest risk and stopped the company. We used our infrastructure and intellectual property as inspiration for Perimeter 81. We had a B2C solution and started building a B2B tool in parallel, but the resources began cannibalizing each other and we were starting to lose focus. It was a big struggle at the time, but we decided we couldn’t keep them both.
The B2C was profitable, but we didn’t see a sustainable future. Perimeter 81 was nothing more than our assumption of trends. We foresaw the shift to the cloud, and that remote work would be the way of the future (of course, we had no way of knowing that a global pandemic would accelerate adoption). We sold SaferVPN because we saw a huge opportunity. It was also a huge risk. Our bet paid off.
Build strong management
I have a great relationship with my cofounder, Amit Bareket—after all, I started two companies with him. But it’s more than just maintaining that one relationship. You should surround yourself with strong people who are experts in their field, and let them help you.
Learn to delegate and understand that you can’t do everything, which is tempting when you’re building your own company from scratch. Just lead the way, be the sherpa for the people in your company, and trust them to do what you
hired your employees to do.
That manpower may not always be the same. Economic conditions may determine who is right for your company at any given point. People that you really like, who were very good from the beginning, might not be able to match expectations and deliver what’s required at a certain point of growth for your company. It’s a painful change, but a sign of strong management if you can make the right decisions.
Stay humble
I’m proud that Perimeter 81 didn’t change when it became a unicorn. If I were driven by ego instead of my genuine desire to see our company change the cybersecurity landscape, perhaps things would be different. The way I see it, our success hasn’t changed our culture. I’m not secluded in a corner office, shut off from the rest of the team. I sit with our valued employees during my workday and initiate conversations with them.
If Perimeter 81 were the kind of company to blow millions on a celebration, it would affect the talent, employee retention, and create a different
company culture than the values we’ve prided ourselves on. Humble leadership is required for growth. You’ll need to develop other skill sets along the way, of course, but remaining steadfast in how you behave sets the course for your future growth and keeps your focus on the task at hand.
Until, that is, you enjoy a quick cheeseburger before attending a major conference. Then you find a new goal and keep grinding.