Could you run your business from anywhere in the world?

September 27th, 2016

The majority of Australians may agree, being tied to an office for 40 hours a week can sometimes be draining. So most will find it a pleasure to work remotely, whether it's for travel, family or to attend a conference.

It may seem to good to be true, but you could make the switch yourself, creating a more flexible and balanced work life and perhaps even travelling the world. To bring this reality one step closer, let's have a closer look at how Australians feel about remote working, where the best places to work from are and how invoice financing can help make it all possible.

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How do Australians feel about remote work? 

A survey on teleworking by Mccrindle has discovered that over half of Australians would take a pay cut in exchange for greater flexibility in their working arrangements. A further one in 16 Australians would take a significant 20 per cent salary decrease to be able to telework.

It's clear then that Australians value flexibility highly in their working lives, and that's exactly why running your business remotely is such a great idea. If you make the switch to remote work, where in the world is the best city to base yourself?

The best cities in the world for working remotely

According to Nomadlist, a site that aggregates and ranks cities based on specific preferences, the two best cities in the world for remote working are Prague and Bangkok.

In both cities, your cost of living should be considerably lower than in Australia. You'll also have access to fast internet, cheap housing and and plenty places to work remotely from. While these two cities are excellent, there's countless other locations around the world that will be suitable.

However, due to the nature of running a business from overseas you may run into some difficulties.

Over half of Australians would take a pay cut in exchange for greater flexibility in their working arrangements.

The challenges

Perhaps the most limiting aspect of contract work is the fact that you must rely on clients to pay invoices on time. A few late or non-payments could make cash incredibly tight, particularly if you're travelling or living overseas while you work.

In fact, a Dun and Bradstreet Trade Payments Analysis report has revealed that the average payment time for invoices during Q1 2016 was just under 44 days.

Considering that standard invoices generally require payment within 30 days, this statistic indicates you should expect several late payments. If you're going to live your dream of remote working, invoice financing can make sure that you've always got cash in the bank no matter where you are in the world.

With these smart finance solutions in place, remote contract work can be a profitable, fun and freeing experience.

If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].