Digital technology has changed the entrepreneurial landscape with countless opportunities to create wealth. The limitless potential of smart technology means you can transform your creative ideas into a multi-billion venture. This brief post is part of our series of publications on how tech billionaires thrive in the digital-driven landscape with profitable ventures that attract a global audience. Stories aside; here are 6 proven strategies to make money in the digital age with examples from tech billionaires
1. Running an e-commerce website
Online shops, alternatively known as e-commerce websites, are a must-mention venture when talking about strategies to make money in the digital age.
Whether your business sells a product or service, having a digital shop can boost your sales, grow revenues, and increase your earning.
Unlike decades ago, setting up an online shop is hustle-free. You no longer need to invest in an expensive website development project.
Instead, benefit from cloud-based, multi-channel ecommerce platforms like Orbelo, Shopify, WooCommerce, Sellfy, BigCommerce, and Squarespace, These platforms save you money, time, and energy with ready-made e-commerce sites that you can easily customize to suit your business needs.
Take inspiration from emerging entrepreneurs like the 18-year-old Cory Nieve. At 6, Cory had a vision of making money from selling hot chocolate so that he could buy his mom a car. His dream gave birth to the ecommerce platform, Mr. Cory Cookies. He uses the website to sell cookies and also to provide affiliate marketing links to popular sites like Amazon.
As I write this article, Cory’s net worth is estimated to be US$1 million. But Cory is not an isolated case. Hundreds of young investors are succeeding with e-commerce.
Maya Penn converted her passion for fashion into Maya’s Ideas, a multimillion e-commerce-based venture. This is not to mention obvious examples, such as Tobi Lutke of Shopify, Jack Ma of Alibaba, and Jeff Bezos of Amazon.
2. Content creation and social media
The rise of content-sharing platforms like TikTok, Instagram, Pinterest, Facebook, and YouTube has made content creation a highly profitable investment. What amazes me the most is the growing sales potential for content creators. Thanks to smart technology and the support it gives to content creators.
Content sells. And it is possible to make content from anything you do; whether it’s your career, hobby, or business.
First, you need to choose the right niche. This should be something about which you’re passionate. It is a topic that brings out the best in you. In my case, one such thing is writing and one such topic is technology and business.
That’s why I’m here writing about technology and business. I do it out of passion and self-motivation.
By making the correct choice, you can build a loyal following online. And once you’ve got the crowd behind you, you can then begin to monetize your content.
Think about content creators like Debo Adedayo, alias MrMacaroni, and Adenike Omolayo Absubiojo, popularly known as Mama Ojo. These two, among thousands of others, have turned their comedy content into multimillion-dollar investments by utilizing social media.
Kenya’s Eve Mungai is another proof that content sells. Her financial breakthrough and rise to fame are my motivation. She has demonstrated that creating and sharing content online is one of the most lucrative strategies to make money in the digital age.
3. Online education and e-learning
Digital technology has disrupted traditional approaches to learning and education in imaginable ways. You no longer need a classroom to teach or share your skills with people who need it.
There are so many online education platforms that your choices are unlimited. LinkedIn Learning (formerly known as Lynda), Udemy, Coursera, Skillshare, and Udacity are just a few examples of successful online education platforms.
By drawing from these examples, you can launch an online tutoring service or course website to sell your skills, knowledge, and expertise.
Another worth-to-know fact is that a broad range of tools are now available for anyone to establish an educational platform over the Internet. You don’t have to be tech-savvy to actualize your vision of launching an online education and e-learning system.
Instead, take advantage of a free content management system to build an elegant website. Mixing WordPress with ready-to-use or pre-made site templates and eLearning WP Themes, such as Eduma, Educator, Language School, Epsilon, Skilled, Invent Academist, and SmartOWL can greatly simplify the process.
Here are a few examples to motivate your move in using online education to make money in the digital age:
Kayse Morris (alias, The CEO Teacher) started an online platform, Kaysemorris.com, and a podcast to educate teachers and students on how to get the best out of themselves. Kayse also uses her website to sell educational resources like lesson plans.
Emily Hawkins –The founder of emilyhawkins4u.com. Her website is another inspiring story of a successful online course as a business. Hawkins provides business coaching services, earning over $200K per year doing what she loves.
Salman Khan –The CEO and founder of the popular Khan Academy. Khan’s estimated net worth is about $360 million as of 2023.
Reshma Saujani –The founder and CEO of Girls Who Code.
With the e-Learning market size valued at US210.1 billion (as of 2021), financial opportunities in this industry are unlimited and continue to expand.
So, what’s our key takeaway? This is not the time to work and die with your skills and experiences. Launch an online learning platform and coach people.
Dispense and make money from your business, fitness, cooking, reading, gaming, technology, or whatever kind of skills you can teach.
4. On-Demand Services
Besides education, the digital world presents everyone with an endless list of on-demand services that can generate good money. Think of the services below and the success stories of entrepreneurs who started the companies I’ve cited.
- Accommodation services (like Airbnb)
- Gaming services (such as PlayStation founded by Ken Kutaragi)
- Transport services (like Uber and Bolt)
- Food delivery (such as Glovo, Jumia Foods, and Dominos Pizza or big giants such as Uber Eats, GrubHub, Zomato, and FoodPanda).
These services have created countless opportunities for both established and beginner entrepreneurs. A little training could start you off to your billionaire destination.
Of course, the reality of stiff competition in the online service industry is undeniable. However, if you have got a specialized service to offer, success is not impossible.
Establish a mobile app or a website. Deliver your services conveniently and in a personalized way. And with persistence and consistency, money will follow.
5. Digital Marketing
The demand for digital marketing services is skyrocketing. Everywhere, businesses are looking for talented and effective digital marketers to popularize and market their brands.
The growing need for companies to leverage SEO, social media advertising, and content marketing is not a thing to fact-check. With this, opportunities in the digital marketing niche are huge.
Are you a marketer? Can you help businesses to promote their products and services online? Start relying on those unexploited potentials to make money in the digital age.
Take inspiration from digital marketer entrepreneurs like Gary Vaynerchuk, Neil Patel, Isaac Rudansky, Mike Allton, Larry Kim, Alga Andrienko, Mari Smith, and Craig Cameroon.
Consider their estimated net worth below to give you a more practical view of what you can earn from digital marketing,
Gary Vaynerchuk: known for his keen business and technology acumen. By relying on digital marketing, Vaynerchuk changed a $3 million small business into a $160 million conglomerate. His net worth is estimated at $200 million.
Neil Patel –Neil is a familiar personality in the digital marketing world. He’s often referred to as the “Digital Marketing Mentor,” the “CEO Wizard,” or the “SEO Expert” due to his expertise and success in the field of SEO and digital marketing. He is a self-made millionaire with a net worth of over $30 million, according to sources.
Isaac Rudansky –A digital marketing trainer and instructor at Udemy.
6. Artificial Intelligence (AI) and Machine Learning:
AI and ML are at the heart of today’s digital transition. These technologies have opened the world with numerous possibilities.
They can be a game-changer with the potential to steer you up the financial ladder by allowing you to provide automated processes and more engaging entertainment experiences. With AI, you can claim your financial freedom through AI-powered content creation and gaming experiences.
Want motivations to start you off? Check our blog post on 10 best ways to make money with AI: Real-world examples.
Conclusion
Digital technology has transformed the global entrepreneurial landscape. As you can see, the strategies to make money in the digital age are countless. In this post, we’ve provided you with real-world examples of tech entrepreneurs who have made billions of dollars by leveraging digital technology through the methods presented above.
Don’t be afraid to feel inspired. With technologies like AI, social media, and machine learning, opportunities are widening. Beginner entrepreneurs like you can turn into multi-million investors with the right tools.
Take the first step and with determination, you may find yourself at heights you never imagined.
See you up the ladder
