What is a digital entrepreneur? (And How to Become One!) |

What are the experiences of Doug Neill, owner of Verbal to Visual, who offers courses and memberships to students who are visual; Sadie Robertson Huff, owner of Live Original, who has an app, a podcast, and hosts activities for young women who are who are seeking greater faith and personal growth and Ashley Fox, owner of The Wealth Builders Community, who offers memberships to those seeking to increase their wealth. What do they are in the same boat? They are all digital entrepreneurs.

As the world changes and changes, so too is entrepreneurship. If you've got a brilliant idea, would like to have some flexibility and a free life, becoming a digital entrepreneur might be a good choice for you.

This is what we'll be covering within this piece:

• What exactly a digital entrepreneur.        
  
• Digital entrepreneurs in various types.        
  
• The perks of being a digital entrepreneur.        
  
• What is the best way to be a digital entrepreneur.        
  

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What exactly is an entrepreneur in the digital space?

Digital entrepreneurs are people who operates their business on the internet. There's no standard for digital entrepreneur. They can range from being an online course creator, or virtual assistant, to becoming a blog or podcaster. Digital entrepreneurs may offer services such as business coaching, digital products like e-books, as well as physical goods such as candles. The opportunities are endless.

Being a digital entrepreneur often does not require expensive equipment. you might only need an laptop. It is possible to use social media to increase awareness of your business, create a website, and use emails to build and establish a connection with your target audience. And the best part of digital business is that you can earn the money you'd have in a company, without the overhead of physical requirements like storefronts.

    Digital versus traditional entrepreneurship

What separates an entrepreneur who is digital from a traditional entrepreneur is their location of operation. Traditional entrepreneurs run as a physically-based business for example, a shopfront or pop-up shop. There are benefits and drawbacks to both.

The most significant benefit for the digital entrepreneur is that they do not need a lot of funding to start their business (you don't need outside funding to begin and you can start a business without any capital investment your business) as well as their expenditures are fairly affordable. The challenges to being an entrepreneur in the digital space are:

• You are competing with the whole world (instead of your geographic area)        
  
• You need to be more diligent in building credibility and trust        
  
• Potential customers can't see your product for themselves and have to rely on customer reviews.        
  
• Digital entrepreneurs may find it difficult "turning off" or establishing working time limits for themselves because they are able to work from anytime and anywhere...even on their couches, which can lead to burning out.        
  

Traditional entrepreneurs can use digital tools as well, to for instance, they can use social media in order to increase awareness about their business. If they've got a physical storefront and a storefront, they have the benefit of pedestrian traffic -- someone passing by, seeing that amazing red dress in the window and thinking, "I have to have the !"

Traditional entrepreneurs also have set business hours so may be less likely to be exhausted. But of course the main disadvantage of being a traditional business owner is the fact that they will require more capital to establish their shopfront and are more expensive to maintain their business as opposed to those who are digital.

Digital entrepreneurs of various types

As you can imagine, there are many instances of what entrepreneurship in the digital age might look like. This is especially true as new tools and technologies come out, which means the possibilities are endless. There aren't any mutually exclusive examples also; lots of digital entrepreneurs combine these cases to diversify their offerings. These are the most common kinds of digital entrepreneurs.

Community Hosts

We're aware of the basics of building an online community. One great way digital entrepreneurs can build communities is through their love for what they do. Take, for instance, ArtSnacks Mix built around painting as a hobby, or the Outwild Hub is a community that is for those who love outdoor activities and want to make nature more a aspect of their life.

communities are becoming successful digital enterprises and we're experiencing them expand to 6, 7-, and even eight figures!

Digital entrepreneurs are able to earn money from their community simply by establishing a membership cost to the members of the community. Additionally, they can host live events, create an app with their logo, or develop a training course to only offer to community members.

There are tons of types of internet communities to choose from. Below are a few of them:

• Mastermind groups: Members gather to share knowledge and expertise to transform their business or lives.      
  
• Group coaching is a group run by a coach connects the members to achieve an experience of transformation (e.g. holistic wellbeing Coach ).    
  
• Micro-community: You don't need an extensive community in order to have a big difference. It's just 30 members or less who are committed to mastering a special topic or interest, goal or even a love.    
  
• Community of Content: The members come together to create and/or to make content and to share their knowledge.      
  
• Community for brands online A community that is online experiences member-led growth by people who are excited to talk about a brand or product. Consider, for instance, the QuickBooks community. This is a forum to help users of QuickBooks to gain the information they require. A great illustration of a brand's online community is Adriene Mishler (who started Yoga together with Adriene via YouTube). The community she created was designed to help her 10 million+ users get deeper into the yoga practice Yoga and connect with others, so she launched her own community called the Find What Feels Good (FWFG) Kula Community.    
  

Blogger

If you're a writer and are able to write about something it could be an ideal way to get started in digital entrepreneurship. When you've found the right niche and chosen a name for the blog (make sure to use our Blog Name Generator) is the time to add the value. Bloggers such as Seth Godin and Neil Patel offer a wealth of information through sharing marketing tips to their visitors.

Contrary to popular opinion there is no need for tons of traffic in order to monetize your blog. However, you do need some sort of strategy (because your blog isn't just a diary). Also, you must remain persistent and be patient.

Bloggers earn money by utilizing a myriad of ways, like:

• affiliate marketing When you mention the products you sell on your blog, and someone clicks a brand-approved tracker link, you could earn commissions.      
  
• Advertisements: If you permit advertisers from other companies to post ads on your blog, you are paid. Ads can be paid per ad or pay-per-view (also called the revenue per mille, also known as RPM. ).    
  
• Promotions If you're gaining enough attention and are able to attract enough attention, companies can give you a payment to make the content for their blog.      
  

Bloggers also make cash by selling courses and e-books or selling merchandise on their blog.

Of course, the methods for writing content is constantly evolving with some opting to publish content on platforms such as Twitter or LinkedIn instead of the traditional blogging platform.

Podcaster

It's never been easier to start and grow an online podcast! There are a lot of big names out there making bank by podcasting. Some of them include "Armchair Expert,"" "Call Her Daddy,"" "Office Ladies," and "Freakonomics Radio." ."

As you begin in building a fan base that appreciates your work, you may still make a profit from your podcast. Similar to blogging, it's important to identify your area of expertise (not just something popular however something that you are interested in) You should also have a good title (use our Podcast Name Generator) Create plans for the release of new episodes, increasing participation, and finding the right guest speakers. Remember growing your fanbase is a process that takes some time. Stay patient and steady.

Podcasters are able to earn cash through:

• Paid communities: Subscribers pay for access to premium content like video clips, Q&As hosted by special guests, early access to podcasts, and private group discussions. Podcasters can earn revenue through communities by offering subscriptions that are tied.    
  
• Create courses: If your podcast is educational or teaches listeners the latest skills, developing the course can be a fantastic method to make money off your show. Just look at Gretchen Rubin, who has self-development and personal development podcasts, "Happier with Gretchen Rubin." The self-improvement course she offers is self-development programs that align with the theme of her podcast like "Outer Order, Calming the Inner," Calm," and "30-Day relationship challenge." ."    
  
• Affiliate marketing: Through affiliate marketing, podcasters get a commission every time one of their listeners buys a product or service mentioned in an episode. This is tracked by using a discount coupon (members are usually offered 10-15% off the service or product, which gives them more incentive to buy ).    
  
• Sponsorships: Do you remember the commercials that pop up while you're listening to your podcast? This is a form of sponsorship. They differ from affiliate marketing because you are paid only to refer to the company's name (e.g. an amount that is fixed to speak about them in seven segments) regardless of whether your listeners never spend one cent for these.    
  
• Live events: Many of the most popular podcasts, such as "Giggly Squad" have accumulated so many fans that they go to live shows. Even if your following may not be as huge, you could consider hosting a local live event at a restaurant, brewery or even a bookshop.    
  

YouTuber

YouTube is second largest search engine in the world (and owns by Google-the biggest) Top YouTubers such as PewDiePie, Markiplier, and Like Nastya earn anywhere from $28 million to $38 million each year!

Although there's an abundance of competition on YouTube (over 720,000 hours of video uploaded every day), the secret for building a YouTube audience is to find a niche that is strong and producing content within this niche. Like blogging and podcasting it takes a lot of grit and persistence to grow a following on YouTube.

Here's how YouTubers earn income :

• Ads: In order to be approved for ads, you need to meet an upper limit of 4,000 watch hours over the past 12 months, and 1,000 subscribers. The best method is not to earn money, but it is how YouTubers with huge followings make cash.    
  
• Channel memberships: Like with ads, you'll need get more than 1,000 subscribers and be in the YouTube partnership program. You can then offer member advantages such as badges, stickers and live chats more.    
  
• Affiliates: YouTubers earn a percentage of every time one of their viewers buys a product or service mentioned in a video (affiliate affiliate links are listed inside the title of the video).      
  
• merchandise: If you are able to establish a brand that is well-known, you can sell merch.      
  
• Services to sell: Let's say you're a fitness coach You could share your tips for fitness on your YouTube channel, and then connect it with your fitness coaching business.      
  

Read more details about the amount YouTubers earn per view here .

Consultant

If you're an authority at the field, then consulting could be an excellent method of earning money for it. Your expertise can be offered to companies that require it by putting your work on LinkedIn as well as YouTube for marketing. A solid portfolio of testimonials from former clients and figures that show your value will make you a credible consultant. Consultants are able to work as an hourly retainer or on deliverables basis and top consultants can charge thousands of dollars to cover their expenses.

Consulting entails giving the client information in order to assist clients in enhancing their organization. They can help organizations with their marketing, sales, informational technology, emotional intelligence, diversity and inclusive efforts, and even with mitigating conflicts.

The greatest benefit is that digital entrepreneurs are able to seek advice from anyplace in the world.

Subscriptions

Digital entrepreneurs may start an online subscription business and offer subscriptions. The model is very similar to an online community but more passive; subscribers simply access content, software or products that you've created or licensed. Imagine software companies such as Dropbox and Zoom, ones delivering content like Hulu and Netflix and others with physical items like HelloFresh and Amazon.com. These companies have built businesses around subscription services.

This is how online marketers benefit from subscriptions:

• Premium content businesses Paying customers every month for access to content (e.g. fitness videos ).    
  
• A subscription that runs monthly Some businesses have offered monthly subscriptions to essentials like razors and soaps to extravagant items such as chocolate and wine.        
  

The great news is that it can be an ongoing revenue stream if you are able to get your business's idea of repeating be successful.

Newsletters have also growing to be a major part of the subscription economy.

E-commerce

The trend of e-commerce isn't just for fads It's only going to get bigger and expected to surpass $3.6 trillion by 2024. One of the advantages of e-commerce is that it's not only meant for big corporations. It's all-inclusive, for entrepreneurs in the digital space.

There are a variety of platforms you can sell on, like Amazon and Alibaba, or if you're a bit more imaginative, try Etsy. You can also use Shopify for digital entrepreneurs seeking a platform through which they can build their own online store.

The options for what online entrepreneurs sell are endless, from physical items such as shoes, lamps for mushrooms as well as art to digital items including e-books, printed materials and apps (which will reach $755.5 billion by 2027) as well as online classes. Digital goods are beneficial because they're endlessly scalable, generate recurring revenue, and they can easily be automated.

Creator of the course

It's not a secret that learning online has increased exponentially in the past few years. With online courses, there's never been a better time for digital entrepreneurs to transform their experience and skills into an amazing learning experience that anyone in the world is able to take. In fact, courses can be so lucrative that we watched a blogger and an author on Mighty sell 5,000 seats to a $997 course in just 10 days.

The online courses you offer can be about practically everything, including 2D animation to learning to draw. The courses can be recorded (asynchronous learning) or live-taught (synchronous learning) and both can be scaled, because even when you teach live you could teach many thousands of learners.

Of course, we're not suggesting that creating an online course is easyit's important to identify the right niche, design your course, then promote it. The most profitable niches consist of being popular and that people are learning about, and are willing to invest money in.

A few of the the most profitable online courses are B2B as well as fitness, entrepreneurship marketing, wellness, and fitness.

It is also possible to browse our selection of online course ideas here !

Host a virtual party

One of the best things about a virtual event is its convenience for the host as well as the participants. You don't have to worry about a building's capacity or logistics like parking or having an alcohol license, and participants don't have to be concerned with travel time or even their attire.

There's plenty of room to have fun at virtual events, provided that you have a compelling message that is able to motivate and inspire people to attend. It's about educating people on the as well as the why around the valuable experience guests will gain. This is known as the Big Purpose.

Next is about identifying the ideal member , by asking:

• Where do they come from?        
  
• What do they care about?        
  
• What are they struggling with?        
  
• What kind of transformation could make them come to life?        
  

The drawback of virtual gatherings is that the connection between participants doesn't happen as smoothly as it does in-person. That's why it's important to provide opportunities for connecting like:

• Breakout rooms        
  
• Group projects, or by making use of the whiteboard        
  
• Questions in Open Text and discussion        
  
• Q&A session        
  

You can host events in any time between yearly and several occasions per month. The sewing community Topstich Makers hosts weekly sew-alongs where participants work together in a single project.

What is the reason to becoming a digital business enterprise?

The possibilities you have as a digital business owner is endless. Beyond offering something of value it is possible to be thinking what else is in it for you?

Flexibility

Unlike a 9-to-5, becoming an entrepreneur implies that you get to dictate your work schedule. You are able to work 4 days per week, if you want or take a longer lunch, all without asking for permission. Being a digital entrepreneur gives the user more flexibility than a traditional entrepreneur since you're not tied to any specific location. Digital entrepreneurs have the flexibility of working anywhere in the world anywhere starting from Boston all the way to Bahamas and living the #digitalnomad life.

Scalability

Scaling your business means expanding your customer base as well as the amount of revenue you earn faster than just increasing its cost. It's not a one-size-fits-all approach for scaling your business, it really depends on the stage of your company. However, if you've got the proper foundation and build an ongoing, long-term strategy for growth The sky is the limit!

Amazon is an illustration of an infinitely scaling technology firm. It began as bookshops evolved into online marketplace software that grew thanks to the network effect- getting more valuable every time a user joined. The market is now valued at $1.8 trillion.

When businesses think of expanding, they turn their attention to courses. With an estimated worth of $62 billion in 2027, there's a good reason that this original web-based product that is scalable remains an option that is widely used for scalability. Coaching could mean going from only providing 1:1 coaching services to offering engaging courses.

One idea that entrepreneurs tend not to think of for growing their business is the idea of virtual events. The most challenging part is designing and hosting your very initial virtual event. However, once you've got over the hump and have received comments from your attendees, you can easily refine your event, and even host more. Plus when your virtual event combines either high value or entertainment (or both), people are willing to pay for and come! Pick a virtual event platform that lets you build and expand easily.

Accessibility

You can not only work from anywhere, you can connect with anyone around the globe. Contrary to traditional entrepreneurs who can only reach those who live in their region, online companies are not confined to one location.

With a top-notch digital marketing strategy will allow you to connect with your intended audience. Make use of social media to your advantage and create blog content that will get the attention of your intended audience's eyes through SEO (search engine optimization). (SEO) and provide relevant information for your readers and make use of emails to draw more people to your website.

Adaptability

Being able to adapt to changing market trends is beneficial -- keeping your imagination flowing, and exploring new ideas so that you're never bored. If you notice that there's not enough demand for your services You can swiftly adjust your offerings to your target market's needs. As opposed to a big corporation it is possible to easily alter or modify your products and pricing without losing the time or money.

Obviously, you don't want to have the syndrome of shiny objects with regards to business (offering the latest and greatest simply because it's trendy) however, you have to be aware of what's in demand.

Profitability

It's not a guarantee that once you start your own business you'll make $100,000 in your first year, but since your expenses are minimal, your possibilities for earnings are essentially limitless -Cha-ching.

The key is to perfect your craft and knowing exactly who the customers you're trying to sell your products (having an area of expertise is extremely valuable -- that way you're more focused and not offering your services to everyone) as well as mastering the fundamentals of business when you transition from being a creative to an entrepreneur, and working on your mental attitude (self-doubt has a nasty method of creeping upon you). Making your digital business in a part-time position might be the best method to build expertise and trust before diving into headfirst.

While the earning potential of digital entrepreneurship is unlimited but it's people who have the freedom to work that choose entrepreneurship in the first place. It could be time with friends and family or more travel time, creating new memories, and the time to yourself in general.

How to become an entrepreneur in the digital space

The great thing about entrepreneurship is that it looks slightly distinct for each person based on the location they operate their business, how they run their business, and who the clients they serve. But, when beginning your journey, there are common steps everyone has to do to become a digital entrepreneur.

1. Set the foundation

Like building a house, the building of a business requires a solid foundation to work on. Every business starts with a concept or vision or an inspiration.

Global businesses like Starbucks began with an idea: two teachers and a writer pooled together their money and resources to start the Seattle-based business of coffee beans and created what's now an extremely famous coffee houses in the world.

Most often, business concepts originate from a problem that you've encountered or from an opportunity you spot in the marketplace.

If you're stuck there's another option to think about:

• Your area of expertise Review the areas you are knowledgeable about and what that you know about. In the world of Mighty We often witness entrepreneurs who are building successful businesses based on things they know about. Digital businessman Ryder Carrol, whose approach to bullet journaling has led to an entire movement, course, book and the community around the visual organizational.    
  
• The skills you have: Beginning with your strengths is a great approach to becoming a digital business owner. In essence, you should be working in your zone of genius and not doing what you find hard to do (e.g. Don't be coach if you're people abilities aren't the greatest). ).    
  
• Your love of life: Are you aware of the subjects that you aren't able to get enough of or topics that you just can't stop talking about? What about the things you just do for pleasure? Each of these activities can point to your interests.    
  

Here are a few questions you could ask yourself to get a better understanding of your venture in digital entrepreneurship:

• What can I learn about X topic?        
  
• What problems I have successfully resolved on my own?        
  
• What are the issues I have successfully solved for others?        
  
• What could I teach someone who is only beginning?        
  
• Why do I want to become a digital entrepreneur?        
  
• What am I bringing to the to the table? What's my unique perspective?      
  

2. Find your perfect customer

There's a saying that goes, "When you sell to everybody, you'll sell to everyone." And it's true. There's no way to possibly sell to everybody, so you need decide whom you'd like to help.

It is also important to consider, "What problems will I aid them with?"

People buy products and services for a reason such as to find more inner peace, find someone to share their life with, or simply feel better about themselves They're seeking a improvement.

This is what you should think about when it comes to your ideal customer:

• Demographic, geographical and psychographic features.        
  
• Life transitions and states of mind (e.g. newly-weds, a first-time homeowner, parents that are no longer in the nest, career pivots that ).    
  
• The hopes and dreams of their children.        
  
• Fears, misconceptions, and obstacles to achieving their targets.        
  

It is possible to go more in depth and conduct some market research, whether it's via a questionnaire, group Q&A, or an individual interview. Ask your potential clients these questions to gain a greater knowledge of the things they require:

• What are the challenges you currently confronting with X?        
  
• What is the biggest challenge you have accomplishing X independently?        
  
• What products or services have helped you with your problems?        
  
• What other products or services have you tried that didn't solve your issues?        
  

3. Check out your thoughts

After you've acquired a better understanding of what the ideal customer wants and needs and wants, you can create a product or service that will meet.

If the person you want to target wants to find an intimate partner, but they aren't sure about putting themselves out there and putting themselves out there, think about all the methods you can help them.

This could be:

• An online event for singles looking to mix.        
  
• The course teaches students how to get out of their comfort zone and meet new people so they meet a potential partner.        
  
• A matchmaking service that is 1:1.        
  
• A group coaching program that is designed specifically for single women - each week is a brand new subject about loving yourself and finding that perfect match.      
  
• A book about confidence building and how it will help them throughout their life, not just love.        
  

When you've had the chance to come in with as many ideas as you can, you're ready to test them on your ideal customer. Check out what they think is interesting versus which ones they're not too thrilled with.

Check out our Business Name Generator to create an unforgettable business name.

4. Figure out business requirements

It's not necessary to go into too much of the details However, like the traditional businesses, online entrepreneurs need to adhere to the laws and guidelines of ownership in a business.

In essence, you must know how to sell that are tax-free, as well as collect taxes and then report the results to the government. Additionally, you'll need to work out proper invoicing and claiming tax deductions at the end of each year. You can ask other digital entrepreneurs about their method of invoicing (which software they use) and use accounting software or accountants to help with taxes.

5. Make sure marketing is working together

Now that you have everything set up, it's time to put your name out there! There's no need for websites (especially when you're selling products) but it definitely makes you look more legit. There's no doubt about how you can promote your company on social media. It's completely free and easy to create content and grow and monetize your followers. It's a matter of picking the most appropriate ones- go the areas where your potential customers hang around the most.

You can then establish your email marketing. Another way to increase your list of email addresses is offering a freebie (also called the lead magnet) for which in return for it you collect email addresses.

Or start a community! The results show that a strong community can eliminate the need to use a sales funnel, and instead becomes a community-based flywheel company that grows itself.

Digital entrepreneurs require the right platform

Digital entrepreneurship is vast however we would like to see you are inspired to investigate this growing field.

If you're thinking about digital entrepreneurship to create the content you want to share, create a community or course, event, and/or commerce, come build with Mighty! It's a complete digital entrepreneurship platform that allows you to livestream, conduct live or pre-recorded courses, host discussions, and live events that allow participants to communicate and chat with one other.

It is also possible to monetize in 135 different currencies and accept payments on the platform.