How Close Are We to the Age of the Nomad CEO?
Not only can workers do their jobs from home, but it is now possible to run an entire company remotely.
Just under 5 million Americans already consider themselves to be digital nomads, but over a quarter of traditional workers say they might become one within the next three years. If this is correct, then digital nomadism is set to become a mainstream and widespread sector of employment. While most business has taken place in the office, recent advances in technology allows the same work to be completed from anywhere with an internet connection. In short, we could be entering an age of the nomadic CEO: millionaires working from yachts and employing staff without any central headquarters.
How Mainstream is Digital Nomadism?
So 4.8 million Americans currently describe themselves as digital nomads; a drop in the ocean of a labor force totaling 160 million. However, 70% of employees globally work remotely at least once a week. That’s over two thirds who have the potential to be nomadic workers. This is an increase of over 115% since 2005.
While not everyone wants to travel full time, the point is that it is increasingly possible to do so. Digital nomads are often freelancers, working for several clients at a time. This means that they are essentially running their own business, without having a company office.
The Benefits of a Remote Workforce
If you choose to set up a remotely run business, then you have access to a huge sea of highly skilled and passionate workers. You are not limited to people who live within a commutable distance of the office. Moreover, becoming a digital nomad takes real dedication. Whether you employ full time nomads or those looking for a side hustle to their day job, you will attract the best and the brightest. With the potential to use services like Slack and Trello for virtual collaboration, the office will hardly be missed. By cutting out commuting and office politics, your workforce can be 100% focused on the task at hand.
Jack Mann: Millionaire Vanlifer
You may be wondering if there is any significant money to be made in an entirely remote business model. Jack Mann, Shark Tank success story and CEO of Vibes, which produces a new kind of earplug, is a full time vanlifer. He lives with his girlfriend in a Mercedes Sprint and clocked up 15,000 miles across 11 US states within a year of hitting the road. Despite long term travel, Jack found that this lifestyle gave him a productivity boost. To date, he has sold more than $2 million worth of earplugs.
The benefits of being a digital nomad CEO are almost too many to name. Forget about the community and fancy suits, but focus all your energy on creating a productive and efficient workforce. With the technology already in place, it is only a matter of time before CEO digital nomadism goes mainstream.