ONLINE BUSINESS, AND SOCIAL MEDIA MARKETING. IS A MONEY MAKING MARCHINE OF 2024 AND YEARS TO COMES.
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ONLINE BUSINESS, AND SOCIAL MEDIA MARKETING IS A MONEY MAKING MARCHINE OF 2024 AND YEARS TO COMES
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For this same reason, online business is very important. The internet is currently the busiest place in the world. Busier than any market in the world. Billions of people around the world use the internet every day. Starting an online business gives you access to so many customers than a business in the real world.Another reason you should start online business is that it opens up big possibilities and gives you a bigger reach than regular business. You can be in Nigeria do business with people in the United States, Canada, Australia and anywhere around the world. That means bigger market and bigger potentials.
Online business is also cheaper to maintain. You can be in your bedroom and run your online business. All you need is a computer and connection to the internet. The startup cost is cheaper than regular business.The internet gives you a level playing field. No one on the internet really care who you are, how connected you are, who your father is, how rich you are or where you come from. It is about what you have to offer. A lot of you reading this don’t even know me or my status but you find what I write useful, that is why you are here.
There are many more reasons!
Best online businesses in Nigeria to start and make money
Here is a list of online businesses in Nigeria that you can start today and make money. These online business ideas are the best out there.
1. Blogging
Without a doubt, blogging is top of the best online businesses to start in Nigeria. This online business is something anyone can do and make money. Gradually, regular newspaper and magazines are fading out, they are being replaced by blogs. And on the internet everyone has the ability to start up a blog, unlike starting up a regular newspaper or magazine that will involve lots of politics and expenses.I cannot remember the last time I bought a newspaper or magazine. Whenever, I need information, I get online, visit some blogs and get all I need! Easier and more convenient.
If you are well informed about a particular topic and you have interest in it, you can start a blog and make money. Blogging is all about information sharing. It could be politics, entertainment, news, gossip, business, sport, technology, reviews, food, health, insurance. Anything at all! Just share information that people are looking for.
Once you start having visitors on your blog, you can start making money with it from Google Adsense, Affiliate marketing, Product sales and more.
In the beginning you may struggle because you are fresh, as long as you know what you are doing and keep growing your audience, you will be making over $1000 (over N350k) a month in a year or less.
Creating a blog is easy and it should not take you more than 20 minutes to create one. We advice you to create a self hosted blog, that way you can customize it and be fully in control. It is very difficult to make big money from a free blog.
Domain name should cost you N4000 or below. Hosting your blog should cost you about N3000 or less a month. But is is always advisable to pay for a year upfront, that way it will be far cheaper than paying monthly. A year will cost about N27k.
You can follow our guide to create your blog now! Go here: How to create a blog in less than 20 minutes.
For more on how to succeed in blogging, read this: How to become a successful blogger and make money.
If you are looking for online business in Nigeria that pays then blogging is the way to go.
2. Affiliate marketing
This is a very lucrative online business that people often overlook. Affiliate marketing is all about referring people to buy a product or services for a commission.
The good thing about affiliate marketing is that you do not need to have any product. Just recommend products of other people and get paid for your effort. You are given a link and you share that link to your audience.
I know it sound so easy and less lucrative but let’s break it down. Let’s assume you recommend a product like a phone worth N80k. And your commission is 20% which is N16k. You share your links through your channels and at the end of a month, 1000 people purchase through your recommendation. That will be 80, 000 x 1000 = N80 million. Your commission will be 20% of N80 million which is N16 million! So in a month you have made N16 million. If the commission was 10% you made N8, million. If it was 5% you made 4 million!
The Affiliate marketing market is worth billions of dollars but in Nigeria and Africa, it is not well explored.
To become a successful affiliate marketer, you will need to target a particular product or industry. Then create a niche blogabout that product or industry and recommend their products. You can also create a niche social media pages and push your affiliate marketing there.
There are many affiliate marketing networks that you can join and get products or services to promote. Some of them are Amazon Affiliate, Jumia Affiliate, Konga Affiliate, Commission Junction and more.
This is one of the best legitimate online businesses in Nigeria. For more details, read: How to make money through affiliate marketing
3. Freelancing
This is a very profitable online business that is not well keyed into in Nigeria. In the United States, Freelancers makes up 35% of its workforce and contribute over $1 trillion to the economy.
Freelancing is all about working from home. If you have any skills that is in demand, you can become a freelancer and make good money.It is an extremely rewarding web-based business. On Ppwork alone, which is only one stage, Freelancers make more than $1 billion consistently! Furthermore, you can be among!
This internet based business is awesome for understudies and the individuals who need parttime business. You center around it when you are free and bring in cash as an afterthought with your ability.
There are numerous abilities that you can put out there as a specialist. It very well may be composing, visual communication, composing, interpretation, work area distributing, programming, video altering, virtual entertainment abilities and some more. Individuals are searching for individuals like you to team up on projects.
You can find freelancing jobs on Upwork, Freelancer, Guru, Toptal, PeoplePerHour, 99 designs and many more.
You can read more here: how to make money as a freelancer online
4. Online bank sales agency
You can start an online bank sales agency and set yourself up to make good income. An online bank sales agency help banks recruit customers using the internet. Banks need new customers, if you can help them recruit new customers, they will pay you for it. Big names in Nigeria like Don Jazzy is doing this.
The leading platform to set up your agency is V. V is banking app that is owned by VFD Microfinance Bank. VFD Microfinance Bank is one of the biggest Microfinance banks in Nigeria. They are regulated by the Central Bank of Nigeria.
With V, you do not need any documents or paperwork to set up your online sales agency. It is very easy with few clicks.
First step is to download the app. You can click here to download for android phones or click here to download for iPhones. Once you download, install. Follow the on screen instruction to fill out the form. Once you are done. Open the app, click on more then click on start your bank.
The next page will open in a browser. Follow the screen instruction to fill out the form and submit. Note that it may take up to 1 day to be approved. Once approved, login to your agency account. Copy the referral code, use it to recruit new customers. The more customers you recruit, the more money you make. It is advisable to add money to your account even as little as N2000. N2000 makes your account an active account. You can use the app to pay bills or use it as a bank!
5. Online Videos
Online Video business also known as Vblogging is a very lucrative business that anyone can venture into and make money. Have you been on YouTube recently? Am sure that you have. Either to watch the latest music video, some comedy skits, football highlight or something interesting. That is what Vblogging is all about.
You can make videos on Facebook, Instagram, Twitter and other places but YouTube is the biggest market for online video business. YouTube is the second most used website on the internet after Google! Yes, YouTube is used by people worldwide more than Facebook, more than Instagram, more than Twitter. YouTube is all about video sharing. Only videos.
If you have passions for videos, you can start creating them and uploading on YouTube. You can do a comedy skit, short movies, you can do talk shows, you can do football reviews/previews. There are so many things you can make videos about. DIY, life hacks, games, music, entertainment, news, politics, tutorial, fashion. Very many.
Build your audience and you can start making money from it with Google AdSense, Affiliate marketing, sponsorship and much more.
For more reading, go to: How to make money on YouTube
If you are looking for online businesses in Nigeria that you can start with no money, then this is it! All you need is your phone to start making videos
6. Social media marketing
There are so many people on Social media. From YouTube to Facebook, Twitter, Instagram, LinkedIn, Snapchat and the rest. People spend the best part of their days on these platforms.
Social media marketing help businesses leverage on the crowd of people on social media to drive leads. It has been proven that businesses who have good social marketing strategy, increase their sales by over 100%.
But there are very few social media marketers in Nigeria working with businesses. So many small businesses in Nigeria are not making use of social media to drive business leads.
You can become a social media marketer and fill the gap. You will make a lot of money helping businesses leverage on social media buzz.
To become a social media marketer, read our guide: How to become a social media marketer
7. Flip domains and websites
This online business has lots of potentials. But it requires patience and clear understanding of what you are doing. It is all about buying and reselling of domain names or websites.
It may sound very easy but it is very profitable if you understand the business.
Let’s assume you heard of bitcoin before it became viral. You went ahead and register a domain name like: bitcoin.com, bitcoin.org, bitcoin.net or any of the popular domain extension. By the time Bitcoin became viral, you would have sold it close to or over $1 million!
If you doubt that then read this, a guy called Chris Clark registered the domain name pizza.com in 1994 for $20. He sold it in 2008 for $2.6 million! That is almost a billion naira.
There are many examples. If you cannot hit high, you can hit medium sales or reasonably low sales.
You can buy existing domains with good prospect, keep them and resale. You can also build websites (blogs) run for a year and resale.
Or buy existing websites with huge potentials, develop it for 6 months and resale for 50 times how much you bought it
8. Web Design
Many websites are created everyday. There are billions of websites on the internet and millions more are being added each month. In Nigeria, website creation is on the rise as more businesses and organizations look to tap into the power of the internet.
These businesses need web designers to help them build websites for their businesses.
To be a web designer, you need to have a knowledge of coding. You can learn programming online almost for free these days. Read: become a software developer. You also need to have a good understanding of the CMS that you are using.
Learn web designing, then create a website for your business and advertise it on social media. You will find customers.
If you are looking for online businesses in Nigeria with low investment then website design is one of them
9. Create digital goods
Digital goods are goods that are consumed mainly online. They include: E-book, Apps, Themes, downloadable software, logos and more.
They have the potential to make you rich. Take for example WhatsApp. It’s a digital goods. It was created by a group of friends to stay in touch. Then it went Viral and they sold it for $19 billion! That is Trillions of naira.
Instagram was sold for $1 billion. There are many other examples. Even if you don’t sell in billions, on Flippa everyday, people are selling apps for thousands of dollars which is millions in Nigeria.
Digital goods like e-book can make you money if you have good ideas and marketing plan.
Creating digital goods is very lucrative. With billions of people online ready to consume.
If you are looking for online businesses in Nigeria that will make you rich, then creating digital good can get you there.
10. Teaching online course
So many people are looking to learn something online. Whether it is writing skills, web designs, business management, how to play instrument, how to cook. People are learning online more than ever before.
If you are very knowledgeable about a particular topic, you can create a course and sell it online. You can make over $20k for every course you create depending on how viral it becomes.
There are websites that help in creating and selling of courses. The two biggest are Udemy.com
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