Looking for ideas on how to come up with business ideas that can fund your worldly adventures? Your journey has found you in the right place.
For many, the dream of traversing the globe, exploring hidden gems, and immersing in diverse cultures is a vision that ignites passion. It’s a continuous journey of discovery, where each sunrise holds a new promise and every sunset marks a day of unforgettable memories.
However, as enchanting as this dream might be, it comes with a practical challenge: how to sustainably fund these ceaseless adventures. The aim of this post is simply to help you in coming up with potential business ideas that can do just that.
For some reason, a lot of people end up getting stuck in the idea generation phase. If it’s your first business, I’d argue that it’s not important to have the perfect idea. If you simply choose one that’s viable and get started, you’ll be surprised at where it can take you. You can always leverage the success of one business to kick start a new one when you have a clearer vision.
Here are some ideas to help you find your first idea for venture that not only fuels your bank account but also aligns with your passions and strengths.
- The Importance of Remaining Detached
- Start with What You Know
- Identifying Market Gaps
- E-Commerce and Physical Products
- Offer Digital Products or Services
- The Power of Affiliate Marketing and Blogging
- Licensing Ideas or Intellectual Property
- Consultation and Online Coaching
- Embracing Automation for Uninterrupted Travel
- Questions for Coming up with Business Ideas
- What to Do If You Still Can’t Think of an Idea
- Thoughts on Filtering Your Business Ideas
- Iteration and Adaptation
- A Final Word
The Importance of Remaining Detached
It’s essential to perceive your business as a means to an end rather than the end itself. That way you remain detached from the vehicle itself.
Your business is what gives you the freedom to travel the world.
In that sense, it shouldn’t matter if it’s tied to your passion or not. Of course that’s ideal, but it’s a means to an end
Rather than being attached to a single idea or industry, remaining flexible ensures that your entrepreneurial journey aligns seamlessly with your dreams of travel.
Start with What You Know
Everyone has a unique set of skills and knowledge based on their unique experiences and education.
This should be your starting point when considering how to come up with business ideas.
It’s much easier to take your firsthand knowledge or skill set and transform it into profitable venture than it is to come up with a random idea.
It’s not only the quickest route because it cuts down the learning curve, but also helps create an authentic foundation for your venture.
Think about the expertise you’ve gathered over the years and how it might be valuable to others:
- What skills or knowledge do I possess that others often seek advice on?
- In what areas do colleagues or friends consider me an expert?
- Are there hobbies or passions I’ve dedicated significant time to that could be monetized?
Identifying Market Gaps
There are still numerous unsaturated niches waiting to be discovered and capitalized upon. And even if you can’t find one, you can create one.
Some starting points:
- Take a look at Google Trends
- Research competitors
- Read through customer reviews and identity a common complaint
By being a careful observer, you can ensure that the business idea you choose isn’t just novel, but also addresses real-world needs. Remember, a successful business isn’t just about spotting gaps, but filling them in a way that genuinely alleviates a problem or enhances your customer’s life.
- What products or services do I wish existed but currently don’t?
- Which industries seem stagnant and in need of a fresh approach?
- Are there pain points in my own life that, if solved, could be solutions for others?
- What global trends are emerging that have not yet been fully addressed in the market?
- How do different cultures approach a problem, and can this be introduced to new markets?
E-Commerce and Physical Products
Online sales platforms have transformed the retail industry. With giants like Amazon and Shopify leading the charge, entrepreneurs can easily access the global market.
- Dropshipping: Partner with reputable suppliers to deliver products directly to the customer, eliminating the need for inventory.
- Private Labeling: Customize generic products under your own brand, providing exclusivity and boosting brand recognition.
- Branded Products: Differentiate your products through unique marketing strategies and quality to stand out in a crowded market.
Offer Digital Products or Services
By converting your expertise into a digital format, you can reach a wider audience and create a business that funds your travels in the process.
- Creating Online Courses, Ebooks, or Apps: Your knowledge is valuable. Platforms like Udemy and Gumroad have made it easier to package that knowledge into courses, ebooks, or even apps, catering to a global audience hungry for information and skills.
- Subscription Models or Premium Content: Recurring revenue is the holy grail for many businesses. By setting up membership sites or offering premium content, entrepreneurs can ensure a steady income while providing added value to their subscribers.
Related: Scalable Online Business Models
The Power of Affiliate Marketing and Blogging
Blogging isn’t just about sharing stories. It’s a robust business model that, if executed correctly, can yield impressive returns.
Choose a niche that resonates with you. By delivering authentic content and engaging with readers, you can build a loyal following.
You can then monetize with:
- Affiliate Marketing: Recommend products you trust and earn a commission for every sale made through your referral.
- Sponsorships: Partner with brands that align with your values and audience for mutually beneficial promotions.
- Advertisements: Use platforms like AdSense, Ezoic, or Mediavine to display ads and generate revenue based on page views and clicks.
Licensing Ideas or Intellectual Property
Your idea could be the next big thing. By licensing your concepts or creations, you can enjoy the profits without the hassle of production or sales.
If you have a great product, invention or idea, you can consider:
- Turning Ideas into Products for Others to Sell: Protect your intellectual property through patents or trademarks. Once safeguarded, collaborate with companies to bring your idea to market.
- Earning through Royalties: Each sale or use of your licensed idea can earn you a percentage. It’s a way to reap the rewards of your creativity continuously.
Consultation and Online Coaching
Your expertise is a commodity in the digital age, and there’s likely an audience willing to pay for it. This will require establishing authority and being an online creator.
Here are the steps:
- Establish Yourself as an Industry Expert: Showcase your credentials on platforms like LinkedIn and X and join industry forums to position yourself as a thought leader.
- Monetize Your Expertise: Engage 1-1 with clients or larger audiences through platforms like Zoom or Teachable, offering personalized guidance or structured courses for payment.
- Build Out Your Online Presence: Continue to expand your online presence by writing blogs and creating your own platform. On your website, you can start to create more structured offerings like courses or memberships. Or you can expand into the IRL events market.
Embracing Automation for Uninterrupted Travel
The modern world of business offers one significant advantage for aspiring travelers: the power of automation. With the right systems in place, your business can practically run itself, even when you’re halfway around the world exploring uncharted territories.
The goal should be to have your business working for you even when you’re not. Whether you’re at your desk, at the beach or on a plane shouldn’t matter.
By setting up automated systems or processes and ensuring a seamless workflow, you’ll slowly earn yourself more freedom. You can take a step back and work on your business, not just in it. Plus you’ll cut down on human error.
My first business was literally created when I put up an offer and sent our manual emails weekly to the subscribers. With time, I automated things more and more so that the entire operation was run by software minus the customer service. It took two years to get there, but
Here are some key tools for streamlined operations, no matter which niche you’re in:
- E-commerce: Shopify and WooCommerce have built-in automation tools for inventory management, sales tracking, and customer communications.
- Email Marketing: Mailing services like Mailchimp, ActiveCampaign or ConvertKit can automate email campaigns, customer journeys, and responses.
- Social Media: Buffer and Hootsuite schedule posts and analyze engagement metrics across various platforms.
- Financial Management: Software like QuickBooks or FreshBooks can automate invoicing, expense tracking, and even some aspects of tax preparation.
With the above tools and a mindset geared towards automation, your business will not only sustain itself but also grow while you traverse the globe, enjoying your newfound freedom.
Questions for Coming up with Business Ideas
“Write down every single idea you have no matter how big or small.”–Richard Branson
For me, it was process of answering questions just like the ones below. If I dug deep enough, I’d still be able to find my early brainstorming notes filed away in Google Drive or scribbled on the inside covers of books.
A funny thing happened over time. Once I had gone through the process enough times, my mind was trained to automatically see business ideas and opportunities as they came up.
The website that gave me my first bit of success online was a language learning website. When the idea hit, it struck like lightning. It immediately consumed me. I stopped everything else I was working on and got to work building it out.
Without going through the process of brainstorming business ideas and experimenting early on, I am convinced this idea never would have even come to me. I wouldn’t have even known it was option.
Your answers can help point you in the right direction toward the idea you’re meant to be working on. Even if it’s not your be-all-end-all, it can become a stepping stone project that teaches you the skills you need or unlocks your next big idea.
As you go through the questions, the goal is to create a huge list of ideas—the more the better. No filters, put everything down on paper.
- What skills or knowledge do I possess that people would be willing to pay for remotely?
- Can I identify a niche or market that’s underserved, even if it’s unrelated to travel?
- Are there topics or subjects I’m so knowledgeable about that I could teach or consult on them?
- How can I transition my current job skills into a remote or freelance business?
- What unique experiences or challenges have I overcome that I could guide others through?
- Can I offer a product or service that adds value to a specific audience?
- What hobbies or interests do I have that could be monetized through e-commerce or digital products?
- Are there existing business models that I could adapt or put a unique spin on?
- Have I identified common problems in my community or network that I could offer solutions to?
- What’s an achievement I’m most proud of that others might want to replicate?
- Which activities or projects bring me the most joy, and how could they be monetized?
- Can I identify inefficiencies in an industry and create solutions for them?
- How do I spend my leisure time and can any of those activities be turned into income streams?
- What advice or expertise do my friends and family often seek from me?
- How can I merge two seemingly unrelated niches to create a unique product or service?
- How could I help others achieve their goals or aspirations?
- Can I identify luxury services and create more affordable versions?
- How can I adapt successful strategies from one industry to another?
- How can my knowledge or experiences be used to inspire or educate others?
- Where can I interact with potential customers or clients to better understand their needs?
- Where online can I find discussions or forums that hint at business opportunities?
- How could I offer a service that is both valuable and scalable, allowing for growth?
- What are current trends, and how can I leverage them in a business venture?
- How can I ensure my business adapts to changing market needs or trends?
- Are there businesses I admire, and how could I emulate their success in my own way?
- Where do I tend to invest my money, and can those areas hint at potential business avenues?
- How do I prioritize my time and energy, and what does it indicate about my strengths or interests?
- What were my childhood passions, and can they be revived in a modern context?
- Which digital platforms, blogs, or influencers resonate with me, and why?
- Can I envision a business model that requires minimal daily input but generates consistent revenue?
What to Do If You Still Can’t Think of an Idea
If you still can’t think of an idea you’re in love with, think about where you’re at in your life right now and what process you’re going through.
You might ask yourself:
- What am I currently working on that I could document?
- What process am I going through right now?
- What am I reading or watching a lot of these days?
- What am I learning?
As you document the processes you go through, you start to connect with others. These connections can often open up new doors. In this way, your “idea” doesn’t even need to be discovered. It just transpires.
In his book Show Your Work!, Austin Kleon discusses how to become an online documentarian of what you do. He recommends taking one thing from the process of your work each day, documenting it and then sharing it.
This “daily dispatch” can come in the form of a blog, email, tweet, YouTube video, podcast, Instagram post, or any other form of media.
Some things you might share:
- Books you’re reading
- Works in progress
- Notebook scribblings
- Scraps from your work
- Final product
The idea is just to be documenting and experimenting, putting stuff out there to see what resonates with others and learning through a process of trial and error.
Thoughts on Filtering Your Business Ideas
Coming up with that perfect business idea may tough, but there are ways to make the process easier.
After you’ve written down as many ideas as you can possible think of, filter your list of potential ideas based on your criteria. There might be some gems hiding among those seemingly ridiculous initial thoughts.
The following is a list of potential filters you might wish to apply to your ideas after you’ve brainstormed all possibilities.
If your goal is to work from anywhere, you’ll want to filter out any ideas that refine you to one location. Can this business idea be worked from your laptop?
Competition in your market or adjacent markets is a good sign—it’s confirmation that there’s money to be made. Are there others already making money from similar ideas?
Is your idea connected to a growing market? A simple way to test this is to enter related keywords into Google Trends.
If you built out this idea, could you later sell it? If the business is under your own personal name, the chances are highly unlikely.
Can this business idea be scaled? Would it allow you to get leverage and see incremental returns over time? Could you later remove yourself from the picture?
Is this an idea you’re passionate about (or are the potential returns enough to make you passionate)?
- Reachable Customers
Do you have access to potential customers, or would you cheaply and easily be able to reach them?
Iteration and Adaptation
Traveling the world isn’t just about seeing new places, it’s about experiencing the ever-evolving dynamism of cultures, economies, and human interactions. In much the same way, the world of business is in a constant state of flux.
To ensure longevity and continued financial flow, your business must have the flexibility to evolve in response to the changing market.
It’s important not to be tied rigidly down to a singular approach.
Importance of Being Adaptable to Changing Travel Trends and Markets
The landscapes of popular destinations can change overnight—political upheavals, natural disasters, economic shifts, or even global pandemics can transform the world of travel in unforeseen ways. This volatility requires a business mindset that’s not rigidly tied down to a singular approach. By staying updated with global news, travel advisories, and market analyses, one can preemptively adapt their business strategy, ensuring it remains relevant and lucrative.
Pivoting Business Ideas Based on Real-world Feedback and Experiences
One of the greatest teachers any businessperson can have is real-world experience. Feedback, both positive and negative, is invaluable. As you travel, firsthand encounters with diverse clientele, unexpected challenges, and new inspirations can offer insights into how your business might be improved. Perhaps a product resonates more with a demographic you hadn’t considered, or a service you offer could be tweaked to cater to a larger market. Recognizing these signs and being open to change is crucial. Pivoting doesn’t signify the failure of an original idea but showcases the maturity and resilience of a business that’s in it for the long haul.
In the end, the journey of an entrepreneur is much like that of a traveler. Both paths are laden with unexpected turns, both present unforeseen challenges, but both, when approached with openness and adaptability, can lead to rewards beyond imagination.
A Final Word
We hope you’ve gotten lots of insights into how to come up with business ideas that can back your digital nomad adventures.
Traveling the world is a dream many have, but finances are often what hold the reality back. Create sustainable business that doesn’t require your constant presence and you’ve unlocked your freedom.
Whether rooted in personal passions, digital realms, or simple observations, there are a entrepreneurial opportunities out there.
Remember, the best ideas are only valuable if acted upon.
As you ponder over these business ideas, know that your next venture, one that fuels your global explorations, is just around the corner. Embrace it and let the journey begin.
Got any tips on how to come up with business ideas? Comment below and share them with other visitors!