As some of my friends have moved to Eastern Europe and run internet businesses, I’ve learned a thing or two from these successful individuals who know how to leverage the low cost of living in Ukraine while being lifestyle entrepreneurs.

  • Ukraine is the perfect place for online entrepreneurship.

In this day and age, the best place to explore entrepreneurship is online. Indeed, the most successful businesses are internet businesses these days, so if you are keen to join the new rich, you shouldn’t miss out on the golden opportunity on the Internet nowadays.

My best friend Frank is an internet entrepreneur who lives in Ukraine. He is an American guy who was inspired by his mentor’s business model – moving the entire business to an Eastern European country where the cost of living is low and the business expense is even lower. Basically, Frank makes first-world money while living in Ukraine, a country with a low cost of living.

Here’s Frank’s advice:

First and foremost, you must find a very profitable idea. This is especially important if you are looking to start a freelancing business.

In order to help you find your ideal freelancing idea, please answer the following questions:

  • What skills do you have?
  • What do you already pay for?
  • What do your friends and family say you are very good at?
  • What do you do on the weekend?

live in Ukraine

  • How to make sure your internet business actually works while you live in Eastern Europe:

First of all, you must remember your business expense. Indeed, running an online business gives you flexibility and freedom in terms of when and where you work. But this can also be a cost burden as well. You have to factor that in while considering your hourly rate. For instance, you have to use the internet, your own electricity, etc. All of these are your real overhead, so they will influence your bottom line in reality, even if you live in Ukraine.

  • How to make your business work for you so that you can enjoy a beautiful lifestyle in Ukraine:

Remember: passion is not everything.

I know this isn’t something you want to hear, but it’s true. It’s the brutal and hard truth to swallow – but once you do, this will make you a better business owner.

I understand that your passion is paramount. You must start a business around something that excites you every day. However, that won’t help you to decide what idea to choose and pursue, how much money you should charge per hour and how to sell without putting people off.

The real difference between a successful business and a failed business is their business systems. In terms of the most successful and practical internet businesses, there are six options on the market:

  • Online courses, e.g., dating advice, health and fitness programs, etc.
  • Coaching, e.g., Skype consultation and telephone consulting.
  • Affiliate marketing, e.g., you can become Amazon’s affiliate marketer if you have a high-traffic website.
  • Advertising, e.g., if you have a large following on your social media pages, you can run ads.
  • Physical products, e.g., you can start an e-commerce store.
  • Software, e.g., apps.

Remember: What’s simple and obvious to you is a huge pain in the ass for many other people. Once you are fully aware of your skills, strengths and interests, you will be amazed by the fact that other people are willing to pay you for your service. (Skills: the capabilities you already have. Strengths: things you are great at. Interests: things you like or are curious about.)

“Ukraine offers you the perfect lifestyle, so you can do what you want online work-wise.”