Most of our life including how we socialize has become digital. The way we do business is the same nowadays. Work is not confined by physical boundaries anymore. Working from home is nothing new; it is becoming quite common. Many businesses are running solely on the internet. Owners of such online businesses are called digital entrepreneurs. They are founders, owners, or managers of businesses that run only on digital platforms.
Digital entrepreneurs are dependent on digital tools and online information to build, run, and grow their online businesses. They can be commodity-based or service-based businesses. Some examples of these businesses are; online stores, publishing eBooks, app or software development, and selling online services like coaching classes, etc. Running an online business has many perks. We will discuss all of these in detail in this post.
What are the benefits of being a digital entrepreneur?
Usually, online businesses are sole proprietorships or a venture by small teams. Since all of their operations and workings are done online, anonymity is evident. They don’t need a physical presence or an office to run their business allowing digital entrepreneurs to live off the grid while earning money and running businesses.
Easy to scale:
Business expansion and growth is the ultimate goal of any establishment. But it is easier said than done. You would want to open a branch of your business in every city, but doing that physically might not be possible and if so, extremely expensive. This is one dream small businesses find hardest to fulfill. Renting a brick-and-mortar, hiring staff, paying utilities, and keeping inventory can be hard work and a back-breaking expense. That is why most small businesses start and end with one branch. Many lucky ones get to scale their business a bit but not to an enterprise level, as they want to.
For online businesses, this story is on a whole new level. They are not confined by a single physical location. They can start selling to all the cities, regions, and countries whenever they want to. If they have a good order fulfillment strategy, then there is no stopping them from going global. They get to explore new markets and increase their outreach very easily as compared to conventional businesses.
Easy to access:
The success of brick-and-mortar depends on its location. If the location is accessible, there will be more customer footfall. If the location is in a posh commercial area, your business will look more credible as well. An online business is not dependent on location whatsoever. You can access an online business from the comfort of your home. You can access it by simply going online and visiting the website. You can shop for all the things you want from your living room while sipping your coffee. You can’t find a more practical and doable business model than this, can you now?
This accessibility also means that as a digital entrepreneur, you get more potential customer base and can easily compete with larger businesses. As long as your online business is marketed properly, there won’t be any problem in accessing it, nor will you face any accessing a larger market.
Easy to adapt to changes:
As a digital entrepreneur, it is easier to adapt to any change in the business strategy, prices, or branding. An online business can do it without having to worry about increased turnaround time. Changing the prices online after renewed marketing info is easier than getting advertising material reprinted. Similarly, any change in the branding can be implemented without having to discard physical stationery and other physical materials. Making changes to the website is simpler than changing the layout or design of physical premises.
Online business is easier to scale, we all have established that. But, you can scale your business earnings as well. Your online business can earn through advertisements. Whenever a visitor clicks, interacts or views the online advertisement, you earn revenue. Promotional videos and content for products and services can be uploaded to a website fairly easily, and so is implementing any subscription payments and renewable products and services.
The biggest individual benefit that a digital entrepreneur gets is the freedom to move around without adversely affecting sales or any of the operations. Digital entrepreneurs are also called digital nomads, implying that they can run their businesses from anywhere in the world. They can travel to any corner of the world and run their business even while traveling. All the operations of the business will be fulfilled seamlessly online. All you need is a fast, uninterrupted internet connection and a laptop.
The final word:
The new digital world that we live in has new business dynamics. Now you don’t need to be physically present in your brick-and-mortar all the time. You don’t even need a brick-and-mortar anymore to run a business. Now you can live the life you want while earning. Many digital entrepreneurs or digital nomads use laptops to run their businesses while traveling in their campervans and enjoying nature. The point of the matter is that the internet provides the perfect tools to remove all avoidable factors in running a business. You don’t need to open a branch in every city, nor do you have to pay for infrastructure and utilities. In the end, what you save becomes part of your revenue.