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

What do Doug Neill, owner of Verbal to Visual, who offers memberships and courses for visually impaired learners, Sadie Robertson Huff who is the founder of Live Original, who has an app, podcast, and hosts events for young women seeking to develop their 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? All of them are digital entrepreneurs.

As the world changes and develops, so do the business world. If you have a great idea, would like to have some at your own pace and enjoy a flexible schedule, then becoming a digital entrepreneur might be the perfect choice for you.

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

• What is a digital entrepreneur.        
  
• The types of digital entrepreneurs.        
  
• Benefits of being a digital entrepreneur.        
  
• How to become an entrepreneur in the digital space.        
  

((toc))

What is an online entrepreneur?

Digital entrepreneurs are those who operates their business on the internet. There's no one type of digital entrepreneur. They could be anything from an online course designer or virtual assistant, to becoming an author, blogger, or a podcaster. Digital entrepreneurs may offer products like business coaching electronic products such as e-books as well as physical goods like candles. There are many opportunities.

Being a digital entrepreneur often does not require expensive equipment. it's possible that you only require an laptop. You can use social media to raise awareness about your brand, set up your own website and utilize email marketing to nurture and build a relationship with your target audience. One of the benefits of digital entrepreneurship is that you are able to earn the same amount of money that you have in a company, with no physical requirements like storefronts.

    Digital versus traditional entrepreneurship

The thing that differentiates the digital entrepreneur from a traditional entrepreneur is their location of operation. Traditional entrepreneurs operate as a physically-based business for example, a shopfront or pop-up shop. There are advantages and disadvantages in both.

The biggest upside for the digital entrepreneur is that they do not need a lot of funding to begin their businesses (you don't require external funding to begin and you can start a business without any capital investment the business) and their costs are fairly affordable. Some of the challenges faced by digital entrepreneurs are

• You are competing with the whole world (instead of just your geographical area)        
  
• You must work harder to build trust and a reputation        
  
• The potential customers aren't able to see your product for themselves and have to rely on customer reviews.        
  
• Digital entrepreneurs may be having a difficult time "turning off" and setting business time limits for themselves because they can work at any time and anywhere...even on their couches, which could lead to burning out.        
  

Traditional entrepreneurs may use digital tools as well, to for instance, they can use social media platforms to raise brand awareness for their business. If they have a storefront additionally, they can enjoy an advantage with foot circulation -- passing by, seeing the gorgeous red dress that is at the storefront and thinking, "I have to have this !"

Traditional business owners also establish their own hours of operation, so they are less susceptible to burning out. But of course, the biggest disadvantage to being a traditional business owner is that they need more money to set up their storefront and are more expensive to maintain their business as opposed to digital entrepreneurs.

Types of digital entrepreneurs

You can see that there are many instances of what entrepreneurship in the digital age could look like, particularly as new tools and technologies become available, meaning there are endless possibilities. They're not mutually exclusive either; a lot of digital entrepreneurs mix these examples in order to expand their services. Here are some common types of digital entrepreneurs.

Community Hosts

We know something or two about the creation of an online social network. One of the best ways to build a community is through their passion. Take, for instance, ArtSnacks Mix built around the joy of painting and the Outwild Hub is a community that is for those who love outdoor activities and want to make the outdoors more a aspect of their lives.

Communities are becoming thriving digital businesses and we're witnessing them grow to 6- 7, 7 and even eight figures!

Digital entrepreneurs are able to earn money from their community simply by creating a membership fee to the group. They can also host live events, start an app with their logo, or create a course that they only offer to group members.

and there's a myriad of types of internet communities that you can choose from. Here are some examples:

• Mastermind group: Members meet to share their know-how and help transform their companies or their lives.      
  
• Group coaching: A community led by a coach that gathers members for the purpose of change (e.g. the holistic wellbeing coach ).    
  
• Micro-community: You don't need an extensive community in order to have a significant difference. It only takes 30 people or less that are committed to pursuing a specific subject or interest, goal or even a love.    
  
• The Content Community: Members come together to create and/or to develop content, and then share their experience.      
  
• Online brand community: This type of community experiences member-led growth by people who love to speak about a brand or product. Take, for example, the QuickBooks community, a place that allows users of QuickBooks to gain the knowledge they need. A great example of an online brand community would be Adriene Mishler (who started Yoga together with Adriene via YouTube). She built a community to aid her 10 million+ followers go deeper into the practice of Yoga and to connect with other people and so she created her own community called the Find What Feels Good (FWFG) Kula Community.    
  

Blogger

If you're passionate about writing and are able to write about something you should consider starting a blog. It could be an ideal way to get started in online entrepreneurship. Once you've found your niche and picked a name for your blog (make sure to use our Blog Name Generator) is the time to add value. Bloggers like Seth Godin and Neil Patel provide a lot of value by offering marketing wisdom to their readers.

Contrary to popular opinion it isn't necessary to have tons of traffic in order for your blog in order to earn money. However, you do need a plan (because the blog should not be the place where you keep your journal). Also, you must be persistent and have patience.

Bloggers are able to make money in numerous ways, such as:

• Marketing through affiliates When you promote items on your blog and someone clicks a brand-approved tracking link, you may earn commissions.      
  
• Ads: When you let other businesses to advertise via your site, you are paid. The ads can be paid for per view or per ad (also called revenue per mille - RPM ).    
  
• Sponsorships: When you're gaining enough attention and are able to attract enough attention, companies can offer you a fee in exchange for the right to make an article that is sponsored by them.      
  

Bloggers may also earn income by selling courses ebook, book, or other merchandise through their blogs.

Naturally, the techniques of creating written content change constantly, with some choosing to create posts on places like Twitter or LinkedIn instead of the traditional blog platform.

Podcaster

It's never been more simple to create and develop your podcast! There are so many big brands that make money by podcasting. Some of them include "Armchair Expert," "Call Her Daddy," "Office Ladies," and "Freakonomics Radio ."

As you begin by forming a community which is enthusiastic about your work, you can still earn money from podcasting. Like blogging, it's important to find your niche (not simply something you're famous for, however something that you are passionate about) You should also have a good brand name (use the Podcast Name Generator), and create a plan for releasing new episodes, generating engagement, and lining up the right guest speakers. Keep in mind that growing your audience takes time. Be patient and stay steady.

Podcasters can make cash by:

• Paid communities: Listeners pay access to premium content like video clips, Q&As hosted by special guests, early access to podcasts, and private groups. Certain podcasters earn money through communities by offering subscriptions that are tied.    
  
• Create courses: If your show is educational or teaches listeners how to do something new, creating the course can be a fantastic method to make money off your podcast. Take a look at Gretchen Rubin, who has a self-development podcast, "Happier with Gretchen Rubin." The self-improvement course she offers is self-development courses that match the theme of her podcast like "Outer Order,"Inner Calm," and "30-Day Relationship Challenge." ."    
  
• Affiliate marketing: Through the use of affiliate marketing on podcasts, hosts receive a commission every whenever a person who listens to their podcast purchases a service or product mentioned in an episode. The commission is calculated by using a discount coupon (members generally receive 10 to 15% off the service or product that gives them an extra incentive to buy ).    
  
• Sponsorships: Have you noticed commercial breaks that pop up while you're listening to your podcast? That's a sponsorship. This is different from affiliate marketing since the sponsor is paid for each time you talk about the name (e.g. an amount that is fixed to speak about them over seven shows), even if the listeners don't spend one cent for the brand.    
  
• Live events: A lot of podcasts that are popular, such as "Giggly Squad" have built up so many fans that they've been to live shows. Even if your audience isn't quite as large, think about holding a local live event at a brewery, restaurant, or even a bookstore.    
  

YouTuber

YouTube is the second-largest internet search engine (and owns by Google- the largest), and top YouTube stars 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 this platform (over 720,000 hours of video uploaded each day), the secret for building a YouTube audience is to find a really strong niche and crafting content that fits into that niche. Just like with podcasting and blogging, it requires lots of perseverance and persistence to grow a following on YouTube.

Here's how YouTubers earn money :

• Ads: In order to get approved to run ads you have to hit a minimum target - 4000 hours of watch time during the last twelve months as well as 1,000 subscribers. The best method is not to earn money, but it's how YouTubers with large followings earn money.    
  
• Members of channels: Just like with advertisements, you'll have to be a subscriber of more than 1000 and join the YouTube partnership program. You can then offer member perks like badges, emojis, live chats, and more.    
  
• affiliates YouTubers earn a percentage of every time one of their viewers purchases a service or product mentioned in a video (affiliate hyperlinks are included inside the title of the video).      
  
• Merch: If you're a well-known brand and you are able to sell merchandise.      
  
• Selling services: Let's say you're a fitness coach and you want to share tips to improve your fitness through YouTube and link to your fitness coaching business.      
  

Learn more about the amount YouTubers make per video in this article .

Consultant

If you're an expert at finding a solution, consulting could be an excellent opportunity to earn money from the work. You can lend your expertise to businesses that are in need, creating your content through LinkedIn and YouTube as a type of advertising. having a solid set of reviews from previous clients and statistics which prove your worth will be a good way to establish yourself as a consultant. Consultants can work either on an hourly retainer or through deliverables which can be a lucrative way to earn hundreds of dollars per hour for their time.

Consulting entails offering the client data in order to assist clients in enhancing their business. It can aid organizations in their marketing, sales technological, informational intelligence, diversity and integration strategies, or even reducing conflicts.

The most appealing aspect is that entrepreneurs who use HTML0 can get help from anywhere in the world.

Subscriptions

Digital entrepreneurs are able to begin an online business for subscriptions offering subscriptions. The model is very similar to an online community but more passive; subscribers simply use software, content, or products that you've created or licensed. Think of software companies like Dropbox and Zoom and others that offer content like Hulu and Netflix as well as those that involve physical products like HelloFresh and HelloFresh. They've created businesses around subscription services.

Here's how digital marketers benefit from subscriptions:

• The business of premium content when people pay each month and get access to videos (e.g. fitness videos) ).    
  
• A product that is monthly: A few businesses have provided monthly subscriptions to essentials like soaps and razors. They also offer luxurious items like chocolate and wine.        
  

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

Newsletters are being used to boost the subscription economy.

E-commerce

The trend of e-commerce isn't just for fads; in fact, it's just going to grow and is expected to reach $3.6 trillion worth in 2024. One of the advantages of e-commerce is that it isn't just meant for big corporations. It's accessible to everyone, even digital entrepreneurs.

There are numerous platforms to sell on, like Amazon as well as Alibaba, or if you're a bit more imaginative, try Etsy. There's also Shopify for digital entrepreneurs who want a platform where they can create an online store they manage.

The possibilities for the products the digital entrepreneurs are able to sell is endless, from physical items like footwear, mushrooms lamps, and art, to digital items like printables, e-books, apps (which are projected to hit $755.5 billion by 2027), and online courses. Digital goods are beneficial as they're scalable and infinitely adaptable they generate revenue recurring and they can easily be automated.

Creator of the course

There's no denying that learning online has increased exponentially over the past couple of years. Because of online platforms for courses, there's never been a better time for online entrepreneurs to translate their knowledge and expertise into an awesome learning experience that anyone in the world is able to take. Indeed, online courses can be so lucrative that we witnessed a podcaster as well as an author on Mighty sell 5,000 seats to a $997 course in just 10 days.

Online courses could be on everything, starting from 2D animation to learning to draw. Courses can be pre-recorded (asynchronous learning) or taught in live (synchronous learning) as well as both expanded, as in live teaching it is possible to teach hundreds of students.

Of course, we're not saying that creating an online course is easy- you need to find the right niche, design your course, and then promote it. Successful niches have the advantage with being fairly popular that people are learning about the area, and willing to pay for.

The the most profitable online-based course areas include B2B and entrepreneurship, fitness marketing, wellness, and fitness.

It is also possible to browse our selection of online classes suggestions right here !

Host a virtual party

One of the best things about a virtual event is the ease of use for the host and the participants. It's not necessary to think about your venue's capacity, or the logistics of parking, or obtaining an alcohol license Participants don't need to think about their the time of travel or their clothes.

There's plenty of room for enjoyment with virtual events, provided that you have a compelling message that can inspire and motivate participants to take part. It's about educating people on the as well as the why around the valuable experience participants will receive. The Big Purpose.

The next step is to identify the ideal member , by asking:

• Where are they from?        
  
• What are they concerned about?        
  
• What are they struggling with?        
  
• What would be the transformation that makes them come to life?        
  

One of the disadvantages of online occasions is that connecting people doesn't happen as smoothly as it does in-person. That's why it's important to make connections such as:

• Breakout spaces        
  
• Group projects with the whiteboard        
  
• Questions in Open Text and discussion        
  
• Q&A session        
  

Events can be held at any interval between yearly and several occasions per month. The community of sewing Topstich Makers hosts weekly sew-alongs for people to work simultaneously working on projects.

How do you do you want to be a digital entrepreneur?

Clearly what you can offer as a digital entrepreneur can be endless. Beyond offering something of value and valuable, you may be asking what else you can do for you?

Flexibility

In contrast to a traditional 9-to-5 job, becoming an entrepreneur implies that you can dictate your schedule. You are able to work 4 days per week, if you wish or have a longer lunch, all without asking for permission. Being a digital entrepreneur gives you even more freedom than traditional entrepreneurs since you're not tied to any specific location. Digital entrepreneurs can take advantage of working from anywhere across the globe anywhere all the way from Boston to the Bahamas and living that digital nomad lifestyle.

Scalability

The process of scaling your business involves growing your customer base and revenues at a higher rate than just increasing its expenses. It's not a one-size-fits-all approach when it comes to expanding your business. It is dependent on the current stage of your business. But, when you have an established foundation and build an ongoing, long-term strategy to grow there's no limit to what you can achieve!

Amazon is an example of a scalable and infinitely expanding technology firm. It began as the first bookstore turned into an online marketplace that expanded thanks to the network effect- getting more valuable every time a user joined. Today, it's valued at $1.8 trillion.

When companies think about the possibility of scaling, their thoughts turn to the courses. With an expected value of $62 billion by 2027, there's good reason why this first web-based product that is scalable remains a go-to option for scalability. The process of scaling for coaches can look like going from the only offering of 1:1 coaching to offering engaging courses.

One idea that entrepreneurs tend not to think of for expanding their businesses is virtual events. The hardest part is actually organizing and hosting your initial virtual event. Once you've gotten over that hurdle and you've received feedback from participants and guests, you'll be able to refine it and host even more. Additionally, if your event has high-value or quality entertainment (or both) the attendees are likely to pay and show up! Choose a platform for virtual events which allows you to build and grow effortlessly.

Accessibility

Not only can you work from anywhere, you can also reach anyone from around the world. In contrast to traditional entrepreneurs, which can only connect to those in their geographic region, online companies can be found in any region.

With a top-notch digital marketing plan it is possible to reach your target audience. Use social media to your advantage and create blog content that are in front of your target viewers' eyes via SEO (search engine optimization). (SEO), provide valuable information for your readers, and use the power of email to attract more people to your website.

Adaptability

The ability to adjust to market changes is actually helpful, as it keeps your creativity flowing while testing new techniques so you're never bored. If you discover that there's not enough demand for your service, you can quickly adapt the offerings you offer to meet your customers' needs. Unlike a large corporation You can quickly alter or modify your products and pricing without losing too the time or money.

Obviously, you shouldn't have the syndrome of shiny objects when it comes to entrepreneurship (offering the newest and best only because it's popular) However, you need to know what's in demand.

Profitability

We're not saying the moment you decide to venture into business you'll earn $100k in your first year however, since your costs are low your potential for earnings are essentially limitless -- cha-ching.

It's all about perfecting your skills, knowing who the customers you're trying to sell your products (having an area of expertise is extremely important -- it ensures that you're more focused and not selling to everybody), nailing the fundamentals of business when you transition from a creator to entrepreneur, and working on the way you think (self-doubt has a nasty method of creeping over your). Building your digital entrepreneurship by working part-time and juggling a full-time position might be the best method to build expertise and trust before diving into headfirst.

Although the potential earnings of online entrepreneurship is endless however, it's usually its freedom of time that makes people decide to pursue entrepreneurship in the first location. This could mean time spent with loved ones and relatives, more time traveling and making new memories, as well as more time for yourself all around.

How do you become an entrepreneur in the digital space

One of the great things about being an entrepreneur is that it looks slightly distinct for each person based on how they manage their company and how they manage their business, and even who the clients they serve. But, when starting out there are some typical steps you need to do to become a digital entrepreneur.

1. Install the foundation

As with building a home, creating a company requires an established foundation from. Every company starts by generating an idea, a idea or an inspiration.

global businesses such as Starbucks started from an idea. Two teachers and a writer pooled the money they had saved to launch a Seattle-based coffee bean business and created what's now one of the most well-known coffee houses in the world.

The majority of business ideas originate from a problem you've faced or the gap that you observe on the market.

If you're stuck there's another option to consider:

• Expertise Review what you know and fields that you are knowledgeable about. Here on Mighty, we often see entrepreneurs who are building successful businesses based on the things they are knowledgeable about. Digital businessman Ryder Carrol, whose approach to bullet journaling sparked a movement, a course, book and the community around the visual organizational.    
  
• The skills you have: Beginning with your strengths is a great method to be a successful digital business owner. Essentially, you want to work in your area of genius, not on what you find hard to complete (e.g. don't become an instructor if your coaching capabilities aren't up to par). ).    
  
• Passion: Do you know the subjects that you can't get enough of or topics that you just cannot stop discussing? Are there things that you enjoy doing just to have enjoyment? Every single thing can point to your interests.    
  

Here are some of the questions you could ask yourself to get a better understanding of the digital venture you are considering:

• What can I learn about the X subject?        
  
• What problems I have successfully resolved on my own?        
  
• What are the issues I have successfully solved for others?        
  
• What can I do to help anyone who's only beginning?        
  
• What is the reason I would like to be a digital business owner?        
  
• What can I bring to the table? What's my unique perspective?      
  

2. Find the ideal client

You've probably heard the saying, "When you sell to everyone, you sell to nobody." And it's true. There's no way to possibly sell to everyone so you have determine whom you'd like to help.

Also, you must ask yourself, "What problems will I help them solve?"

People buy products and services with a purpose that is related to greater peace within themselves, meet someone to share their life with, or simply feel better about themselves, they're looking for a change.

What should you consider when you think of how to present HTML0 to your ideal customer:

• Geographic, demographic and psychographic traits.        
  
• Life states and transitions (e.g. newly-weds, a first-time homeowner, parents who are empty nesters, pivoting careers ).    
  
• Their dreams and hopes.        
  
• Misconceptions, fears and obstacles to achieving their targets.        
  

You can go even further and do some market research. Whether it's through a survey and group Q&A or an individual interview. Ask prospective customers these questions in order to get a better knowledge of the things they require:

• What are the challenges you currently confronting in your journey with X?        
  
• What are some struggles that you've faced in achieving X on your own?        
  
• What solutions or services have helped you with your problems?        
  
• What products or services have you used that didn't aid you in solving your problem?        
  

3. Check out your thoughts

After you've acquired an idea of what your ideal client desires and requires, you can now develop a service or product to match.

If your ideal customer would like to meet the perfect partner for them but have a difficult time gaining confidence and making the decision to go out, brainstorm all the ways you could help them.

This could be:

• An online event for singles to mingle.        
  
• An online course that teaches individuals how to leave their comfort zone to meet new people so they find a new partner.        
  
• A matchmaking service that is 1:1.        
  
• A group coaching program for single women - each week will be a different topic that is about loving yourself and finding your perfect match.      
  
• An ebook all about building self-confidence, and how it will help them to improve their lives in all areas of life, including love.        
  

Once you've come up with as many concepts as you can, you're now ready to try the ideas on your potential clients. Find out which ideas they find interesting versus which ones they're not too thrilled with.

Visit the Business Name Generator for creating an unbeatable business name.

4. Find out the requirements of your business

We'll not go into too much of the details however, just as conventional entrepreneurs, digital entrepreneurs still have to follow the rules and rules of business ownership.

In essence, you must understand how to make sales that are tax-free, as well as collect taxes and then report the results to the government. Additionally, you'll need to work out the proper way to invoice and claim taxes at year-end. You can ask other digital entrepreneurs about their method of invoicing (which software they utilize) and if they use the accounting software, or even an accountant to assist with tax issues.

5. Ensure marketing works together

After you've put everything set up and you're ready to put your name out there! It's not necessary to have websites (especially in the case of selling services) However, it certainly makes your appearance more professional. There's no question as to whether you should market your company through social media. It's cost-free, and simple to make content, that can grow your followers. The trick is choosing the right ones -choose where your ideal customers hang out the most.

Next, you could establish your email marketing. One way to grow your email list is by creating a freebie (also known as a lead magnet) so that in exchange in exchange you will collect email addresses.

Or start a community! We find that a powerful community eliminates the necessity to use a sales funnel, and instead becomes a community-based flywheel company that grows itself.

Digital entrepreneurs need the correct platform

Digital Entrepreneurship is a vast field and we'd like you to get inspired to study this ever-expanding field.

If you're thinking about using digital technology to develop communities, content, courses, events, or commerce, get started with Mighty! It's a complete digital entrepreneurship platform that lets you livestream, teach live and pre-recorded classes, host discussions, and live events in which participants are able to chat and message with each and each other.

Additionally, you can make money from 135 currencies and collect payments right on the website.