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The term "digital nomad" describes people who can do their jobs remotely from anywhere in the world. This phenomenon boomed in popularity in the aftermath of the COVID pandemic, and recent reports suggest that up to 17.3% of American workers consider themselves to be digital nomads.
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How digital nomad-ism works
There are many reasons people adopt a digital nomad lifestyle. For some, it is the draw of being able to enjoy foreign travel while still earning a wage. For others, it is to experience new countries and cultures. Some digital nomads are trying to combat the cost of living crisis back home, as foreign countries often offer them a higher-quality lifestyle for a lower price.
Many countries around the world are seeing the benefit of digital nomads. The country the nomad chooses to live in is happy if their visa criteria are fulfilled and they have an extra person spending money and boosting their economy, while their home country is also happy because they are still paying taxes and contributing to their home economy.
Because digital nomads are welcomed in many countries around the world, entering into such an arrangement is reasonably straightforward. Many countries offer digital nomad visas to encourage uptake, and although concerns are growing in several parts of Europe, Latin America and Southeast Asia about the impact digital nomads have on local affordable housing, this trend does not look likely to reverse any time soon.
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How to become a digital nomad
To become a digital nomad, you must be either self employed or employed in a position with total autonomy over how and when the role is performed. The hiring organization must approve your request to work from abroad. In some cases, selecting a country with a similar time zone will make remote working more seamless.
Some countries place restrictions on their digital nomad visas, requiring applicants to meet minimum income requirements, and some are time-bound, limiting the duration that the applicant may remain in the country.
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Franchising for digital nomads
The digital nomad phenomenon should be welcomed by prospective franchisees as many franchise industry sectors lend themselves well to a digitally nomadic lifestyle. Bookkeeping and accounts, educational franchises and business consultancy services are all examples of franchises that can be run from home, wherever home happens to be.
Franchising offers the security of a proven business model and a sound international reputation, helping prospective digital nomads achieve the financial security they need to embark on a digital nomad lifestyle, earning a healthy salary while enjoying the rewards of foreign cultures and travel.
If you intend to join an American franchise but work from abroad, make sure to discuss your intentions with your chosen franchisor and a franchise attorney before finalizing the franchise agreement. Due diligence at this stage will ensure that you won't be in breach of any territory allocations or run into trademark or copyright issues.
