Many of you might have wondered what the term ‘Footloose Entrepreneur’ really means.
I can tell you for a fact that there is more than one valid description for this term.
Let me give you a few descriptions in which I believe mirror the term Footloose Entrepreneur.
A Footloose Entrepreneur is someone who can travel and build business interest in different nations because of a lack of non-business responsibilities.
A Footloose Entrepreneur is a self-realized person who values living in different countries and experiencing their cultures, while building business interest at the same time.
Footloose entrepreneurship equals geoarbitrage. It means that a non-traditional entrepreneur has decided to utilize labor in low-cost countries.
Here you have three explanations of the term. To make this more descriptive and hard-coded, we’re going to take a closer look at how I’ve personally implemented the footloose entrepreneur business model to achieve breakthrough success in my own companies.
My personal experience with geoarbitrage
I can remember myself sitting in my office in Austria and having the dream of building a workforce in Southeast Asia while living a tropical beach lifestyle.
There was nothing better to envision at that time.
As a small business owner, we’re confronted with too many tasks every day.
Since we have a limited budget for employment or outsourcing, we end up doing many tasks that could be outsourced.
It’s not uncommon for a small business owner to handle his own accounting.
You might be familiar with the saying “Don’t let your small business make you small money”.
I agree to this 100%.
However, it’s much easier to let your business make you medium to big money if you can grow it in a more economically friendly environment where you can access cheap labor and enjoy reasonable living expenses.
Lower taxes is another valid reason why someone would turn footloose entrepreneur.
Here’s the process that I personally implement to geo arbitrage my business models:
Step 1) Market research to determine all components involved in making this business model successful.
I take a look at how some of my competitors have monetized it. I learn and understand the process.
Step 2) It’s time to add your own spices to the recipe. Any successful entrepreneur has the ability to add his own techniques to a business model.
Anything that is 100% cloned is not going to be as successful as the cone itself.
Try to find points that are not perfect and where putting in your own value could make a big difference.
Step 3) Define the start-up capital needed to start this new business venture of yours. Likewise, come up with an operating budget needed to achieve x$ in volume, and x$ in net profit.
Think big, but be detailed as well as honest on what is required to achieve your targeted numbers.
Step 4) Now that you have defined what it is you want to arbitrage and how much capital you need, it’s time to commit freelancers and/or part-time/full-time employees to achieve that which you’ve planned.
I highly recommend you to hire female workforce in the Philippines. Based on all the experience I accumulated over the past years, Filipino workers have produced the best outcomes for my individual footloose entrepreneur business models.
Here are a few points to consider when hiring your long-term workforce:
- Use an online job marketplace to post your offered position. You might want to read my post on “Hiring People On Upwork” to learn the process.
- Make the effort to meet your applicants in person. You’re going to have a lot more success at hiring people. It only takes a few days to meet your applicants and it will be a huge help in building the relationship and achieving great results together. Making this effort pays itself in gold.
- If hired full-time, express the importance of long-term work. It’s a commitment point for most workers. You’re building a team here, and your team gets stronger with time.
Now that you’ve your set up, you project is ready to launch.
I recommend you to do the following:
- Conduct weekly calls to measure performance and progress. Receive feedback, whether positive or negative, and discuss every point with your team.
- Great team members will contribute to your project. They will propose their own ideas to you and you’ve to decide whether to implement an idea. I love people that take initiative and do more than what was agreed on. It shows their commitment to the project.
- Stay committed yourself. Don’t expect your team member(s) to know everything or do everything on their own. They need your leadership in making critical decisions.
The beauty of being a Footloose Entrepreneur is that you get to experience new cultures. Real value in hiring people and doing geo arbitrage is based on real life experience.
What’s most important is to have a great time with your life. So the people you associate and work with should tie into this picture. It will be more enjoyable for the both of you.
Being a non-traditional entrepreneur has given me so many unique experiences at a very young age. I strongly doubt I would have been able to learn that much by going a different route.
Finally, being a footloose entrepreneur takes courage!
I’m also a believer in doing what’s in alignment with your passion. Be footloose if you’re driven by it. Business success, in general, is all about doing what you enjoy. Doing what you enjoy will never feel as if you’re working, and therefore you’ll grow faster.
How about you? Do you dream of becoming a footloose entrepreneur? Or you are already?
Let me know with your thoughts below!
P.S. Engaging in Internet marketing allowed me to live the Footloose Entrepreneur life. If you want to know more, please do subscribe!