Digital business ownership is the new norm.
With so many people working remotely and the technology that supports remote work continuing to improve, it’s now easier than ever to set up a virtual company and work independently as an entrepreneur.
Whether you want to transition from a traditional work life to something more independent, or you’ve been thinking about having your own company for a long time. This is simply the right time in your life to make that leap, becoming a digital business owner can be an incredible opportunity.
But what does it mean to be a digital business owner ? How do you turn your idea into reality ? And what support will you need if you’re ready to take that next step towards independence ?
What does it mean to be a digital business owner ?
Digital business ownership is simply having a company online. Traditionally business owners would have a storefront or a factory; now, because of the internet, you can have a business without having to have a physical location.
What this allows you to do is to be able to work from anywhere, hire people from anywhere (if your business has employees or contractors), and be plugged into a global network from day one.
Plan, plan, plan !
One of the best things you can do for yourself is to make sure you are as prepared as you can be before you launch your business.
Having the proper infrastructure and systems in place will not only help you succeed but also keep you sane during the early phase of your business when you will be very busy.
Start by figuring out how you are going to get paid.
What are your monthly expenses ? What are your recurring expenses (like insurance, hosting, and subscriptions) ? What are your one-time expenses (like business registration, legal assistance, and buying any necessary equipment) ? Next, take some time to think about your marketing plan. What will you be doing to bring customers to your business ? What are your sales and marketing strategies ? How will you keep track of your efforts and results ?
You’ll need financial support
As with any new business venture, you will likely need some initial investment to get started.
Depending on your industry, you may have some inherent investment from the fact that you will be working for yourself and so will be bringing home a consistent paycheck.
You also may be able to take advantage of any investment opportunities that are available for small businesses.
Additionally, you may be able to use any savings you have or get a small business loan to get things started. Be sure to consider all the potential costs of your new business so you can plan appropriately.
Hiring your team is equally important
Many digital businesses rely heavily on contractors and employees. Depending on the nature of your work, you may be able to hire remote workers and contractors who live in other parts of the world. They can help your company grow quickly and inexpensively while providing amazing benefit to workers who can stay at home with their families while working.
When hiring, be sure to consider the same factors you would when hiring an in-office employee. You want to make sure you are hiring people who are a good fit and who will be able to do good work for you.
Your product will be key
You may or may not have a physical product, but whatever you do, it should be excellent. As a digital business owner, you have no storefront or inventory to speak of.
That means everything about your product or service is what will bring clients to you. This means you have to make sure that it is high quality, that it is exceptionally well-designed, and that it solves a real problem for your customers.
You also have to make sure that you’re marketing it well and that you’re getting it in front of people who will benefit from it.
Becoming an influencer will help
One of the best ways to bring customers quickly to your digital business is to become an influencer and grow a digital presence. This can take many forms.
Maybe you start a blog and write about your industry. Maybe you build a YouTube channel or grow on any social media. Maybe you join a forum and become an expert in your field.
Becoming an influencer is about more than just having a presence online, though. It means understanding a bit of digital marketing, creating consistent, quality content and sharing your knowledge with others.
It means becoming an expert in your field, providing consistent value to your community, and knowing when to ask for help and how to give it when you’re ready to go from being an influencer to being a business owner.
Take care of yourself and your mental health
Being an entrepreneur can be very challenging and often times very stressful. It is important that you take care of yourself and your mental health, especially when you are first starting out.
Make sure you are eating healthy, exercising, and getting enough sleep.
Find ways to de-stress and connect with other entrepreneurs and business owners in your field who may be going through similar challenges and can help you through the challenges of running a new business.