As you make your plan for reinventing your life in a new country while creating a revenue stream to support it, you’ll need to answer big-picture questions, including…
Do you want to:
- Move full-time… or part-time?
- Divide your time among two or more countries… or travel continuously?
- Work full-time… or just four hours a week?
- Live the Digital Nomad life… or build an empire?
You’ll also need to address more practical issues to do with creating a capital budget as well as one for ongoing costs… setting up a bank account… putting in place systems for collecting money and paying bills…
And choosing the workspace that works for you.
Will you work from a home office… or perhaps in a lounge chair poolside of your new residence?
Will you rent space… or maybe invest in an office of your own?
Or will you share space?
Today’s gig economy has spawned a global industry of co-working options.
At last week’s Make Money Overseas Event, global entrepreneurs Adrian Beales and Sam Miller addressed the what-kind-of-workspace-makes-sense-for-you question based on years of personal experience building, managing, and using co-working spaces around the world.
“Working from home can be great,” Adrian explained, “but it doesn’t work for me. Home alone, I’m easily distracted.
“Plus,” Adrian continued, “I appreciate and really benefit from the social aspects of co-sharing workspace. In every country where I’ve worked, I’ve found that the communities I’ve been able to access through shared workspaces have been one of the most important and valuable parts of the experience.
“And, today,” Adrian added, “you can customize your strategy. You could work sometimes from home and sometimes in a shared environment.”
“That’s what suits me best,” Sam interjected.
Sam is a professional vlogger, making videos to help promote real estate investment opportunities across Colombia.
“I spend part of my time touring around the country on my motorcycle, shooting clips for my vlogs,” Sam explained. “Then, back home in Medellín, I work both from my apartment and from a rented desk in a shared workspace.
“When I’m hard-core into editing one of my vlogs, I need complete quiet,” Sam continued.
“But then, when I’m finished one vlogging project and creating a plan for the next one, I appreciate interaction. I want to be among others living the same kind of lifestyle I am. They help me… and I like to think that I help them, too.”
Making The Best Decision
Adrian and Sam laid out four things to consider when thinking through how a shared workspace could make sense as part of your new life making money overseas…
#1: What balance of alone time versus time as part of a community will best support both your moneymaking strategy and your personal approach to work?
#2: Will it be worth investing in office space of your own? If not (the answer is probably no for most digital nomads and expat entrepreneurs), what kind of co-working space would suit you best?
Shared workspaces today offer the options of:
- What’s referred to as a “hot desk,” which means you use any desk available when you show up to work…
- A fixed desk, which is a desk reserved for you so you have the same workspace every time you show up…
- Private office, so you can have your own space but be able to step outside it to interact with your fellow shared-space workers.
#3: Would a membership in a workspace with locations around the world make sense for you… or should you instead pay daily, weekly, monthly, or yearly to use a specific space in the city where you’re based?
#4: How much community are you looking for? Some co-sharing spaces offer events and networking opportunities intended to help you interact with your fellow workers.
Budget, of course, is another factor.
“On average,” Adrian explained, “you can expect to spend the local equivalent of two cups of coffee for a day’s use of a co-workspace.”
A Co-Workspace That Fits You
However, not all co-workspaces are created equal. Adrian and Sam introduced the group to four shared-space options that give a good idea of the choices available:
#1: WeWork, Global
#2: Regus, Global
Regus facilities are in great buildings and great locations. They qualify as affordable high-end.
As part of the Regus network, you have access to extensive global connections and can opt to include (and pay for) admin support… or not.
#3: Selina, Latin America
Selina is a Latin America-specific option and is as much about community and lifestyle as about work productivity. Selina offers the option of on-site accommodation and provides travel and wellness support services.
#4: Hudbud, Bali
Hudbud has been named among the top 10 co-working spaces in the world by Forbes and others. This is one of the highest-end options and, like Selina, offers on-site accommodation. Hudbud also sponsors retreats and special events for members.