What Is a Digital Entrepreneur? (And How to Become One!) |

What do Doug Neill, owner of Verbal to Visual, who provides courses and memberships for visually impaired learners, Sadie Robertson Huff, owner of Live Original, who has podcasts, an app, and hosts activities for young women who are seeking to develop their religious and spiritual development as well as Ashley Fox, owner of The Wealth Builders Community, that offers memberships to people looking to build wealth all share in common? All of them are digital entrepreneurs.

When the world shifts and evolves, so does entrepreneurship. If you've got an amazing idea, would like to have some flexibility and a free life, becoming a digital entrepreneur might be the right option for you.

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

• What a digital entrepreneur is.        
  
• Types of digital entrepreneurs.        
  
• The perks of being an entrepreneur in the digital space.        
  
• What is the best way to be a digital entrepreneur.        
  

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What exactly is a digital entrepreneur?

A digital entrepreneur is someone who operates their business on the internet. There's no one type of digital entrepreneur. They can range from being an online course creator, or virtual assistant, to becoming an author, blogger, or a podcaster. Digital entrepreneurs are able to sell products like business coaching digital goods like e-books or physical products such as candles. The opportunities are endless.

Digital entrepreneurship typically doesn't require fancy equipment; it's possible that you only require a laptop. It is possible to use social media to build awareness about your company, establish a website, and use email marketing to nurture and develop a relationship with your audience. The best thing about digital entrepreneurship is that you are able to earn the same amount of money that you earn in a traditional business, but without the expense of physical needs like a storefront.

    Digital versus traditional entrepreneurship

One thing that separates the digital entrepreneur from traditional entrepreneurs is their location of operation. Traditional entrepreneurs run a physical business -- such as a pop-up shop or storefront shop. There are pros and cons to each.

The most significant benefit for digital entrepreneurs is that they do not require a large amount of capital to begin their businesses (you don't need outside funding for the start-up phase and are able to bootstrap the business) and their expenses are quite affordable. The main challenges of being digital entrepreneurs are

• Your competition is against the entire world (instead of just your geographical area)        
  
• You must be more diligent in building trust and a reputation        
  
• Customers who are interested in purchasing your product can't view your product in person and must rely on reviews.        
  
• Digital entrepreneurs might also have a harder time "turning off" and establishing business time limits for themselves because they can work at any time and anywhere...even their couch, which could lead to exhaustion.        
  

Traditional business owners can utilize digital tools as well, to for example, leverage social media to build awareness about their business. If they own a shopfront and a storefront, they have an advantage with foot visitors -- walking by, spotting the stunning red dress displayed in the window and thinking, "I have to have this !"

Traditional business owners also establish schedules for their business, which means they're less likely to be exhausted. However one of the major disadvantages to being a traditional entrepreneur is that they need more money for the establishment of their own storefront and are more expensive for maintaining their businesses in comparison to those who are digital.

Types of digital entrepreneurs

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. These aren't mutually exclusive examples either; a lot of digital entrepreneurs combine these cases to broaden their offering. These are the most common kinds that digital entrepreneurs can take advantage of.

Community Hosts

We know something or two about building an online social network. One way that digital entrepreneurs can build a community is through their love for what they do. For instance, ArtSnacks Mix built around painting as a hobby and the Outwild Hub is a place for outdoor enthusiasts who want to make the outdoors more a aspect of their lives.

communities are becoming successful digital enterprises We're seeing them scale up to 6 7, 7 and even 8- figures!

Digital entrepreneurs are able to earn cash from their communities by establishing a membership cost to the group. Additionally, they can host live events, create a branded app, and develop a training course to offer exclusively to their group members.

and there's a myriad of various kinds of online communities to choose from. These are a few examples:

• Mastermind group: Members gather to share knowledge and expertise to transform their business or lives.      
  
• The term "group coaching" refers to a community led by a coach that brings members together for the purpose of change (e.g. the holistic wellness Coach ).    
  
• Micro-community: It doesn't take an extensive community in order to have an difference. It's just 30 members or less who are committed to mastering a special topic or interest, goal or passion.    
  
• The Content Community The members come together to create and/or to develop content, and to share their knowledge.      
  
• Online community for brand: This type of community has members-led growth driven by those who love to speak about a brand or product. Consider, for instance, the QuickBooks community. This is a forum to help users of this product to acquire the information they require. Another awesome example of an online brand group is Adriene Mishler (who started Yoga together with Adriene through YouTube). The community she created was designed to help her 10 million+ users get deeper into the practices of Yoga and make connections with fellow followers, so she launched an online community named the Find What Feels Good (FWFG) Kula Community.    
  

Blogger

If you love to write and have something to say it could be a great segue into online entrepreneurship. Once you've found your niche and picked a name for your website (make sure you check our blog name generator) is the time to add value. Bloggers like Seth Godin and Neil Patel offer a wealth of information through sharing marketing tips to their visitors.

Contrary to what many people believe it isn't necessary to have a ton of traffic for your blog in order to earn money. But, you'll need a strategy (because your blog isn't the place where you keep your journal). You also need to be persistent and have patience.

Bloggers earn cash by utilizing a myriad of ways, such as:

• Marketing through affiliates If you mention products on your blog and a user clicks on a company-approved tracking link, you can receive a commission.      
  
• Ads: When you let advertisers from other companies to post ads through your website, you will be the money. Advertisements can be paid by the ad, or via pay-per-view (also known as revenue per mille - RPM ).    
  
• sponsorships In the event that you're gaining enough attention companies may offer to pay you a fee for a sponsored blog post.      
  

Bloggers also make cash by selling courses ebook, book, or other merchandise on their blog.

The methods to create written content change constantly, with some choosing to create posts on places such as Twitter or LinkedIn rather than a conventional blogging platform.

Podcaster

It's never been simpler to create and develop an online podcast! There are a lot of big brands that make money from podcasting, like "Armchair Expert,"" "Call Her Dad,"" "Office Ladies" and "Freakonomics Radio." ."

As you begin by forming a community which is enthusiastic about the work you do, you could still make a profit from your podcast. As with blogging, it's important to identify your area of expertise (not only something that's popular, however something that you are interested in) and have a strong name (use the Podcast Name Generator) Create a plan for releasing new episodes, increasing the audience to engage, as well as arranging guests to speak. Remember growing your fanbase takes some time. Keep your patience and be consistent.

Podcasters can make cash via:

• Paid communities: Subscribers pay for access to premium content such as video clips, Q&As hosted by celebrities, access to earlier to episodes, and private group discussions. Some podcasters monetize with a community by selling subscriptions that are tied.    
  
• Creating courses: If your show has a purpose of education or teaching listeners the latest skills, developing the course can be a fantastic way to earn money from your podcast. Look at Gretchen Rubin, who has a self-development podcast, "Happier with Gretchen Rubin." Her self-improvement courses are self-paced. courses that match the theme of her podcast like "Outer Order, Calming the Inner," Calm," and "30-Day Relationship Challenge ."    
  
• Affiliate marketing: With affiliate marketing, podcasters get a commission every time one of their listeners purchase a service or item that is mentioned in the episode. The commission is calculated by using a discount coupon (members generally receive 10 to 15 percent off of the service or product that gives them an extra incentive to buy ).    
  
• Sponsorships: Do you remember the commercials which pop up when you're listening to podcasts? That's a sponsorship. These differ from affiliate marketing since the sponsor is paid for each time you talk about the name (e.g. the flat cost to talk about them in seven segments) regardless of whether the listeners don't spend one cent for these.    
  
• Live events: Many of podcasts that are popular, such as "Giggly Squad," have built up such a huge fanbase that they've been for live events. If your fan base may not be as huge, you could consider organizing a live show in your area at a restaurant, brewery or even a bookshop.    
  

YouTuber

YouTube is second-largest internet search engine (and is owned by Google-the most powerful), and top YouTubers such as PewDiePie, Markiplier, and Like Nastya earn anywhere from between $28 million and $38 millions each year!

There's plenty of competition on this platform (over 720,000 hours of video posted every single day) The key for building an YouTube following is having a niche that is strong and creating content in that niche. Just like with blogging and podcasting it takes an enormous amount of determination and persistence to grow a following on YouTube.

Here's how YouTubers earn cash :

• Advertisements: To get approved to run ads you have to hit an upper limit of at least 4,000 hours of watching over the past 12 months as well as 1,000 subscribers. The best method is not to earn money, but this is the way YouTubers who have massive followings can earn cash.    
  
• Memberships to channels: Similar to ads, you'll need have more than 1,000 subscribers and be in the YouTube Partner Program. You can then offer member perks like badges, emojis as well as live chats and many more.    
  
• Affiliates YouTubers get a fee each when a viewer buys a product or service featured in a video (affiliate links located in the description of the video).      
  
• merchandise: If you're a well-known brand and you are able to sell merchandise.      
  
• Services to sell: Let's say you're a fitness coach and you want to share fitness tips on your YouTube channel and connect to your fitness-related business.      
  

You can read more about the amount YouTubers earn per ad here .

Consultant

If you're an authority at solving a problem, consulting could be an excellent way to get paid for the work. It is possible to offer your knowledge to companies that require it and post your articles through LinkedIn and YouTube for advertisement. A solid portfolio of testimonials from previous clients and statistics to prove your worth also legitimize you as a consultant. Consultants may work by hourly retainer, or by deliverables, with top consultants charging hundreds of dollars per hour per hour for their services.

Consulting can range from providing the client with information and advice to help clients improve their company. They can help organizations with their sales, marketing, informational technology, emotional intelligence, diversity and integration initiatives, as well as the resolution of conflicts.

The most appealing aspect is that entrepreneurs who use HTML0 can consult from anywhere around the globe.

Subscriptions

Digital entrepreneurs are able to begin an online business for subscriptions and provide subscriptions. The model is similar to an online community but more solitary; users consume content, software, or other products you've developed or licensed. Consider software firms like Dropbox and Zoom, ones delivering the same content as Hulu and Netflix and others with physical items such as HelloFresh and Amazon.com. These companies have built an empire around subscriptions.

Here's how digital marketers can take advantage of subscriptions:

• The business of premium content when people pay each month and get access to content (e.g. videos on fitness) ).    
  
• A monthly product: Some businesses have offered subscriptions for necessities such as soap and razors, to extravagant items such as wine and chocolate.        
  

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

newsletters have being used to boost the business of subscriptions.

E-commerce

The trend of e-commerce isn't just for fads and it's growing exponentially and projected to hit $3.6 trillion by 2024. One of the advantages of e-commerce is that it isn't just for large corporations, it's all-inclusive, for digital entrepreneurs.

There are many platforms that you can sell on, like Amazon and Alibaba and 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 options for what digital entrepreneurs can sell are limitless, from physical products like shoes, mushroom lamps as well as art to digital products such as e-books, printables, apps (which are projected to hit $755.5 billion by 2027) and online learning courses. Digital products are attractive as they're scalable and infinitely adaptable they generate revenue recurring and they can easily be automatized.

Course creator

There's no denying that the popularity of online education has exploded over the past couple of years. With online courses, there's never been a better time for entrepreneurs who are digital to turn their experience and skills into an amazing educational experience that anybody in the world is able to take. Indeed, online courses are so profitable that we saw a podcaster and an author on Mighty selling 5,000 seats for an $997 course within 10 days.

Online courses may cover everything, including 2D animation, to learning to draw. The courses can be recorded (asynchronous learning) or taught in live (synchronous learning) and both are expanded, as teaching live you could teach thousands of people.

Of course, we're not saying that building courses is simple- you need to find a niche, build your course, and then advertise it. Profitable niches are a combination of being relatively popular, where people are enrolling in courses or are prepared to invest money in.

Some of the best lucrative online course niches include B2B and entrepreneurship, fitness marketing, wellness, and fitness.

It is also possible to check out our list of online courses concepts here !

Host a virtual event

One of the great things about a virtual event is the ease of use for the host as well as the participants. There's no need to fret about your venue's capacity, as well as the logistics such as parking or having an alcohol license Participants don't need to think about their travel time or even their attire.

There's plenty of room to have fun at virtual events as long as 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 how to get the most value from the experience attendees will get. The Big Purpose.

The next step is determining the Ideal Member  By making the following questions:

• Where do they come from?        
  
• What is it they are concerned about?        
  
• What are they struggling with?        
  
• What transformation would make them come to life?        
  

One of the disadvantages of online events is that connecting participants can be less seamless than in person. That's why it's important to create opportunities for connections like:

• Breakout spaces        
  
• Group projects or using the whiteboard        
  
• open text questions as well as discussions        
  
• Q&A-session        
  

It is possible to host events at any interval between yearly and several times a month. The sewing community Topstich Makers hosts weekly sew-alongs where participants work together working on projects.

Why become a digital entrepreneur?

The possibilities you have as a digital entrepreneur is endless. However, if you don't offer something worth and valuable, you may be asking what else is in it for you?

Flexibility

Unlike a 9-to-5, being an entrepreneur means you can dictate your timetable. You can work four days per week, if you'd like or even take an extended lunch without asking permission. Being a digital entrepreneur grants you even more freedom than traditional entrepreneurs, because you're not tied to any specific location. Digital entrepreneurs can take advantage to work from any place around the globe and starting from Boston all the way to Bahamas and living the #digitalnomad life.

Scalability

Scaling your business means increasing your customer base and revenues at a higher rate than just increasing its expenses. There's no universal solution in the case of growing your business. It will depend on the state of your company. If you've got an established foundation and you can then create a long-term, sustainable strategy for growth there's no limit to what you can achieve!

Amazon is a prime example of a limitlessly scaling tech company. What started off as bookshops evolved into online marketplace that expanded thanks to the network effectbecoming more valuable with each user. Today, it's worth $1.8 trillion.

If businesses are thinking of scaling, their minds go to the courses. With an estimated value of $62 billion by 2027, there's good reason why this first scalable online product is still an option that is widely used for scalability. Scaling for a coach may mean just offering 1:1 coaching to offering engaging courses.

One idea that entrepreneurs tend not to think of for growing their business is the idea of virtual events. It's the most difficult part of designing and hosting your very first event online. However, once you've got over the hump and have received feedback from participants, you can easily refine your event, and even host more. Also, when your virtual event combines either high value or high entertainment (or both), people are willing to spend money and attend! Select a virtual event platform that lets you build and grow quickly.

Accessibility

In addition to working at any time, but you can be able to connect with any person in the world. In contrast to traditional entrepreneurs, who only has access to people within their geographical region, online companies do not have to be restricted to a specific region.

With a top-notch digital marketing plan it is possible to reach your target audience. Utilize social media in your favor, create blog posts that are in front of your target audience's eyes through search engine optimization (SEO), provide valuable content for your audience as well as use emails to draw many more visitors to your site.

Adaptability

The ability to adjust to market changes is actually beneficial -- keeping your creative juices flowing and exploring new ideas so that you're not bored. If you discover there's less demand for your services You can swiftly adjust the offerings you offer to meet your customer's requirements. As opposed to a big corporation You can quickly alter or modify your products and prices without losing too the time or money.

It's obvious that you don't want to have the syndrome of shiny objects in the world of entrepreneurship (offering the newest and most popular simply because it's trendy), but you do want to listen to what's in demand.

Profitability

We're not saying when you jump into entrepreneurship you'll make $100,000 in the first year of your venture, but since your expenses are low your potential for profits are virtually limitlessCha-ching.

You must perfect your craft, knowing whom you're selling to (having a niche is super useful because it means you're more focused and not selling to everybody) as well as mastering the basics of business while transitioning from an artist to an entrepreneur, and working on your mindset (self-doubt is a method of creeping upon you). Building your digital entrepreneurship in a part-time post could be the ideal route to gain more experience and confidence before diving in head first.

The earning potential for online entrepreneurship is endless but it's people who have the freedom to work that opt for entrepreneurship in the initial in the first. This could mean time spent with friends and family or more travel time, making memories. It could also mean plenty of time for you generally.

What is the best way to be an online entrepreneur

The great thing about entrepreneurship is that it can look slightly distinct for each person based on how they manage their company and how they manage their business, and who the clients they serve. However, when you're first starting out there are some basic steps that everyone must take to become a digital business owner.

1. Lay the foundation

As with building a home, building a business needs an established foundation off of. Each business begins with a concept or idea or an inspirit.

Businesses worldwide like Starbucks began with an idea. Two teachers and a writer pooled their money and resources to start the Seattle-based business of coffee beans and created what's now an extremely famous cafes in the world.

The majority of business ideas stem from a requirement you've faced or an opportunity you spot in the marketplace.

If you're not sure, here's what else to consider:

• Your area of expertise: Take stock of the areas you are knowledgeable about and what that you are knowledgeable about. In the world of Mighty We often witness entrepreneurs who are building successful businesses based on the things they are knowledgeable about. Digital Entrepreneur Ryder Carrol, whose approach to bullet journaling has led to a movement, a course, book and the community around visually organized.    
  
• Your skills: Starting from your strengths is a great way to become a digital entrepreneur. Essentially, you want to be working in your zone of genius and not doing the things that feel really hard to complete (e.g. Don't be an instructor if your coaching skills aren't that great ).    
  
• Passion: Do you know the subjects that you cannot get enough of, or the topics you aren't able to stop discussing? What about the things you do just for fun? All of the things can point to your interests.    
  

Here are some questions you can ask yourself to gain clarity around your digital entrepreneurship venture:

• What do I know about X topic?        
  
• What problems have I successfully solved on my own?        
  
• What problems have I succeeded in solving for others?        
  
• What could I teach anyone who's only beginning?        
  
• What is the reason I would like to be a digital entrepreneur?        
  
• What am I bringing to the to the table? What's my unique perspective?      
  

2. Find the ideal client

There's a saying that goes, "When you sell to all, you're selling to everyone." This is true. It's impossible to be everything to everyone so you have decide whom you'd like to help.

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

The majority of people purchase products and services with a purpose such as to find greater peace within themselves, meet a partner, or just be happier They're seeking a improvement.

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

• Geographic, demographic, and psychographic characteristics.        
  
• Life transitions and states of mind (e.g. new parents, first-time homeowner, parents who are empty nesters, changing careers ).    
  
• Their hopes and dreams.        
  
• Fears, misconceptions, and obstacles to achieving their goals.        
  

Then, go deeper and conduct market research. Whether it's via a questionnaire, group Q&A, or an individual interview. Ask prospective customers these questions in order for a deeper comprehension of their needs:

• What challenges are you facing today with X?        
  
• What are some struggles you've had in accomplishing X independently?        
  
• What solutions or services can you use to solve your problems?        
  
• What other products or services have you tried that didn't solve your issues?        
  

3. Test out your ideas

Once you have an understanding of what your ideal customer is looking for and wants, you can now develop a service or product that is in line with.

If the person you want to target would like to meet an intimate partner, but they have a difficult time gaining confidence and being open about it, brainstorm all the possibilities you can offer them.

These could include:

• An online event for singles looking to mix.        
  
• A course teaching them how to step outside their comfort zone in order to meet new people so they find a companion.        
  
• Matchmaking in 1:1.        
  
• A group coaching program that is designed specifically for single women. Each week is a brand new subject related to loving yourself and finding that perfect match.      
  
• A book about building self-confidence, and how it helps throughout their life, even love.        
  

When you've had the chance to come to as numerous ideas as you can, you're now ready to try the ideas on your potential customer. Check out what they think is intriguing and interesting, as well as those they're not thrilled with.

Check out our Business Name Generator to design an unbeatable business name.

4. Find out the requirements of your business

It's not necessary to go into too much of the details however, just as traditional businesses, online entrepreneurs have to follow the rules and rules of business ownership.

In general, you should be aware of how you can make sales and collect the appropriate taxes and report to the government. You'll also need to sort out proper invoicing and claiming taxes at year-end. Ask other digital entrepreneurs about their method of invoicing (which software they use) as well as use accounting software or an accountant to help with taxes.

5. Make sure marketing is working together

Now that you have everything in place now is the time to get your name out there! There's no need for a website (especially when you're selling products) However, it certainly makes you look more legit. There's no debate as to how you can promote your company through social media. It's free, and it's easy to produce content to increase and expand your followers. It's a matter of selecting the best oneschoose in the places where your target audience hangs out the most.

Next, you could establish your email marketing. A way to expand your email list is by making a giveaway (also called the lead magnet) to ensure that in exchange for it you collect email addresses.

Or start a community! We find that a powerful community eliminates the necessity for a traditional sales funnel and transforms into a community-based flywheel company that expands.

Digital entrepreneurs need the correct platform

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

If you're thinking about digital entrepreneurship to create content, a community and/or events, courses and/or business, then build with Mighty! We're a one-stop digital-entrepreneurship platform that allows memberships which lets you livestream, teach live and pre-recorded courses, host discussion forums, as well as live events that allow participants to chat and message with each other.

You can also earn money in 135 currencies, and make payments directly through the platform.