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

What is the story of 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 an app, a podcast, and hosts activities for young women who are looking for deeper spiritual growth and faith; and Ashley Fox, owner of The Wealth Builders Community, which offers memberships for those seeking to increase their wealth. What do they share in common? They are all digital entrepreneurs.

The world is constantly changing and evolves, so is entrepreneurship. If you've got a brilliant idea, want some time freedom and appreciate a flexible lifestyle, being an entrepreneur who is digital might be the right fit for you.

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

• What a digital entrepreneur is.        
  
• The types of digital entrepreneurs.        
  
• Benefits of being a digital entrepreneur.        
  
• What is the best way to be a digital entrepreneur.        
  

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What is a digital entrepreneur?

Digital entrepreneurs are those who operates their business on the internet. There is no specific type of digital entrepreneur. They can range from being an online course designer or virtual assistant, to becoming a blog or podcaster. Digital entrepreneurs are able to sell services like business coaching, digital products like e-books, or physical products like candles. The opportunities are endless.

Digital entrepreneurship typically doesn't require fancy equipment; it's possible that you only require a laptop. You can use social media to increase awareness of your business, create a website, and use email marketing to nurture and build a relationship with your customers. One of the benefits of digital entrepreneurship is that it could earn as much money as you have in a company, without the expense of physical needs like a storefront.

    Digital versus traditional entrepreneurship

One thing that separates an entrepreneur who is digital from a traditional entrepreneur is their location of operation. Traditional entrepreneurs operate in a physical location like a storefront or pop-up shop. There are pros and cons for each.

The most significant benefit for online entrepreneurs is the fact that they do not require a large amount of capital to begin their businesses (you don't need outside funding to begin and you can start a business without any capital investment your company) and their expenses are fairly low. The main challenges of being a digital entrepreneur are:

• You compete with all the world (instead of your geographic area)        
  
• You must do more to establish confidence and credibility        
  
• The potential customers aren't able to see the product on their own and have to rely on customer reviews.        
  
• Digital entrepreneurs might also have a harder time "turning off" and establishing business times for themselves as they are able to work from anytime and anywhere...even their couch, which can result in burning out.        
  

Traditional entrepreneurs can use digital tools, too. For example, leverage social media to build brand awareness for their business. If they have a storefront additionally, they can enjoy an advantage with foot circulation -- walking by, spotting the gorgeous red dress that is in the window and thinking, "I have to have this !"

Traditional entrepreneur also set their own hours of operation, so they are less likely to be exhausted. However one of the major disadvantages to being a traditional business owner is the fact that they will require more capital to establish their shopfront and are more expensive in order to run their business. This is more as opposed to online entrepreneurs.

Different types of digital entrepreneurs

As you can imagine, there are many instances of what entrepreneurship in the digital age could look like, particularly when new technologies and tools come out, which means that the possibilities are limitless. They're not mutually exclusive as well; many digital entrepreneurs mix these examples to diversify their offerings. Here are some common types of digital entrepreneurs.

Community Hosts

We know something or two about the creation of an online community. One way that to build communities is through their love for what they do. Take, for instance, ArtSnacks Mix built around painting as a hobby and the Outwild Hub. Hub is a community for outdoor enthusiasts who want to make the outdoors more a part of their lives.

Communities are growing into thriving digital businesses -and we're seeing them scale up to 6 7, 7 and even eight figures!

Digital entrepreneurs can earn cash from their communities through the creation of a membership fee for their members of the community. They could also hold live events, start an application with a brand name, and create a course that they provide exclusively to their community members.

There are tons of various kinds of online communities that you can choose from. Here are some examples:

• Mastermind groups: Members come together to share their knowledge and expertise to transform their business or their lives.      
  
• The term "group coaching" refers to a community led by a coach that brings members together for a transformative experience (e.g. holistic wellbeing Coach ).    
  
• Micro-community: It doesn't take a large community to make a big difference. The minimum is 30 individuals or less that are committed to pursuing a specific subject such as interest, goal or passion.    
  
• Content community: Members come together to create and/or to make content and to share their knowledge.      
  
• Online brand community A community that is online experiences member-led growth by people who are enthusiastic to discuss about a brand or product. Consider, for instance, the QuickBooks community. It is a space for people who use QuickBooks to gain the necessary information. A great example of an online brand community is Adriene Mishler (who started Yoga together with Adriene through YouTube). She built a community to assist her more than 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're passionate about writing and you have something interesting to share it could make a good transition into online entrepreneurship. Once you've found your niche and picked a name for your website (make sure to use our Blog Name Generator) it's time to provide value. Bloggers such as Seth Godin and Neil Patel offer a wealth of information in their marketing advice to their readers.

Contrary to what many people believe, you don't need a ton of traffic for your blog in order to earn money. But, you'll need a plan (because your blog isn't just a diary). Also, you must remain persistent and be patient.

Bloggers earn cash in numerous ways, including:

• Marketing through affiliates: If you mention products on your blog when someone clicks on a brand-approved tracker link, you could earn commissions.      
  
• Advertisements: If you permit other businesses to advertise via your site, you are the money. Advertisements can be paid per ad or pay-per-view (also known as revenue per mille or 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 may also earn cash by selling courses, e-books, or merch on their blog.

The methods for writing content is constantly evolving and some people opt to create posts on places such as Twitter or LinkedIn rather than a conventional blog platform.

Podcaster

It's never been simpler to start and grow an online podcast! There are many huge name podcasts that are making money from podcasting, like "Armchair Expert,"" "Call Her Dad,"" "Office Ladies," and "Freakonomics Radio." ."

As you begin with building a community that appreciates the work you do, you could still make a profit from your podcast. As with blogging, you'll want to find your niche (not just something popular but one you're interested in), have a solid name (use our Podcast Name Generator) as well as plans for the release of new episodes, driving participation, and finding guest speakers. Remember growing your fanbase requires some time. Keep your patience and be steady.

Podcasters earn cash via:

• Paid communities: Listeners pay access to premium content like videos, Q&As featuring celebrities, access to earlier to episodes, and private groups. Certain podcasters earn money through communities by offering subscriptions that are tied.    
  
• Making courses: If your podcast is educational or teaches listeners new skills, creating courses is an excellent way to earn money from your podcast. Just 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 show, such as "Outer Order and"Inner Calm," and "30-Day Relationship Challenge ."    
  
• Affiliate marketing: Through Affiliate marketing, the podcasters receive the commission each when a listener purchases a service or product featured in an episode. This is recorded with a coupon code (members are usually offered 10-15 discount on products or services that gives them an extra motivation to purchase ).    
  
• Sponsorships: You know commercial breaks that pop up while you're listening to a podcast? It's a sponsor. These differ from affiliate marketing in that you get paid just to refer to the company's name (e.g. the flat cost to talk about them over seven shows) however, your viewers never pay any money on them.    
  
• Live events: Many of the most popular podcasts, such as "Giggly Squad" have accumulated such a huge fanbase that they've gone on live tours. Even if your audience isn't as big, consider organizing a live show in your area in a pub, restaurant or even a bookshop.    
  

YouTuber

YouTube is the world's second-largest search engine (and is owned by Google-the most powerful), and top YouTubers such as PewDiePie, Markiplier, and Like Nastya earn anywhere from $28 million up to $38 million per year!

While there's a ton of competition available on the platform (over 720,000 hours of video posted every single day), the secret for building an YouTube following is having a really strong niche and creating content in the area of. Similar to the podcasting industry, blogging requires a lot of grit and perseverance to create a following on YouTube.

Here's how YouTubers make money :

• Ads: In order to be approved for ads, you must meet an upper limit of 4,000 watch hours during the last twelve months as well as 1,000 subscribers. This isn't the best way to make money but this is the way YouTubers who have huge followings make 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. Then, you can offer members advantages such as badges, stickers, live chats, and many more.    
  
• affiliates YouTubers receive a commission every when a viewer purchases a service or product mentioned in a video (affiliate affiliate links are listed inside the title of the video).      
  
• Merch: If you are able to establish a brand that is well-known, you can sell merch.      
  
• Services to sell: Let's imagine you're a fitness trainer, you could give fitness tips on your YouTube channel, and then connect it to your fitness-related business.      
  

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

Consultant

When you're an experienced expert when it comes to solving a problem, consulting can be a great method of earning money for the work. You can lend your expertise to organizations that need it and post your articles on LinkedIn as well as YouTube to serve as advertising. A solid portfolio of testimonials from former clients and figures which prove your worth will be a good way to establish yourself as a consultant. Consultants are able to work as an hourly retainer or on deliverables basis which can be a lucrative way to earn thousands of dollars 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 marketing, sales technological, informational Intelligence, Diversity and inclusion efforts, and even with reducing conflicts.

The best part is that digital entrepreneurs can seek advice from anyplace in the world.

Subscriptions

Digital entrepreneurs are able to create an online subscription company and provide subscriptions. The model is similar to the online community, but is more passive; subscribers simply access content, software or products that you've created or licensed. Imagine software companies such as Dropbox and Zoom and others that offer media like Hulu and Netflix, or even ones which use physical goods such as HelloFresh - they've built businesses around subscription services.

Here's how digital marketers are able to profit from subscriptions:

• A premium content business: When people pay every month for access to videos (e.g. videos on fitness) ).    
  
• A monthly product: Certain businesses offer services for basic items like razors and soaps to extravagant items such as chocolate and wine.        
  

The great news is that this is potentially regular revenue, if you get your business's idea of repeating work for you.

newsletters are also being used to boost the economy of subscriptions.

E-commerce

The trend of e-commerce isn't just for fads It's growing exponentially and expected to surpass $3.6 trillion by 2024. One of the advantages of e-commerce is that it's not just intended for corporations of all sizes, but accessible to everyone, even entrepreneurs in the digital space.

There are numerous platforms to sell on such as Amazon and Alibaba If you're a bit more imaginative, try Etsy. You can also use Shopify for digital entrepreneurs who want a platform where they can build their own online store.

The choices for products that digital entrepreneurs can sell are limitless, from physical products such as shoes, lamps for mushrooms as well as art as well as digital goods such as e-books, printables, apps (which will reach $755.5 billion by 2027) and online learning courses. Digital products are advantageous since they are scalable to an infinite extent they generate revenue recurring and they can easily be automated.

Course Creator

The truth is that the popularity of online education has exploded over the past couple of years. Thanks to online course platforms it's now easier than ever for digital entrepreneurs to transform their expertise and knowledge into an awesome learning experience that anyone in the world is able to take. Indeed, online 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 may cover everything including 2D animation, to learning to draw. The courses can be recorded (asynchronous learning) or taught in live (synchronous learning) as well as both expanded, as when you teach live, you can teach to many thousands of learners.

We're certainly not saying that creating an online course is easy- you need to find an area of interest, create your course, and then advertise it. Successful niches have the advantage of being popular and where people are learning about or are prepared to pay for.

Some of the the most profitable online course niches are B2B, entrepreneurship, fitness marketing, wellness, and fitness.

Also, look through our collection of online courses ideas here !

Host a virtual event

One of the greatest benefits about a virtual event is the convenience -- for the host and the attendees. You don't have to worry about your venue's capacity, as well as the logistics such as parking or obtaining an alcohol permit Participants don't need to think about their transportation time, or even clothes.

There's plenty of room for fun with online events, as long as you have a compelling message that is able to motivate and inspire participants to take part. This means describing the why, what, and why around the valuable experience attendees will get. The Big Purpose.

The next step is to identify your Ideal Member  By asking:

• Where are they from?        
  
• What do they care about?        
  
• What do they struggle with?        
  
• What kind of transformation could make them come alive?        
  

The drawback of virtual occasions is that connecting people doesn't happen as smoothly as it does in-person. That's why it's important to create opportunities for connections such as:

• Breakout spaces        
  
• Group projects or making use of the whiteboard        
  
• Questions in Open Text and discussions        
  
• Q&A-session        
  

Events can be held at any interval, from yearly to several occasions per month. The community of sewing Topstich Makers hosts weekly sew-alongs where participants work together working on projects.

How do you become a digital entrepreneur?

The possibilities you have as a digital business owner is endless. However, if you don't offer something worth it is possible to be thinking what else you can do for you?

Flexibility

In contrast to a traditional 9-to-5 job, becoming an entrepreneur implies that you get to dictate your work schedule. It is possible to work for four days per week, if you'd like or even take a longer lunch, all without asking permission. Being a digital entrepreneur grants the user more flexibility than a traditional entrepreneur, because you're not tied to any specific location. Digital entrepreneurs can take advantage of working anywhere in the world and from Boston up to Bahamas and living that"digital nomad" lifestyle.

Scalability

Scaling your business means growing your customer base and the amount of revenue you earn faster than just increasing its expenses. There's no one-size-fits-all in the case of scaling your business, it really depends on the stage of your business. If you've got the right foundation in place and you can then create a long-term, sustainable strategy to grow there's no limit to what you can achieve!

Amazon is a prime illustration of an infinitely scaling tech company. The initial idea was a bookstore transitioned into an online marketplace software that grew with the network effect -growing in value with every user. The market is now valued at $1.8 trillion.

When businesses think of expanding, they turn their attention to courses. With an estimated amount of $62 billion when it comes to 2027, there's a good reason why this first scalable online product is still a go-to option for scalability. Scaling for a coach can look like going from just offering 1:1 coaching to offering engaging courses.

The one thing that business owners tend to overlook when it comes to expanding their businesses is virtual events. The most challenging part is designing and hosting your very initial virtual event. But once you're past that hurdle and you've received comments from your attendees it is easy to improve it and host further. Additionally, if your event is high-value or quality entertainment (or both), people are willing to spend money and attend! Pick a virtual event platform that lets you build and scale quickly.

Accessibility

In addition to working at any time, but you can be able to connect with any person in the globe. In contrast to traditional entrepreneurs, who can only reach those within their geographical zone, online businesses are not confined to one location.

By using a superior digital marketing plan it is possible to reach your intended audience. Use social media to your advantage and create blog content that are in front of your target people's attention through SEO (search engine optimization). (SEO), provide valuable information for your readers as well as use the power of email to attract visitors to your site.

Adaptability

The ability to adjust to the market's changes can be advantageous, keeping your imagination flowing, and testing new techniques so you're never bored. If you notice that there's not enough demand for your services You can swiftly adjust your products to suit your customer's requirements. As opposed to a big corporation You can quickly alter or alter your offerings and prices without losing too many hours and dollars.

It's obvious that you shouldn't have the syndrome of shiny objects when it comes to entrepreneurship (offering the newest and most popular only because it's popular) However, you want to listen to what's in demand.

Profitability

It's not a guarantee that once you start your own business you'll earn $100k in the first year of your venture However, as your expenses are minimal, your possibilities for profits are virtually limitless"cha-ching.

The key is to perfect your skills, knowing who you're selling to (having an area of expertise is extremely useful because it means you're less distracted and aren't offering your services to everyone) as well as mastering the fundamentals of business when you transition from a creator to entrepreneur, and working on your mindset (self-doubt is a tendency to creep up over the you). The idea of starting your digital venture by working part-time and juggling a full-time post could be the ideal route to gain more expertise and trust before diving into the deep end head-first.

Although the potential earnings of entrepreneurial ventures online is unlimitable, it's more often people who have the freedom to work that decide to pursue entrepreneurship in the first place. This could mean time spent with friends and family as well as more time spent traveling, creating new memories, and plenty of time for you in general.

How do you become a digital entrepreneur

One of the great things about being an entrepreneur is that it appears distinct for each person based on the location they operate their business, how they run their business, and even who their clients are. But, when beginning your journey, there are common steps everyone has to follow to be a successful digital business owner.

1. Lay the foundation

As with building a home, building a business needs the foundation of a solid base to build off of. Every business starts by generating an idea, a dream or a strike of inspiration.

global businesses such as Starbucks were born from an idea: two teachers and a journalist pooled their own money to open an Seattle-based coffee shop and created what's now one of the most recognizable coffee houses in the world.

Usually, business ideas stem from a requirement that you've encountered or from the gap that you observe in the marketplace.

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

• Expertise Check out your knowledge and the fields that you know about. Here on Mighty we frequently see business owners who have built successful enterprises around topics they're familiar with. Digital Entrepreneur Ryder Carrol, whose approach to bullet journaling launched the movement, published a publication, courses and the community around the visual organizational.    
  
• The skills you have: Beginning with your strengths is an excellent method to be a successful digital entrepreneurial. You should be working in your zone of genius, not on the things that feel really difficult to accomplish (e.g. Don't be a coach if your people skills aren't that great ).    
  
• Passion: Do you know topics you simply aren't able to get enough of or subjects you simply cannot stop discussing? Do you have any hobbies that you enjoy doing just to have fun? Every single thing will point towards your passions.    
  

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

• What do I know about this topic?        
  
• What difficulties have I solved successfully by myself?        
  
• What problems have I been able to solve for other people?        
  
• What could I teach someone who is just beginning to learn?        
  
• What is the reason I would like to be a digital entrepreneur?        
  
• What do I bring to the table? What's my unique perspective?      
  

2. Find the ideal client

It's likely that you've heard of the phrase, "When you sell to everyone, you sell to no one." This is true. You can't possibly be everything to everyone so you have determine whom you'd like to help.

It is also important to ask yourself, "What problems will I help them solve?"

Customers purchase goods or services due to a motive such as to find more inner peace, find an ideal partner or feel better about themselves They're seeking a transformation.

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

• Demographic, geographical, and psychographic characteristics.        
  
• Transitions and life states (e.g. new parents, first-time homeowner, parents who have left the nest, a career pivots that ).    
  
• Their hopes and dreams.        
  
• Beliefs, fears, and obstacles to achieving their goals.        
  

Then, go more in depth and conduct some market research. Whether it's through a survey and group Q&A or a one-on-one interview, ask potential customers these questions to get a better comprehension of their needs:

• What challenges are you currently facing in your journey with X?        
  
• What is the biggest challenge you have accomplishing X on your own?        
  
• What solutions or services can you use to solve your issues?        
  
• What services or products have you used that didn't aid you in solving your problem?        
  

3. Check out your thoughts

Once you have an idea of what the ideal customer wants and needs, you can now develop a service or product to match.

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

These could include:

• An online event for singles to mingle.        
  
• A course teaching them how to step outside their comfort zone in order to make new friends and find a companion.        
  
• Matchmaking in 1:1.        
  
• A group coaching program for single women - each week is a new topic about loving yourself and finding the perfect match.      
  
• A book about confidence building and the ways it can help throughout their life, even love.        
  

When you've had the chance to come in with as many ideas as you can, it's time to test these ideas with your prospective customers. Find out which ideas they find interesting versus which ones they're not thrilled with.

Visit the Business Name Generator to create an unforgettable company name.

4. Figure out business requirements

We won't go into too much of details here however, just as traditional entrepreneurs, digital entrepreneurs must adhere to the rules and guidelines of ownership in a business.

In general, you should know how to sell, collect relevant taxes, and report to the government. Additionally, you'll need to work out proper invoicing and claiming tax deductions at the end of each year. It is possible to ask fellow digital entrepreneurs about their method of invoicing (which software they use) as well as use the accounting software, or even an accountant to help with taxes.

5. Make sure marketing is working together

After you've put all the pieces in place and you're ready to put your name out there! It's not necessary to have an online presence (especially in the case of selling services) however it will make you look more legit. There's no doubt about whether you should market your company on social media. It's free, and it's simple to make content, and grow and monetize your followers. It's a matter of picking the most appropriate onesand go to where your ideal customers hang around the most.

Next, you could establish your email marketing. Another way to increase the number of emails you receive is creating a freebie (also known as a lead magnet) to ensure that in exchange for it you collect email addresses.

Or start a community! The results show that a strong community eliminates the necessity to use a sales funnel and becomes a community flywheel business that grows itself.

Digital entrepreneurs need the correct platform

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

If you're looking into digital entrepreneurship to create communities, content, courses, events, or commerce, get started with Mighty! We're an all-in-one digital-entrepreneurship platform that allows memberships that lets you stream live, give live and pre-recorded classes, host conversations, and even live events that allow participants to chat and message with each and each other.

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