If you are like others, you might be thinking this is the time to launch your digital business. Maybe you are motivated to generate more income. Maybe you’re excited about having the flexibility to work in different locations in the world. Maybe you like the challenge of building and owning your thing. Whatever the reason, it has never been easier to pursue digital entrepreneurship.
What is digital entrepreneurship?
According to Indeed, digital entrepreneurship encompasses online businesses that individuals create and run. It is characterized by operating entirely or partially online. It can be a sole proprietorship (one person operation) or have a team.
Digital business can cover a wide variety of industries and skill sets. You can be a blogger, a graphic designer, a course creator, a podcaster or even a digital newsletter writer. You could make jewelry, candles, or customized scarves that sell solely online. Your niche could be demographic focused (such as Gen X or Gen Z), industry focused (such as travel or pet care) or skill set (teaching social media marketing to novice marketers). The opportunities and variations are boundless.
Regardless, whether you plan on being a digital nomad, remote worker, or freelancer, here are some questions you might want to ask yourself to see if digital entrepreneurship..
Is my idea viable? You may think you have a great idea that’s great but other people have their wallets. If you are starting from a place where you’ve already tested your idea and are looking to make it into an established business, then you already have this question answered. If not, launching your business as a side hustle is a solid way to try out a concept before you leave your main job and steady income. You can find out if people are willing to pay for what you are offering. And if they are, you can continue to build your business until it replaces your 9-5 (if that’s your goal).
Is my idea viable? You may think you have a great idea that’s great but other people have their wallets. If you are starting from a place where you’ve already tested your idea and are looking to make it into an established business, then you already have this question answered. If not, launching your business as a side hustle is a solid way to try out a concept before you leave your main job and steady income. You can find out if people are willing to pay for what you are offering. And if they are, you can continue to build your business until it replaces your 9-5 (if that’s your goal).
Do I have the appetite for business? A whole lot of people want to be bosses until they have to be bosses. There’s way more to being a business owner than the title. As a digital entrepreneur you will have to put (or develop) your leadership and management skills into action. At least in the beginning, you’ll be wearing a bunch of different hats and you’ll know if you’ve the ability to run your own operation. You’ll find out really quickly if you have the stamina to put out the many fires and problem solve through issues when you’re the one in charge.
Am I disciplined? Unless you start off with a robust customer base, you will have to build your audience and that takes time. You will be trying different approaches to finding out what exactly your ideal customer wants and needs. It also means that you have very few people paying attention to your brand early on and you will have to push through even when it seems only 8 people are reading your blog posts, listening to your podcast or subscribing to your course.
In addition, you might be building this brand alongside working at least one other job or main responsibility. This will take a significant investment of time and effort on your part. You will need to be pretty organized and realign your schedule to accommodate the additional work. Recognize that means you might in some cases be pushing 13-14 hour days instead of 8 or 9 with just your job. You will have to stay motivated as you try to push your business forward and move past the early challenges.
What are my financial goals? No one generally starts a business for free. You should have some monetary goals you want to hit. By identifying these goals, it will keep you on tasks in terms of giving you a target when it comes to your business accomplishments. The goals don’t have to be grand or lofty. It could be as simple as making an additional $500 a month income. You just need them to keep you on track. You can revise your goals as you grow in your business, but the one constant should be that you have them.
Building a digital business can be exciting. The opportunity to leverage a skill while delivering a service and increasing your income is definitely attractive. But as you start to pursue your entrepreneurial ambitions, make sure you are prepared for the work ahead to build a thriving, successful business.
