As they say, if you’re depending solely on your salary or having just one source of income, you are one step away from poverty. With forty point one per cent (40.1%) living in poverty, we are advised to have other channels through which money can flow nicely. With thousands of different income sources out there, the fact that online business in Nigeria is the easiest and the best way to earn money apart from your salary remains indisputable.
What is Online Business?
Online businesses are any business that involves the exchange of goods and services between individuals using a site or application as its storefront.
Why Online Business in Nigeria?
- Online businesses do not have geographical boundaries, and they can be carried out anywhere and anytime.
- It also has flexible business hours, it can be done quickly alongside your career without any interruptions, and your products will always be available for your customers.
- It doesn’t require much capital to start-up an online business.
- Online businesses have a low cost of maintenance, and it also has an easy setup. All you need is a phone or laptop with a stable internet connection.
- It also allows you to connect with a larger audience, making you have more sales with little stress or no stress involved.
Insight Tip: How to Set Up Your Home Office in Nigeria
Types of Online Business Models
This is a platform that uses video in the passing of information. It involves engaging and creating if video content then publishing it on YouTube for people to view. It is a video sharing website that makes it easy to watch videos. After reaching a total of 10,000 views, you will be eligible to feature ads on your videos. You will be eligible to feature ads on your videos, and Google will get to pay you $18 per 1,000 add views.
Pros of YouTube Channel
- Starting a YouTube channel is free; it requires a small capital setup.
- It expands your social reach (makes you or your brand famous) and connects you to the world.
- You will be pretty flexible regarding when to post your videos. You can do it alongside your career or job with little or zero stress involved.
- It helps you share your ideas with future generations to come.
Cons of YouTube Channel
- It takes a lot of patience cause it takes time to build subscribers and followers.
- It can be pretty competitive.
- Having a YouTube channel can make you a public figure; therefore, privacy becomes a concern.
- It is not a get rich quick scheme.
It is also one of the ways to make money online. It involves advertising and getting people to buy another company’s product, and you are getting your commission from every goods or product you sell. You can do this through the use of social media or an e-commerce website. Affiliate marketing companies assign a track code link for easy identification of sales made through you; the commission is usually between 5 per cent to 25 per cent of the sales made.
Insight Tip: 5 Best Social Media Platforms for Digital Marketing
Pros of Affiliate Marketing
- Little or no setup investment is required.
- It gives you the advantage of choosing your niche.
- Marketing independence (you can run affiliated marketing campaigns in any way you choose)
- It gives you the advantage of choosing your niche.
Cons of Affiliate Marketing
- It takes time to start earning cash.
- You have no ownership of the products; therefore, reliability and consistency become an issue.
- It consumes time, and you will need to invest lots of money into the project if you want to see any result.
- You have the advantage of choosing your niche and doing what you love.
This is another excellent way to make money; it is like a virtual megaphone that enables you to reach your audience across the world; it’s related to blogging and allows you to contact your audience through the spoken word rather than written. But you will need some equipment such as audio editing and engineering. Hosting, publishing, headphones, microphones, skype, zoom, or similar software are used for interviews and podcasting sites.
Pros of Podcasting
- It helps you get new customers and also in selling your products.
- Podcasting has a low start-up cost.
- It allows the free expression of emotions and thought ls which makes it personable.
- Podcasts are easy to create.
Cons of Podcasting
- It is time-consuming.
- It is not an asset
- Connecting with people on a podcast can be difficult; if you don’t have a captivating and alluring voice, it would be challenging to have followers.
- It isn’t easy to drive to your site and become aware of your products with a podcast, unlike written content.
It is a way of using your knowledge, talent and skills to help others who need your services. With your understanding of your chosen niche, you can become a digital consultant. To achieve this, you will need referrals and followership.
Pros of Consultations
- However, it has a flexible working schedule in some issues that make this job unideal for some people.
- It keeps your valuable skills sharp for future employment opportunities.
- You have the advantage of choosing your niche.
- The opportunity of using your knowledge to earn money.
Cons of Consultations
- It is not a steady source of income because there can be times where consulting work will be scarce, so for people who depend solely on this as their source of income, reliability is an issue.
- Building a consulting business takes time and money because it requires advertising and web design services to make your business known to a prospective client.
- The business model is not a marketable asset.
This is one of the most significant online business you can start-up in Nigeria. It is a streamlined form of business wherein the seller accepts orders from the customers. You serve as a middleman between the manufacturer and consumer; they dispatch the goods to you, then you distribute them to the customers. The business aims to market or advertise a company’s products, getting buyers to make a profit. The retailer has little or no control over the quality, storage inventory management or shipping.
Process of Drop Shipping
- Choose your supplier; after you have done that, you will browse through your supplier’s inventory and choose products that match your interest, then create a shortlist.
- Choose a place to sell such e-bay, as e-bay becomes more popular and seems to be a place of selling than buying other platforms such as Bonaza.com and Amazon started coming up. Some of these different platforms are free to use, so you might also consider advertising your products.
- When a customer shows interest in your listed products, you buy the drop shipper’s products for a lower price.
- Then you deliver your products to the customer.
Pros of Drop shipping
- Without limitations of space, you have an opportunity to make different varieties of products available for your customers to view.
- Low risk is involved.
- It requires minimal start-up capital.
- You have little or no expenses to make in the business.
Cons of Drop shipping
- You have less control over your products, so if the drop shipper leaves your customer not satisfied, it reflects on you, so that’s why you are advised to deal with a verified and safe drop shipper.
- It requires you to sell in large quantities before you can make any profit.
- It’s a competitive market place.
Some Final Thoughts About Online Online Business in Nigeria
Nigeria is currently engulfed in problems, and the government is battling to tackle those problems. If you compare ten years backwards from now, you will agree that a lot has changed; with over 150 million people, the country’s rate of unemployment is also high. So starting online, I believe, is one way to earn extra cash and survive in this country.
- Jennifer is a blogger and life coach,who loves travelling, photography and nature. She is a philanthropist who is passionate about helping people grow and wants to be an inspiration for their growth.