How to work the Digital Economy?

Are you an employee working for someone? Are you a freelancer trading your time?

There is nothing wrong being a loyal employee. If you love your team, culture, company and the mission, there is no issue being a part of it. We have an amazing team of staff that help propel our brand forward and we love them. We take care of our people.

Not everyone wants to handle the risks and stresses that comes with being a business owner. Running a small business is not for the faint of heart. Being an employee or a contractor works well for many.

In this day and age, even during Covid, there are many options available, to those who seek them, that will help make many multiple returns of the time and effort invested.

Global consultancy firm McKinsey estimated the adoption of technology in Australia had advanced up to five years just in the first eight weeks of the Covid lockdown.

All people including business builders and traditional employees can tap into this digital economy.

Digital economy gives us far more options to not only entertain, study and work but also to invest in and build brilliant businesses.

Since I was a boy, I wanted to build my empire. It was the GFC that finally pushed me (my employer had to make severe cuts during the downtime and I was made redundant) into the world of entrepreneurship.

I founded jeylabs at my home in Feb 2009 with the help of my wife. We offered software consulting services to corporates and SMEs. Eleven years have passed since and am still passionately running the company with teams located globally with most of our staff now working from home due to Covid.

I think it is important to remember that we all have to start somewhere under someone to learn the craft. So being an intern, temp, graduate or a long term employee is not negative. It is necessary.

We also need the help of people, who trade time for money, to help us build our businesses. The coaches, consultants, contractors and traditional employees are all needed to build a brand. Throughout the years, jeylabs employed many interns, immigrants, onshore and offshore staff. We have also utilised services of other companies.

Over time, Businesses create incredible inherent value by acquiring good will or brand name. They have active customers, back orders, databases of nurtured warm prospects, trained sales teams to follow their sales process, Unique goods or intellectual property that they sell or provide highly valued services amongst many other things.

Individuals who work for these companies also create value in themselves through their work experience, networks, testimonials and credentials.

In almost all cases, The Valuation of a brand is much bigger than any individual who works for it. Tesla and Elon Musk are in a different league.

Small businesses can build higher values similar to their much bigger counterparts by utilising digital technologies to create highly scalable offerings to reduce costs and increase margins.

This is why angels and vc’s have been backing technology startups big time. Incubators and accelerators such as YC & Antler are fortune factories.

The popular subscription business models create a long tail that can, in time, bring you incredible returns. Using this model can certainly bring many multiples of return on the investment.

Everyone has ideas. If you could solve a problem using an online system or improve upon an existing offering, it can allow you to build a successful SaaS business. At Jeylabs, we recently launched a SaaS offering called GetSignature to help people become more efficient working remotely.

Offering an online course (and using online ads to promoting it and acquiring paying customers) to users who will pay you a subscription fee can bring you an income on auto-pilot.

Creating an online channel to share your opinions on the world and talk about topics that interest you could help build an income through your audience (People clicking on ads as part of video watching experience). Writing articles and reviews on sites like medium and other blogs can also create a similar revenue stream. Becoming an influencer on sites like Instagram apparently pays well.

There are also many businesses wanting access to the digital know-how, which you could offer as a business service.

So whether you have that brilliant idea for the next big startup straight out of uni or pursue something exciting as a side gig while working at your corporate job, or you got pushed out of your work like me due to the industry going south, thanks to digital, you now have many options to take control of how you want to earn a living.

You don’t even have to be an adult. Even kids can make a dent in the digital universe and create a fortune. There are many examples of that.

Whatever you do, focus on it and give it time and a real push. You don’t need a lot of money. Have the mindset of a learner and put the effort. There is plenty of help freely available to find the right tools and techniques to build an online business. Just don’t give up in the first month.

As the saying goes, fortune favours the brave. So, whether you work for yourself or for others, be bold and go digital. Build a business or create a digital side hustle today.

Are you looking for some advice on commercialising your idea or need help setting up your business right? Contact me by sending an email to business-consulting@Jeylabs.com

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