Start a New Business Just Like The Digital Nomads
Kish Vasnani, a 35-year-old sales agent was fired from the sales job of selling software for the second time in a row. He spoke about how he was working for a software company which was venture-backed and explained that if that very year was a slow year and you don’t end up finishing your targets, the company would fire you. He was very unhappy with such short-sighted organisations.
At this stage, he had two options. The first one was to go back to a similar job which was nothing less than a pressure-cooker. The second option with him was to start something of his own. He was more inclined towards the latter option. He started a business with his partner who was his wife, Vanessa Jeswani. Mrs Vanessa had already ditched her 9-5 marketing job to start an E-commerce business. She started off her business from her tiny apartment in New York City. Side by Side, she was a freelancer for digital marketing which helped her paying the rest of the bills. Vasnani’s theory was clear; she did not want to work under anybody.
Today the commerce business of the couple has emerged into a brand which is known for selling travel bags online. The business on an average generated a whopping revenue of $1.5 million annually and is making sufficient profits. Both Vasnani and Vaneesa love travelling and to embrace their soft corner for travelling, the couple is continuing their business from the location-independent business from Bali. The couple has planned to stay in Bali for a year and explore the place.
The concept of ‘Solo Entrepreneur’ is trending and has grown to a million dollars. The Nonemployer firms are those which are staffed by the owner itself. Such businesses require low-cost technology which makes it very convenient for an average person to start up a business without putting in much thinking to it. Generally, individuals who are extremely stressed from their job and are looking for work-life balance tend to invest in Nomad Lane. This is the trend, which has been increasing by each passing year. In the year 2017-18, there were 36,984 nonemployer firms which brought in almost $1 million to $2.49 million in that year.
However, the question arises that what are these firms doing to earn $1 million? Is it that easy? As per the recent census, the top industries who have been investing in the following sectors are:
- Professional Services (9,745)
- Construction (4,699)
- Real Estate (3,050)
- Retail (2,976)
- Healthcare & Social Service (2,791)
- Finance (2,781)
Last year, there were about 1.97 million non-employer firms which brought in $100,000 to $249,999. The figures have massively increased compared to the last years.
One Person Business: Loads of Growth Potential
The businesses run by a single person have huge potentials to grow and expand and create an impact on the economy of the country. These businesses have become so significant in the business world, that they have now been included in a number of prestigious studies such as Global Entrepreneurship Monitor, which is published by Babson College. The Non-employer firms have gradually become the focus of a free virtual event: Global Entrepreneurship Week’s GIGcon.
However, nothing can be perfect and green always, and there has to be a flip side to each and everything. As per primary and secondary research done, there were projections that the solo businesses after the effect of AB-5 will see the slow growth. There have been laws to actually prevent any sort of misclassification or place stringent strict limits on solo employees.
The Journey to $1.5 Million in Revenue:
The Nomad Lane’s founders; the power couple gives out the story and secret behind their success:
Self-Motivation is the key: In the society which we live, since the beginning, we have been hearing about how a ‘Stable’ job is all we need. Generation after generation, we have been working for someone else in the hope of always having a secure income. ‘But the thought of having your own business and then actually executing the thought can be intimidating’ which was experienced by Vasnani. No doubt in saying, that initially, the couple was extremely apprehensive and scared. They had no idea and absolutely no direction about how to go about it, since it was the first time, they would start their own venture.
However, having your own business might look all fancy and glitter, but it is not. A lot of efforts and planning goes in the background to actually execute something. The main goal for the couple was to go to bed each night, feeling accomplished, happy and satisfied. To understand the intricate details of their business, they read about 50 books on entrepreneurship. Their goal was simply to learn each and everything about entrepreneurship and understand how the entrepreneurs associate with brands.
Know when to trade your master idea: The couple believed, that the idea for a business should always be backed by interest and instances. Since they loved travelling, they placed their confidence in travel products. Initially, the couple had to liquidate 401K. They had also estimated that this amount would recover in 12-15 months. During this time, the couple also started developing a brand-new product: Bento Bag which is a unisex tote specially made for all the frequent fliers out there. It gives a new definition to packing in an organised way.
Both had their stats and data in place regarding the frequency of travelling by the individuals. They eventually hired a freelance platform ‘UpWork’ for $400 and created a solid blueprint which was known as Tech Park for the use of Bento Bags.
Their business has maintained a strong cash flow, and both of them are now planning to expand their business even further. They do have plans to create job opportunities and are on a ‘NO GIVE UP MISSION’.