3 Biggest advantages of being a digital entrepreneur
In my business I help aspiring digital entrepreneurs and small business owners to build visually strong and scalable businesses online, but if you're a bit confused about what is a digital entrepreneur, what are the biggest advantages of being one or you're thinking it means the same thing as being an online business owner, do keep reading.
The term digital entrepreneur refers specifically to an entrepreneur whose business is focusing exclusively on digital products and services that are delivered, marketed, and run completely online such as online courses and coaching, membership sites, downloadable products, etc.
The term is different from an online business owner in that sense, that an online business owner could also refer to a person selling physical products online. Although the actual buying process happens digitally, there's physical labour involved in the production and delivery of the goods which can't happen digitally.
There's no wrong or right model when it comes to starting a business, as it depends on your passion and what kind of lifestyle you're after, but I want to list here some of the key benefits of digital entrepreneurship that can open a door to new levels of income, impact, and freedom.
Scalability means the ability to maintain or improve the profit margins of your business while the quantity of sales increases, so in simple terms the ability to sell more without the overall proportion of costs increasing.
With digital products and services, the possibilities for scaling are practically unlimited as how much you sell doesn't have to automatically impact your costs.
Whether you sell 10 or 10,000 of your digital product doesn't have to make a difference to the resources required, as there's necessarily no additional labour needed if your systems from marketing to sales and delivery are all automated.
What's even more exciting is that you don't have to limit yourself to just one digital product or service, as you can have multiple ones running at the same time. This means that your impact and ability to help more people will grow simultaneously.
Another benefit of being a digital entrepreneur that goes hand in hand with scalability is the overall small cost of running it.
You do need to host your business somewhere -- usually on your website or an online marketplace of your choice and that often comes with some running costs, but compared to the costs involved in a brick-and-mortar business or producing and delivering physical products, it's very minimal.
It is then up to you how much you eventually decide to invest in hiring help and spend on marketing when your business grows but to get started, you really don't need all the bells and whistles.
But for many digital entrepreneurs, it isn't just about money -- at least it isn't for me. I'd go as far as saying that the main reason for becoming a digital entrepreneur is often the lifestyle and freedom it offers.
When your business sells digital products or services, you're not tied to a specific location or working hours unless you choose so. Having a business that is mostly or completely automated also means that you have more freedom of time, as you're no longer tied to exchanging it all for working.
To you, this might mean more time with your family and friends, more time to travel and experience new adventures, or simply time to read more books. Whatever the motivation, you get to choose.
There's however no secret fast pass to a successful business as it requires work and dedication no matter the business model, but the beauty of entrepreneurship of any kind is the ability to be in charge of your own future, and that for many is an idea so irresistible it simply can't be passed.