Nowadays, the labor market is shaping up to the world situation. Especially after the COVID-19 pandemic, digital entrepreneurship has gained momentum and started to attract a lot of attention from people looking for new sources of income. Furthermore, professionals are no longer driven only by good salaries, but are looking for better working conditions, convenience and flexibility.
It is possible to notice a huge increase of companies and young entrepreneurs interested on the digital world. Indeed, it is a great opportunity to bring more profit to their companies.
Throughout this article we will introduce you to everything you need to know about digital entrepreneurship in order to guide you through the process of building a profitable business on digital platforms.
Let’s get started?
What is digital entrepreneurship, and how did it originate?
Digital entrepreneurship is a form of business that uses virtual media, such as the Internet, to market services or products, without the need for physical spaces. Thus, online courses, e-books, video lessons, apps, software, and games are some of the main formats used.
This business model emerged together with the Internet in the 1970s. However, the more technology advances, the more it grows. Until some time ago, it was unimaginable to purchase a product by computer and have it delivered to your home, wasn’t it? Today, some people prefer this mode of purchase only, and digital entrepreneurs are keeping an eye on this behavioral trend.
What are the advantages of owning a digital business?
The first and most targeted advantage is flexibility. Unlike conventional forms of work, in digital entrepreneurship you can more easily make your own schedule, and take into account your preferences of places to perform your duties.
You can choose to work from your home, a bookstore, a coffee shop, a coworking place, or any other location at any time. It is not necessary to comply with a business schedule, for example (from 9am to 6pm, Monday to Friday).
In this way it is possible to organize your routine in a much more appropriate way. In other words, you can take better care of your health, have a better quality of life, and, in addition, have more time with your family.
Secondly, we mention the low investment cost. Basically, with a computer, tablet or even a cell phone, plus a good Internet connection, of course, you can already start acting as a digital entrepreneur. And your headquarters, or office, can be anywhere.
Another advantage would be the ease of geographical scale. That is, your brand can easily communicate and make sales to audiences from the most diverse places, living in cities, states, and even countries different from where the business is located. Thus, you can reach more people, in order to have a viable, profitable, and scalable business.
How do I choose the perfect niche for my digital business?
We know that the internet makes it possible for you to reach people from different places and profiles. But it is important not to try to offer a product or service that fits everyone, or it may end up not being suitable for anyone. Focus on solving a specific pain for a group of people and reach them.
But try to consider the following advice: choose something that you enjoy doing, and preferably something that you already know. This way the process of creating the venture is not only more intuitive, but also more enjoyable.
Make a list of these questions and, from then on, it will be clearer which subject you will be able to approach with mastery and consider your niche market:
In what kind of activities do you excel?
What are your hobbies?
Which kind of subject do your friends ask you to teach?
What would you do if you had to choose a single activity to pursue for the rest of your life?
What are the fields of operation for those who are now entering the digital market?
After so much important information, it is time to talk about the main possibilities for those who want to work online:
- E-commerce: these are stores that sell with the help of the internet;
- Applications: applications are software made for mobile devices;
- Blogs or specialized sites: you can work producing content for portals;
- Consulting: if you are an expert in some area, you can provide guidance to companies and people at a distance;
- Info-products: e-books, handouts and video lessons are some examples of digital information products;
- Games: you can create games for computers, cell phones and video games, for example;
- Courses: although some courses may fit into info-products, you can set up a schedule of online and real-time classes.
After all this valuable information, are you ready to start putting it into practice? Investing in a digital venture may be the best option for those who want to have their own business with a low initial investment and very significant profits. Thus, If you need help, X Digital Online is here to guide you in this process, contact us!