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

What do 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 podcasts, an app, and hosts activities for young women who are seeking to develop their religious and spiritual development; and Ashley Fox, owner of The Wealth Builders Community, that offers memberships to people seeking to increase their wealth. What do they are in the same boat? All three are digital entrepreneurs.

The world is constantly changing and changes, so too 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.

What we'll discuss within this piece:

• What is a digital entrepreneur.        
  
• The types of digital entrepreneurs.        
  
• 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 runs their business online. There's no one type of digital entrepreneur. It could be anything from an online course creator, or virtual assistant to being a blog or podcaster. Digital entrepreneurs can sell services such as business coaching, digital goods like e-books and physical items such as candles. There are many opportunities.

A digital entrepreneur typically does not require expensive equipment. the most you need is the laptop. It is possible to use social media to raise awareness about your brand, set up an online presence, and then use email marketing to nurture and establish a connection with your audience. One of the benefits of digital business is that you are able to earn the same amount of money that you earn in a traditional business, but with no physical requirements like storefronts.

    Digital versus traditional entrepreneurship

One thing that separates a digital entrepreneur from a traditional entrepreneur is the location they work. Traditional entrepreneurs have a physical business -- for example, a shopfront or pop-up shop. There are benefits and drawbacks for each.

The most significant benefit for digital entrepreneurs is that they don't require a large amount of capital to start their business (you don't need outside funding to begin and you can start a business without any capital investment the business) as well as their expenditures are quite low. The main challenges of being digital entrepreneurs are

• Your competition is with the whole world (instead of just your geographical 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 also have a harder time "turning off" and setting business times for themselves as they work at any time and anywhere...even on their couches, which can lead to burnout.        
  

Traditional entrepreneurs can use digital tools as well, to for instance, they can use social media in order to increase brand awareness for their business. If they own a shopfront, they also have the advantage of foot visitors -- walking by, spotting the gorgeous red dress that is in the window and thinking, "I have to have that !"

Traditional entrepreneur also set schedules for their business, which means they're less susceptible to burning out. However the main disadvantage of being a traditional business owner is that they need more money for the establishment of their own storefront and incur greater expenses for maintaining their businesses as opposed to online entrepreneurs.

Digital entrepreneurs of various types

It's easy to imagine that there are a myriad of examples of what digital business might look like. This is especially true when new technologies and tools become available, meaning there are endless possibilities. They're not mutually exclusive as well; many digital entrepreneurs combine these cases in order to expand their services. Here are some common types of digital entrepreneurs.

Community Hosts

We're aware of the basics of building an online network. One way that for digital entrepreneurs to create a community is through their love for what they do. Consider, for example, ArtSnacks Mix built around the joy of painting, or the Outwild Hub. Hub is a community for outdoor enthusiasts who want to make the outdoors more a aspect of their life.

Communities are becoming thriving online businesses We're experiencing them expand to 6- 7, 7 and even 8- figures!

Digital entrepreneurs can earn profits from their communities through the creation of a membership fee for their group. They can also host live events, launch a branded app, and create a course that they offer exclusively to their customers.

And there are a ton of types of internet communities for you to pick from. Here are some examples:

• Mastermind groups: Members gather to share know-how and help transform their companies or lives.      
  
• Group coaching: A community hosted by a coach who connects the members to achieve an experience of change (e.g. holistic health coach ).    
  
• Micro-community: It doesn't take a large community to make a significant impact. The minimum is 30 individuals or less who are committed to pursuing a specific subject or interest, goal or passion.    
  
• The Content Community: Members come together to develop and/or learn to create content and to share their knowledge.      
  
• Online community for brand: This type of community has members-led growth driven by those who are excited to talk about their brand or products. Take, for example, the QuickBooks community, a place for people who use the product to get the necessary information. Another great illustration of a brand's online group is Adriene Mishler (who started Yoga along with Adriene via YouTube). The community she created was designed to assist her more than 10 million viewers get more involved in the practice of Yoga and connect with others and so she created 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 be a great segue into the world of digital business. When you've found the right niche and have chosen a name to the blog (make sure to check out our blog name generator) it's time to provide worth. Bloggers such as Seth Godin and Neil Patel share a ton of value in their marketing advice to their readers.

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 plan (because your blog shouldn't be the place where you keep your journal). It is also important to be persistent and have patience.

Bloggers can earn money through a variety of ways, like:

• Affiliate marketing: When you feature the products you sell on your blog, and a user clicks on a company-approved tracker link, you could make commissions.      
  
• Advertisements: If you permit other businesses to advertise via your site, you get the money. Advertisements can be paid by the ad, or via pay-per-view (also called revenue per mille - RPM ).    
  
• sponsorships When you're gaining enough attention, businesses can offer to give you a payment to create the content for their blog.      
  

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

Naturally, the techniques for writing content is constantly evolving, with some choosing to post content on sites such as Twitter or LinkedIn instead of the traditional blogging platform.

Podcaster

It's never been easier to begin and expand a podcast! There are so many big name podcasts that are making money from podcasting, like "Armchair Expert," "Call Her Dad,"" "Office Ladies," and "Freakonomics Radio." ."

As you begin in building a fan base that loves the work you do, you could still earn money from podcasting. Like blogging, it's important to discover your audience (not simply something you're famous for, however something that you are interested in), have a solid name (use the Podcast Name Generator) as well as plans for the release of new episodes, generating the audience to engage, as well as arranging the right guest speakers. Be aware that building your fan base requires some time. Be patient and stay consistent.

Podcasters can make profits via:

• Paying members get access to premium content such as video clips, Q&As hosted by guests who are special, early access to podcasts, and private groups. Certain podcasters earn money through a community by selling subscriptions that are tied.    
  
• Making courses: If your podcast is educational or teaches listeners new skills, creating courses is an excellent opportunity to make money through your podcast. Take a look at Gretchen Rubin, who has a self-development podcast, "Happier with Gretchen Rubin." Her self-improvement courses are self-paced. classes that are in line with the themes of her podcast, for instance "Outer Order as well as Inner Calm," and "30-Day Relationship Challenge ."    
  
• Affiliate marketing: Through Affiliate marketing, the podcasters earn an income every when a listener buys a product or service featured in an episode. This is tracked with a coupon code (members typically receive 10-15 discount on the service or product that gives them an extra motivation to purchase ).    
  
• Sponsorships: You know commercial breaks which pop up when you're listening to your podcast? It's a sponsor. This is different from affiliate marketing in that you get paid just to mention the company's name (e.g. a flat fee to talk about them in seven segments) regardless of whether your listeners never spend one cent for these.    
  
• Live events: A lot of the most popular podcasts, such as "Giggly Squad," have gained so many fans that they've gone to live shows. Even if your audience isn't as big, consider hosting a local live event in a pub, restaurant, or even a bookstore.    
  

YouTuber

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

There's plenty of competition available on the platform (over 720,000 hours worth of video uploaded every day), the secret to building a YouTube following is having an extremely strong market and producing content within this niche. Just like with podcasting and blogging, it requires an enormous amount of determination and patience to build a fan base on YouTube.

Here's the way that YouTubers make income :

• Ads: In order to be able to advertise, you need to meet an upper limit of 4,000 watch hours in the last 12 months as well as 1,000 subscribers. This isn't the best way to make money but it's how YouTubers with huge followings make money.    
  
• Memberships to channels: Similar to advertisements, you'll have to have more than 1,000 subscribers and be in the YouTube Partner Program. It is possible to offer subscribers advantages such as badges, stickers, live chats, and many more.    
  
• affiliates YouTubers receive a commission every time one of their viewers purchase a product or service that is mentioned in the video (affiliate hyperlinks are included within the descriptions of videos).      
  
• Merch: If you're a well-known brand it is possible to market merch.      
  
• Services to sell: Let's say you're a fitness coach, you could give tips to improve your fitness through YouTube and link it to your fitness-related business.      
  

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

Consultant

If you're an expert at the field, then consulting can be a great opportunity to earn money from the work. You can lend your expertise to organizations that need it and post your articles via LinkedIn as well as YouTube to serve as marketing. Having some solid testimonials from previous clients and statistics which prove your worth will make you a credible consultant. Consultants are able to work as an hourly retainer or by deliverables which can be a lucrative way to earn thousands of dollars to cover their expenses.

Consulting ranges from providing the client with information and advice to help clients improve their business. It can aid organizations in their marketing, sales and information technology, as well as emotional intelligence, diversity and inclusion efforts, and even with reducing conflicts.

The greatest benefit is that entrepreneurs who use HTML0 can consult from anywhere around the world.

Subscriptions

Digital entrepreneurs are able to create an online subscription company and provide subscriptions. This model is similar to an online community, however it is less active; customers use software, content, or even products you've designed or licensed. Think of software companies like Dropbox and Zoom, ones delivering the same content as Hulu and Netflix and others with physical items like HelloFresh - they've built businesses around subscription services.

This is how online marketers benefit from subscriptions:

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

The great news is that this is potentially regular revenue, if you make your repeat business idea make sense for your business.

newsletters are also becoming a huge part of the economy of subscriptions.

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 worth in 2024. One of the advantages of e-commerce is that it's not only intended for corporations of all sizes, but all-inclusive, for digital entrepreneurs.

There are numerous platforms to sell your products on such as Amazon and Alibaba and if you're creative, consider Etsy. There's also Shopify to digital-savvy entrepreneurs who want a platform where they can build an online store they manage.

The options for what digital entrepreneurs can sell are limitless, from physical products like shoes, mushroom lamps and artwork, to digital products including e-books, printed materials and apps (which is projected to reach $755.5 billion in 2027), and online courses. Digital goods are beneficial since they are scalable to an infinite extent they generate revenue recurring and they can easily be automated.

Creator of the course

There's no denying that learning online has increased exponentially in the past few years. With online courses, it's never been easier for entrepreneurs who are digital to turn their expertise and knowledge into an amazing educational experience that anybody in the world can take. Courses are so popular that we witnessed a podcaster and author on Mighty sell 5,000 seats to an $997 course within 10 days.

Your online course can be about practically everything, starting from 2D animation to learning to draw. Courses can be pre-recorded (asynchronous learning) or taught in live (synchronous learning) and both can be scaled, because even when you teach live it is possible to teach thousands of people.

However, we're not saying that building a course is easy -You must find an area of interest, create your course, and then advertise it. Successful niches have the advantage of being relatively popular, where people are enrolling in courses the area, and willing to spend money on.

The best lucrative online courses are B2B and entrepreneurship, fitness, marketing, and wellness.

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

Host a virtual party

One of the greatest benefits of a virtual gathering is the ease of use for both the host and the attendees. It's not necessary to think about the capacity of a venue or logistics like parking or obtaining an alcohol permit, and participants don't have to worry about travel time or even their dress code.

There's so much room to have fun at virtual events as long as there's a clear message that can inspire and motivate attendees to go. It's about educating people on the, what, and how to get the most value from the experience attendees will get. The Big Purpose.

Next is about identifying your ideal member  By asking questions like:

• Where did they originate from?        
  
• What do they care about?        
  
• What are they struggling with?        
  
• What would be the transformation that makes them come alive?        
  

One of the disadvantages of online gatherings is that the connection between participants can be less seamless than in person. This is why it's crucial to make connections for:

• Breakout spaces        
  
• Group projects with 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 months in a row. The sewing group Topstich Makers hosts weekly sew-alongs where participants work together working on projects.

Why become a digital enterprise?

The possibilities you have as a digital entrepreneur can be unlimited. But beyond offering something valuable, you might be wondering what else is in it for you?

Flexibility

In contrast to a traditional 9-to-5 job, being an entrepreneur means you have the freedom to set your own timetable. You are able to work 4 each week days, whenever you want or take a longer lunch, all without asking for permission. Being a digital entrepreneur gives an even greater freedom than a traditional entrepreneur, because you're not tied to any specific location. Digital entrepreneurs have the flexibility of working anywhere across the globe and from Boston up to Bahamas and living the digital nomad lifestyle.

Scalability

Scaling your business means growing your customer base and the amount of revenue you earn faster than just increasing its costs. There's no universal solution for growing your business. It is dependent on the current stage of your business. If you've got an established foundation and then build your long-term and sustainable plan to grow The sky is the limit!

Amazon is a prime illustration of an infinitely scaling technology company. The initial idea was a bookstore transitioned into an online marketplace application that increased due to the effect of networks -becoming more valuable with every user. It's now worth $1.8 trillion.

If businesses are thinking of expanding, they turn their attention to the courses. With a projected value of $62 billion by 2027, there's good reason that this original flexible online service is a go-to option for scalability. Coaching could mean going from just offering 1:1 coaching and engaging classes.

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 creating and hosting your initial virtual event. However, once you've got over the plateau and received positive feedback from participants, you can easily refine your event, and even host more. Additionally, if your event is high-value or high-quality entertaining (or both), people are willing to spend money and attend! Choose a platform for virtual events which allows you to build and scale quickly.

Accessibility

Not only can you work from anywhere, you can connect with anyone around the world. In contrast to traditional entrepreneurs, who can only reach those who live in their region, online companies are not confined to one region.

By using a superior digital marketing strategies it is possible to reach your intended audience. Use social media in your favor, create blog posts which will be noticed by your targeted people's attention through SEO (search engine optimization). (SEO) and provide relevant material for your visitors as well as use the power of email to attract many more visitors to your site.

Adaptability

Being able to adapt to the market's changes can be advantageous, keeping your creative juices flowing and testing new techniques so you're not bored. If you discover there's less demand for your services it is possible to quickly adjust your products to suit your customers' needs. In contrast to large corporations You can quickly alter or tweak your services and pricing without losing too many hours and dollars.

It's obvious that you shouldn't have shiny object syndrome when it comes to entrepreneurship (offering the latest and greatest just because it's trending), but you do want to listen to what the demand is.

Profitability

We're not saying that once you start your own business you'll earn $100k in the first year of your venture however, since your costs are minimal, your possibilities for earnings are essentially limitless -Cha-ching.

You must perfect your craft, knowing whom the customers you're trying to sell your products (having the ability to define a specific niche is important -- it ensures that you're not selling to everybody) as well as mastering the business basics when transitioning from being a creative to an entrepreneur, and working on your mindset (self-doubt has a nasty method of creeping on you). The idea of starting your digital venture by working part-time and juggling a full-time job could be the most effective route to gain more knowledge and experience before jumping in head first.

Although the potential earnings of entrepreneurial ventures online is unlimitable, it's more often the time freedom that individuals decide to pursue entrepreneurship in the first in the first. This could mean time spent with friends and family or more travel time, making new memories, as well as plenty of time for you all around.

What is the best way to be an entrepreneur in the digital space

The best thing about being a entrepreneur is that it can look slightly distinct for each person based on where they run their business, how they run their company, and who the clients they serve. But, when starting out there are some typical steps you need to follow to be a successful digital entrepreneurial.

1. Install the foundation

Like building a house, building a business needs a solid foundation to work from. Each business begins with an idea or a vision or an inspiration.

global businesses such as Starbucks were born from an idea. Two educators and a journalist pooled the money they had saved to launch an Seattle-based coffee shop and established what is now one of the most famous cafes in the world.

The majority of business ideas come from a need you've experienced or the gap that you observe in the marketplace.

If you're stuck, here's what else to look at:

• Expertise: Take stock of the areas you are knowledgeable about and what that you are knowledgeable about. Here on Mighty, we often see entrepreneurs who are building successful businesses based on topics they're familiar with. Digital entrepreneur Ryder Carrol, whose approach to bullet journaling launched a movement, a book, courses, and the community around visually organized.    
  
• Your strengths: Starting with your strengths is an excellent approach to becoming a digital entrepreneurial. In essence, you should remain in the zone of genius, not on those things that are really hard to complete (e.g. don't become an instructor if your coaching abilities aren't the greatest). ).    
  
• Your love of life: Are you aware of the subjects that you cannot get enough of, or subjects you simply can't stop talking about? Are there things that you do just for pleasure? Each of these activities can point to your interests.    
  

Here are some of the questions that you might ask yourself in order for clarity on the digital venture you are considering:

• What do I know about the X subject?        
  
• What difficulties have I successfully solved for myself?        
  
• What problems have I successfully solved for others?        
  
• What could I teach anyone who's just starting out?        
  
• Why do I want to become a digital entrepreneur?        
  
• What do I bring to the discussion? What's my unique perspective?      
  

2. Find the ideal client

You've probably heard the saying, "When you sell to all, you're selling to nobody." It's a fact. There's no way to possibly sell to everyone, which is why you must decide the people you're going to be serving.

You also have to ask yourself, "What problems will I aid them with?"

People buy products and services for a reason, whether it's to gain greater peace within themselves, meet an ideal partner or have a better self-image They're seeking a transformation.

Here's what to be thinking about when it comes to your ideal customers:

• Geographic, demographic and psychographic traits.        
  
• Transitions and life states (e.g. new parents, first-time home owner, parents who have left the nest, a career pivots that ).    
  
• Their dreams and hopes.        
  
• Fears, misconceptions, and challenges from them accomplishing their targets.        
  

It is possible to go deeper and conduct market research, whether it's by way of a survey or group Q&A. Or a one-on-one interview, ask prospective customers these questions in order for a deeper understanding of what they need:

• What issues are you currently facing when using X?        
  
• What are some struggles you have accomplishing X on your own?        
  
• What solutions or services help you solve your issues?        
  
• What other products or services did you use that did not aid you in solving your problem?        
  

3. Check out your thoughts

When you've got an idea of what your ideal customer is looking for and wants then you are able to develop a service or product to match.

If your ideal customer would like to meet an intimate partner, but they aren't sure about being open about it and putting themselves out there, think about all the methods you can help them.

This could be:

• A web-based event that allows singles who want to meet.        
  
• An online course that teaches individuals how to leave their comfort zone in order to meet new people so they find a new partner.        
  
• Matchmaking in 1:1.        
  
• A group coaching program designed for women who are single. Every week there will be a different topic that is related to loving yourself and finding the ideal partner.      
  
• A book about building self-confidence, and how it will help them to improve their lives in all areas of life, not just love.        
  

When you've had the chance to come up with as many concepts as you can think of, you're ready to test these ideas with your prospective clients. Find out which ideas they find fascinating and which they're not too thrilled with.

Take a look at our Corporate Name Generator for creating an unbeatable business name.

4. Determine the business needs

It's not necessary to go into too much of the details, but just like traditional business owners, entrepreneurs who are digital need to adhere to the laws and rules of business ownership.

In general, you should be aware of how you can make sales and collect the appropriate taxes and submit a report to the authorities. You'll also need to sort out the proper way to invoice and claim taxes for the year's end. You can ask other digital entrepreneurs how they invoice (which software they employ) and if they use accounting software or accountants for help with tax preparation.

5. Make sure that marketing and sales work in concert

After you've put all the pieces in place, it's time to put yourself out there! It's not necessary to have an online presence (especially when you're selling products) but it definitely makes you look more legit. There's no debate as to the need to promote your company through social media. It's completely free and simple to make content, and grow and monetize your followers. It's just a matter of choosing the right ones -and go to where your ideal customers hang out the most.

You can then set up your email marketing. One way to grow your email list is by making a giveaway (also called a lead magnet) so that in exchange for it you collect email addresses.

Or start a community! We find that a powerful community kills the need to use a sales funnel, and instead becomes an enterprise that is a flywheel for the community. It grows itself.

Digital entrepreneurs need the correct platform

Digital Entrepreneurship is a vast field however we would like to see you are inspired to investigate the ever-growing field of.

If you're thinking about the idea of digital entrepreneurship for creating communities, content and/or events, courses and/or commerce, come build with Mighty! We're a one-stop digital entrepreneurship platform for memberships that lets you livestream, conduct live or pre-recorded classes, host discussion forums, as well as live events that allow participants to chat and message with each others.

Additionally, you can monetize in 135 different currencies and collect payments right on the website.