LRS 029: Are You Ready to Become Location Independent

Are you ready to become location independent? - The Let's Reach Success Podcast

Welcome to the 29th episode of the Let’s Reach Success Podcast everyone, today we’ll talk about one aspect of lifestyle design – location independence.

Working for yourself or starting a business is just one part of the equation, then comes the freedom, and not everyone is ready for it. It means being free from having a boss, having all the time and spending it the way you decide to, and also being financially and location independent. With that come many responsibilities.

Many people are fascinated by the idea of working and living anywhere, and traveling the world at the same time. But there’s more to that. There’s uncertainty, loneliness, changes of direction, productivity struggles, doubts, outer factors, and more.

With this episode, I want you to ask yourself 7 important questions before you decide to become location independent.

They are nothing unusual, but people would rarely sit down and consider stuff like that. When you’re on the other corner of the world, however, having paid  for a few months and not feeling inspired to work on your business ideas anymore, you may realize this lifestyle isn’t for you.

To prevent that from happening, and to be better prepared, let’s think some things through today so that location independence and all the freedom that goes together with it can feel great.

Show Notes:

  • What’s location independence and what do location independent professionals do [2:04]
  • Who is the mobile lifestyle for [2:55]
  • What are mini-retirements and why are they the smarter way to travel [5:00]
  • Types of location independence [6:37]
  • Considering your loved ones when making a lifestyle change [9:01]
  • Calculating your magic number [9:28]
  • Outlining your ideal day as a location independent entrepreneur [10:07]
  • Tim Ferriss’s 2 ways for finding the best place to move to [11:07]
  • Tim’s best locations to live well and spend little [11:43]
  • Where to stay (+ 2 unusual options to find accommodation) [12:51]

Mentioned:

Action Steps:

  1. Give it some time to think making a lifestyle change through. Do you truly want to be location independent, to move to another place, work from anywhere or travel the world for some time?
  2. If you do, what type of location independence do you want to try? Will you be taking mini-retirements, traveling slow, moving to a cheap country, or else?
  3. Things will be different if you’re in a relationship, or have kids. Find a way that’s alright for everyone.
  4. Calculate your magic number. How much will you need to make weekly and monthly to be able to afford that lifestyle effortlessly?
  5. How does an ideal day in your location independent lifestyle look like? Describe it in details. Picture it. Know exactly what you want in terms of working time, sleep pattern, free time activities, social life, food, expenses, etc.
  6. Choose your destination and learn everything you can about it.
  7. Explore AirBnB. Check out popular house sitting sites like TrustedHouseSitters.com, Nomador.com, LuxuryHouseSitting.com, and more.
  8. Read about travel hacks.

Listen to the episode here:

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Thanks for listening.

Glad you joined me on the podcast today. If you want to hear a particular topic on it, leave a comment below and I’ll make sure I cover it in the future.
Also, if you enjoyed it, please share it using the social media buttons you see on the left.

And finally, please leave an honest review for The LRS Podcast on iTunes. You’ll help a lot with the rankings for the show and I’ll appreciate it.

What’s your take on becoming location independent? Which of these points have you already considered? What else is there to know before you start your new lifestyle?

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Becoming an Online Merchant: 4 Tips to Find the Perfect Product to Sell

Becoming an Online Merchant: 4 Tips to Find the Perfect Product to Sell

E-commerce is a booming industry and will only continue to grow in the coming years. That’s why it’s not so surprising that there are plenty of people who want even just a small slice of the proverbial pie.

But whether or not you are looking to establish a full-blown online store or would simply want to supplement your income by buying and selling items on the side, you have to pick a product to sell that would, well, sell.

With the right marketing strategy, one can argue that anything and everything can be sold online. However, the real challenge is finding a product that is conducive to success. How do you find that product? Here are a few pointers.

Finding The Ideal Product to Sell

1. Target Hobbyists and Collectors

You’ll be surprised by just how much money hobbyists and collectors are willing to spend to fuel their passions.

If you have a knack for finding rare items, you’ll be a big hit with collectors. Whether they’re interested in action figures and toys, lapel pins, first edition books, stickers, sports cards, or even antique dinnerware. Just make sure that everything is legitimate.

Meanwhile, there is no shortage of hobbies on which people willingly invest their time and money.

Some of the more popular ones include biking, fishing, knitting and crocheting, calligraphy, model building (including radio-controlled vehicles), and handicrafts. Look for a leisure pursuit where you can act as the product-based solution and you’ll easily enamor yourself to these customers.

2. Something Hard to Find or Can’t be Bought Locally

There are some things that can be easily found in a local grocery store or a specialty shop — say gardening or baking supplies. But what about specialty foods, magician’s accessories, eco-friendly products, and fandom items?

Most likely, people will go online to find these. You can enlist the help of Google Trends and Google Keyword Tool to get a glimpse of what kinds of products people are searching for online and use the results as a guide to pick a niche product to sell.

You can also try to sell products that can’t be bought or difficult to procure locally, like Japanese Kitkats, the “three-story” alfajor Oreos, or Asian beauty products. The latter, in particular, is a good place to start since a lot of products are only available in select countries or regions but are available through wholesale Asian cosmetics websites. Do the hard work of sourcing these products (and offer them at reasonable prices) and see just how much your customers will love you.

3. Star with The Accessories Before The Big-Ticket Items

When people buy big-ticket items such as 4K TVs, high-end smartphones, and gaming laptops, they buy them only once. Their next purchase of these kinds of products will probably be in the next two to three years.

These are big investments, after all, and people are much more reluctant to spend huge amounts so often. However, accessories are much more common purchases and people are relatively more agreeable to spending more often on these items. Especially when they’re meant to increase the performance or ensure the longer life of the bigger product.

Think about HDMI cables and switchers for TVs, charging cables and power banks as well as cases and protectors for smartphones, and gaming accessories like a mouse, a keyboard, and a good pair of headphones.

If you already sell the big-ticket items, then it’s a wise decision to add the accessories to your online catalog. If you’ve yet to choose what to sell on your online shop and/or you have a limited capital, you should consider selling these kinds of accessories first.

4. Consumables Mean Customers That Keep Coming Back

Consumables mean that you will have a steady customer base and a rather reliable revenue stream. What’s more, when people need to order products from you regularly, it’s much easier to build a loyal customer base.

Think about specialty cooking ingredients (Himalayan pink salt, anyone?), supplies for arts and crafts, and even cosmetics. Just make sure you’re able to deliver each and every time, since you don’t know when your customers will run out of their stock or order in bulk in advance.

Of course, choosing which product to sell is just one part of a thriving online business, since you should also take into consideration the demand, potential competition, and reliable suppliers, among others. However, it’s also undeniable that finding a saleable item is a huge contributor to your business success. Good luck on your journey as an online entrepreneur!

If you're into ecommerce, you might be wondering what product to sell on your online store. Here are 4 great ideas that are sure to make you money and bring you loyal customers: #ecommerce #onlinestore #makemoneyonline #sidehustle