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

What are the experiences of Doug Neill, owner of Verbal to Visual, who offers memberships and courses for students who are visual; Sadie Robertson Huff is the owner of Live Original, who has an app, a podcast and organizes 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 looking to build wealth all have in common? All three are digital entrepreneurs.

The world is constantly changing and evolves, so do the business world. If you've got an amazing idea but would prefer some flexibility and a free life, becoming a digital entrepreneur might be the right choice for you.

Here's what we'll cover In this post:

• What is a digital entrepreneur is.        
  
• Types of digital entrepreneurs.        
  
• Benefits of being an entrepreneur in the digital space.        
  
• How do you become a digital entrepreneur.        
  

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What is an online entrepreneur?

Digital entrepreneurs are people who operates their business on the internet. There is no specific type of digital entrepreneur. They can range from being an online course creator, or virtual assistant to being a blog or podcaster. Digital entrepreneurs are able to sell products like business coaching digital products like e-books, and physical items such as candles. The possibilities are limitless.

Being a digital entrepreneur often requires no fancy tools; you might only need a laptop. You can use social media to build awareness about your company, establish a website, and use emails to build and establish a connection with your target 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

What separates an entrepreneur who is digital from traditional entrepreneurs is the location they work. Traditional entrepreneurs have in a physical location such as a pop-up shop or storefront shop. There are advantages and disadvantages in each.

The biggest upside for the digital entrepreneur is that they do not need a lot of funding to begin their businesses (you don't need outside funding to begin and you can start a business without any capital investment your business) and their costs are quite affordable. The main challenges of being a digital entrepreneur are:

• You are competing against the entire globe (instead of just your geographical area)        
  
• It is necessary to do more to establish trust and a reputation        
  
• Potential customers can't see your product for themselves and are forced to go on reviews.        
  
• Digital entrepreneurs may also have a harder time "turning off" and setting business times for themselves as they are able to work from any time and anywhere...even their couch, which can result in exhaustion.        
  

Traditional entrepreneurs may use digital tools too, for example, leverage social media platforms to raise the awareness of their company. If they have a storefront, they also have the advantage of foot circulation -- passing by, seeing the stunning red dress displayed on display and contemplating, "I have to have the !"

Traditional entrepreneur also set their own hours of operation, so they are less susceptible to burning out. However, the biggest disadvantage to being a traditional business owner is the fact that they will require more capital to establish their shopfront and incur greater expenses in order to run their business. This is more in comparison to digital entrepreneurs.

Digital entrepreneurs of various types

It's easy to imagine that there are many instances of what entrepreneurship in the digital age could look like, particularly in the event that new technology and tools come out, which means that the possibilities are limitless. These aren't mutually exclusive examples as well; many digital entrepreneurs combine these cases to broaden their offering. These are the most common kinds for digital entrepreneur.

Community Hosts

We've learned the basics of building an online community. One great way to build communities is through their love for what they do. Consider, for example, ArtSnacks Mix built around painting as a hobby and the Outwild Hub. Hub is a place that is for those who love outdoor activities and want to make the outdoors an integral part of their lives.

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

Digital entrepreneurs are able to earn money from their community simply by establishing a membership cost for the community. They could also hold live events, launch a branded app, and make a course they only offer to group members.

There are tons of types of internet communities that you can choose from. Below are a few of them:

• Mastermind groups: Members come together to share their know-how and help transform their companies or their lives.      
  
• The term "group coaching" refers to a community led by a coach that brings members together for a transformation (e.g. the holistic wellness Coach ).    
  
• Micro-community: You don't require an extensive community in order to have a big difference. The minimum is 30 individuals or less who are committed to learning about a particular subject, interest, goal, or a passion.    
  
• Community of Content: The members come together to develop and/or learn to create content and to share their knowledge.      
  
• Online community for brand The type of community experiences member-led growth by people who are enthusiastic to discuss about a brand or product. For instance, consider the QuickBooks community. This is a forum to help users of QuickBooks to gain the knowledge they need. Another awesome example of an online brand group is Adriene Mishler (who started Yoga together with Adriene on YouTube). Her goal was to create a community that would assist her more than 10 million followers go deeper into the practices of Yoga and make connections with fellow followers which is why she started the Find What Feels Good (FWFG) Kula Community.    
  

Blogger

If you're a writer and are able to write about something, starting a blog might be a great segue into the world of digital business. When you've found the right niche and chosen a name for your blog (make sure to use our Blog Name Generator) you're now ready to offer worth. Bloggers like Seth Godin and Neil Patel share a ton of value by offering marketing wisdom to their readers.

Contrary to popular belief there is no need for an abundance of visitors to monetize your blog. But, you'll need an action plan (because your blog shouldn't be your diary). It is also important to be persistent and have patience.

Bloggers can earn cash through a variety of ways, such as:

• Affiliate marketing: If you promote products on your blog and a user clicks on a company-approved tracking link, you can receive a commission.      
  
• Ads: When you let companies to promote their products through your website, you get compensated. Advertisements can be paid per ad or pay-per-view (also known as revenue per mille - RPM ).    
  
• sponsorships In the event that you're getting enough traction and are able to attract enough attention, companies can pay you a fee to create a sponsored blog post.      
  

Bloggers can also earn income by selling courses and e-books or selling merchandise on their blog.

Of course, the methods to create written content is constantly evolving, with some choosing to post content on sites such as Twitter or LinkedIn rather than a conventional blogging platform.

Podcaster

It's never been easier to start and grow a podcast! There are so many big names out there making bank from podcasting, like "Armchair Expert,"" "Call Her Daddy,"" "Office Ladies," and "Freakonomics Radio." ."

Even as you're getting started in building a fan base that loves your work, you may still earn money from podcasting. Similar to blogging, you'll need to identify your area of expertise (not just something popular but one you're passionate about), have a solid name (use our Podcast Name Generator), and create an outline for when you will release new episodes, generating the audience to engage, as well as arranging guest speakers. Remember growing your fanbase takes patience. Be patient and stay consistent.

Podcasters can make profits via:

• Paying members get access to premium programming such as videos, Q&As with guests who are special, early access to new episodes and exclusive group discussions. Certain podcasters earn money through communities through the sale of different memberships.    
  
• Creating courses: If your show offers educational content or helps listeners learn new skills, creating a course is a great way to earn money from your show. Look at Gretchen Rubin, who has a self-development podcast, "Happier with Gretchen Rubin." The self-improvement course she offers is self-development programs that align with the theme of her show, such as "Outer Order as well as Inner Calm," and "30-Day Relationship Challenge." ."    
  
• Affiliate marketing: In the use of affiliate marketing on podcasts, hosts earn the commission each whenever a person who listens to their podcast purchase a service or item featured in an episode. This is recorded by using a discount coupon (members generally receive 10 to 15% off the service or product, which gives them more motivation to purchase ).    
  
• Sponsorships: Have you noticed commercial breaks that appear while listening to your podcast? That's a sponsorship. They differ from affiliate marketing because the sponsor is paid for each time you refer to the brand (e.g. a flat fee to talk about them in seven segments) regardless of whether your listeners never spend any money on them.    
  
• Live events: A number of podcasts that are popular, such as "Giggly Squad" have built up such a huge fanbase that they've gone on live tours. Even if your following 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 owns by Google, the biggest) The top YouTube stars such as PewDiePie, Markiplier, and Like Nastya earn anywhere from between $28 million and $38 millions per year!

Although there's an abundance of competition available on the platform (over 720,000 hours of videos posted every single day) however, the key to building a YouTube following is having an extremely strong market and crafting content that fits into this niche. Similar to blogging and podcasting it takes an enormous amount of determination and perseverance to create a fan base on YouTube.

Here's how YouTubers earn money :

• Ads: In order to be approved for ads, you must meet the minimum requirement of 4000 hours of watch time over the past 12 months as well as 1,000 subscribers. The best method is not to make money, however this is the way YouTubers who have huge followings make cash.    
  
• Channel memberships: Like with advertisements, you'll have to be a subscriber of more than 1000 and join the YouTube Partner Program. Then, you can offer members benefits such as badges, emojis and live chats other.    
  
• Affiliates: YouTubers get a fee each whenever a user purchases a service or product that is mentioned in the video (affiliate links located in the description of the video).      
  
• merchandise: If you have a recognizable brand and you are able to sell merchandise.      
  
• Services to sell: Let's imagine you're a fitness trainer You could share your tips for fitness on YouTube and link it to your fitness coaching business.      
  

Read more about the amount YouTubers earn per view on this page .

Consultant

If you're an expert in solving a problem, consulting can be a great opportunity to earn money from it. It is possible to offer your knowledge to companies that require it by putting your work through LinkedIn as well as YouTube to serve as marketing. Having some solid testimonials from previous clients and statistics to prove your worth be a good way to establish yourself as a consultant. Consultants are able to work on an hourly retainer or through deliverables and top consultants can charge 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. It can aid organizations in their sales, marketing, informational technology, emotional Intelligence, Diversity and integration efforts, and even with mitigating conflicts.

The best part is that digital entrepreneurs can consult from anywhere around the globe.

Subscriptions

Digital entrepreneurs can start an online subscription business and offer subscriptions. It's similar to the online community, but is more passive; subscribers simply use software, content, or products that you've created or licensed. Imagine software companies such as Dropbox and Zoom and others that offer the same content as Hulu and Netflix as well as those that involve physical products like HelloFresh and HelloFresh. They've created an empire around subscriptions.

Let's look at how digital marketers can take advantage of subscriptions:

• The business of premium content: When people pay every month and get access to videos (e.g. videos on fitness) ).    
  
• A subscription that runs monthly Certain businesses offer services for basic items such as soap and razors, to luxurious items like chocolate and wine.        
  

The great news is it could be a recurring revenue if you can make your repeat business idea work for you.

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

E-commerce

E-commerce isn't just a fad It's only going to get bigger and is expected to reach $3.6 trillion by 2024. The great thing about e-commerce is that it isn't just intended for corporations of all sizes, but for everyone, including digital entrepreneurs.

There are many platforms that you can sell your products on such as Amazon as well as Alibaba, or if you're creative, consider Etsy. Additionally, there's Shopify for entrepreneurs with a digital presence seeking a platform through which they can create an online shop they own.

The choices for products that online entrepreneurs sell are limitless, from physical products such as shoes, lamps for mushrooms, and art, as well as digital goods including e-books, printed materials applications (which will reach $755.5 billion by 2027) as well as online classes. Digital products are advantageous because they're endlessly scalable they generate revenue recurring and can be easily automated.

Course creator

The truth is that the popularity of online education has exploded in the past few years. With online courses, there's never been a better time for online entrepreneurs to translate their experience and skills into an amazing educational experience that anybody in the world is able to take. In fact, courses are so profitable that we witnessed a podcaster and author on Mighty selling 5,000 seats for the value of $997 in only 10 days.

Online courses can be about practically everything, from 2D animation to learning how to draw. Courses can be pre-recorded (asynchronous learning) or taught live (synchronous learning) and both can be increased in size, since even when you teach live it is possible to teach hundreds of students.

However, we're not saying that creating an online course is easy- you need to find an area of interest, create your course and advertise it. The most profitable niches consist of being popular and where people are enrolling in courses the area, and willing to spend money on.

The the most profitable online courses are B2B, 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 of a virtual gathering is its convenience for the host and the attendees. It's not necessary to think about a building's capacity or the logistics of parking, or obtaining an alcohol permit The participants do not have to be concerned with transportation time, or even clothes.

There's plenty of space for fun with virtual events as long as there's a clear message that can inspire and motivate participants to take part. That means explaining the how to, the what and what attendees will get. The Big Purpose.

The next step is determining the ideal Member  through asking questions like:

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

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

• Rooms for breakouts        
  
• Group projects using the whiteboard        
  
• Open text questions and discussion        
  
• Q&A session        
  

Events can be held anytime between yearly and several times a month. The sewing community Topstich Makers hosts weekly sew-alongs that allow participants to collaborate working on projects.

What is the reason to do you want to be a digital entrepreneur?

The possibilities you have as a digital entrepreneur is unlimited. However, if you don't offer something worth, you might be wondering what else you can do for you?

Flexibility

Unlike a 9-to-5, being an entrepreneur means you can dictate your timetable. You can work four days a week if you want or take an extended lunch without asking permission. Being a digital entrepreneur grants you even more freedom as an entrepreneur in the traditional sense as you're not bound to any specific location. Digital entrepreneurs have the flexibility of working from anywhere across the globe, starting from Boston up to Bahamas and living the digital nomad lifestyle.

Scalability

Scaling your business means expanding your customer base as well as revenues at a higher rate rather than simply increasing your cost. There's no universal solution for scaling your business, it is dependent on the current stage of your business. But, when you have an established foundation and build your long-term and sustainable plan for expansion The sky is the limit!

Amazon is a prime example of a scalable and infinitely expanding technology firm. The initial idea was the first bookstore turned into an online marketplace application that increased thanks to the network effectbecoming more valuable every time a user joined. The market is now worth $1.8 trillion.

When companies think about the possibility of scaling, their thoughts turn to courses. With a projected worth of $62 billion in 2027, there's an excellent reason for this original, web-based product that is scalable remains a go-to option for scalability. Coaching can look like going from the only offering of 1:1 coaching and engaging classes.

One thing entrepreneurs are likely to overlook when it comes to growing their business is the idea of virtual events. It's the most difficult part of creating and hosting your first event online. However, once you've got over the hump and have received feedback from participants it is easy to improve the event and hold further. Plus when your virtual event is high-value or high-quality quality entertainment (or both) participants are more likely to pay for and come! Select a virtual event platform that allows you to create and expand effortlessly.

Accessibility

Not only can you work anywhere you want, but you are able to be able to connect with any person in the world. In contrast to traditional entrepreneurs, who only has access to people within their geographical zone, online businesses are not confined to one area.

By using a superior digital marketing plan it is possible to reach the people you want to reach. Use social media in your favor, create blog posts which will be the attention of your intended viewers' eyes via search engine optimization (SEO) and provide relevant material for your visitors and make use of email marketing to bring many more visitors to your site.

Adaptability

It's important to be able to change with the market's changes can be beneficial -- keeping your imagination flowing, and testing new techniques so you're not bored. If you find that there's not enough demand for your services it is possible to quickly adjust the offerings you offer to meet your market's needs. In contrast to large corporations it is possible to easily alter or modify your products and pricing without losing many hours and dollars.

Naturally, you don't want to have an obsession with shiny objects in the world of entrepreneurship (offering the newest and best simply because it's trendy) however, you have to be aware of what's in demand.

Profitability

It's not a guarantee that when you jump into entrepreneurship you'll earn $100k in your first year, but since your expenses are low your potential for earning is virtually unlimited -Cha-ching.

The key is to perfect your craft and knowing exactly who you're selling to (having a niche is super valuable -- that way you're not offering your services to everyone), nailing the basics of business while transitioning from a creator to business owner, and focusing on your mental attitude (self-doubt is a method of creeping on 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 experience and confidence before diving in head first.

While the earning potential of online entrepreneurship is endless however, it's usually people who have the freedom to work that choose entrepreneurship in the first location. This can mean more time with loved ones and relatives or more travel time, creating new memories, and the time to yourself generally.

How do you become a digital entrepreneur

One of the great things about being an entrepreneur is that it looks slightly different for every person -- the location they operate their business and how they manage their company, and who the clients they serve. But, when beginning your journey, there are typical steps you need to take to become a digital entrepreneurial.

1. Set the foundation

As with building a home, the building of a business requires a solid foundation to work on. Every business starts by generating an idea, a idea or an inspirit.

Global businesses like Starbucks began with an idea. Two teachers and a journalist pooled the money they had saved to launch an Seattle-based coffee shop and created what's now among the top famous coffee houses across the globe.

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

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

• Expertise: Take stock of your knowledge and the fields you understand. On Mighty we frequently see people building thriving businesses around topics they're familiar with. Digital businessman Ryder Carrol, whose approach to bullet journaling launched an entire movement, publication, courses as well as the broader community of visual organization.    
  
• Your skills: Starting from your strengths is an excellent method to be a successful digital business owner. You should be working in your zone of creativity, not what you find hard to do (e.g. Don't be an instructor if your coaching skills aren't that great ).    
  
• Passion: Do you know topics you simply aren't able to get enough of or subjects you simply can't stop talking about? What about the things you do just for pleasure? All of the things can point to your interests.    
  

Here are some of the questions you could ask yourself to gain clarity around your venture in digital entrepreneurship:

• What do I know about X topic?        
  
• What difficulties I have successfully resolved on my own?        
  
• What issues have I been able to solve for other people?        
  
• What lessons could I impart to an individual who's just beginning to learn?        
  
• What makes me want to become a digital entrepreneur?        
  
• What can I bring to the discussion? What's my unique perspective?      
  

2. Find your ideal customer

There's a saying that goes, "When you sell to everybody, you'll sell to nobody." It's a fact. There's no way to possibly sell to everyone, which is why you must to figure out who you plan to serve.

You also have to think about, "What problems will I assist them in solving?"

People buy products and services with a purpose such as to find more peace in their lives, locate an ideal partner or feel better about themselves, they're looking for a improvement.

Here's what to think about when it comes to the ideal client:

• Geographic, demographic, and psychographic characteristics.        
  
• Transitions and life states (e.g. the birth of a child, first time home owner, parents who are empty nesters, career pivots that ).    
  
• Their hopes and dreams.        
  
• Fears, misconceptions, and obstacles to achieving their objectives.        
  

You can go even further and do some market research. It could be by way of a survey, group Q&A, or a one-on-one interview, ask prospective customers these questions in order to gain a greater understanding of what they need:

• What are the challenges you currently confronting in your journey with X?        
  
• What are some struggles that you've faced in achieving X by yourself?        
  
• What solutions or services help you solve your problems?        
  
• What products or services have you tried that didn't solve your issues?        
  

3. Check out your thoughts

Once you have an understanding of what the ideal customer desires and requires then you are able to create a product or service that is in line with.

If the person you want to target wants to find an intimate partner, but they struggle with their confidence and putting themselves out there and putting themselves out there, think about all the ways you could help them.

This could be:

• An online social event for singles to mingle.        
  
• An online course that teaches them how to step outside their comfort zone to connect with new people to meet a potential new partner.        
  
• Matchmaking in 1:1.        
  
• A group coaching program designed for women who are single. Every week there is a brand new subject related to loving yourself and finding that best match.      
  
• An ebook all about building self-confidence, and the ways it can help in every area of their life, not just love.        
  

After coming to as numerous suggestions as you possibly can, it's time to test the ideas on your potential clients. Find out which ideas they find fascinating and which they're not so thrilled about.

Check out the business name generator to create an unforgettable company name.

4. Figure out business requirements

It's not necessary to discuss too much of the details however, just as traditional businesses, online entrepreneurs still have to follow the rules and guidelines of ownership in a business.

Basically, you need to understand how to make sales that are tax-free, as well as collect taxes and then report the results to the government. It is also necessary to figure out the proper way to invoice and claim taxes for the year's end. Ask other digital entrepreneurs on how they invoice (which software they use) as well as use accounting software or accountants to assist with tax issues.

5. Make sure marketing is working with marketing

Now that you have everything in place now is the time to get yourself on the market! There's no need for websites (especially in the case of selling services) However, it certainly makes you look more legit. There's no debate as to whether you should market your company through social media. It's cost-free, and easy to produce content that can grow your followers. The trick is selecting the best ones- go in the places where your target audience hangs out the most.

The next step is to create an email marketing system. Another way to increase the number of emails you receive is creating a freebie (also known as a lead magnet) so that in exchange to receive email addresses.

Or start a community! It is our experience that a thriving community eliminates the necessity for a traditional sales funnel, and instead becomes a community-based flywheel company that develops itself.

Digital entrepreneurs need the right platform

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

If you're looking into using digital technology to develop communities, content or course, event, and/or business, then build with Mighty! We're a one-stop digital entrepreneurship platform for memberships that lets you livestream, conduct live or pre-recorded courses, host discussions, and live events that allow participants to communicate and chat with one other.

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