The online market place in Nigeria has been seeing a very significant rise in the past decade with many online ventures and businesses springing up.
These online businesses Nigeria were of course, established by young, brilliant visionaries who eagerly sought to bring their much needed expertise and services to Nigerians who desperately needed them.
Some have been able to carve up a cliché for themselves, establishing as experts in their various fields, be it affiliate marketing, freelancing, blogging, transcription services and others.
However, despite the success stories that have lined up online businesses started in Nigeria, there’s still a large field of untapped, available talents and opportunities that abound in the online business sphere. In this article, we would be looking at online businesses one can venture and thrive in Nigeria.
Here are top 4 Online Business To Venture in Nigeria
Blogging
Blogging is the process of writing and publishing articles, images, and other types of information on a website. Informal language, a laid-back environment, regular updates, lifehacks, recommendations, and a high level of client participation are among its hallmarks.
It consists of the tasks that are required to run a blog, such as writing a blog post, promoting it, and implementing link-building strategies.
A blog is an online journal, or web log, in which the owner presents information in reverse chronological order. It can be a separate project or a portion of a website.
People used blogs to share their personal lives, including their experiences and interests, when they first appeared in 1994. Blogs have evolved into an important online marketing strategy for businesses as well as one of the most lucrative career options for individuals.
The look and feel of blogs has evolved dramatically over time. Bloggers can now include social media feeds, contact forms, and author profiles as widgets and plugins in their platforms.
Most bloggers, on the other hand, still use a standard structure, dividing their blog layout into the following elements:
Header. It includes the blog’s title or logo, as well as main navigation menus to pages like Home, About, and Contact.
Body. The main content area is where you’ll find the most recent or most popular blog posts.
Sidebar. Widgets and highlights, such as the most popular blog entries and recent comments, are usually found here.
Footer. It sits at the bottom of a blog’s page, providing quick access to crucial information such as the privacy policy and disclaimers.
The material of a blog is usually in the form of articles called blog posts.
You may struggle in the beginning because you are new to the blogging world; nevertheless, consistency is crucial in blogging as long as you know what you are doing and continue to increase your following.
Blogging is a lucrative endeavor that demands perseverance; Nigerian bloggers can earn anything from $100 to $1000 each month.
It’s simple to start a blog, and it shouldn’t take you more than 20 minutes. We recommend that you build a self-hosted blog so that you may modify it and have complete control. Making a lot of money from a free blog is quite challenging.
If you want to start your own blog, it’s important to understand what constitutes a good one in the first place. In most popular blogs, you may expect to discover the following elements:
Content for your blog that is of high quality. Expertise, authority, and credibility should all be demonstrated in the content (EAT). To make the blog article consumable, it’s also necessary to employ simple language and formatting.
Attractive headlines. These disclose the content’s topic and aid in attracting visitors, as roughly 80% of people will click on search engine results if the headlines are engaging.
Content that is updated on a regular basis. A regular posting schedule informs readers when fresh content is available on the blog. Fresh and up-to-date material is also valued by search engines, which helps to boost rankings and website traffic.
Dropshipping
Dropshipping is a business model that allows a company to sell things without ever having to keep track of their inventory. When a customer places an order, the company notifies the product’s manufacturer or distributor that an order has been placed and that it should be dropped into a shipment for the customer. On behalf of the dropshipping company, the manufacturer or distributor ships the item directly to the customer.
The consumer pays the dropshipper, and that’s all there is to it. Manufacturers and distributors are paid by the dropshipper. The item is sent to the customer by the manufacturer or distributor. A marketer, in essence, is a dropshipper.
Dropshipping is a low-cost way for new businesses to sell products without a lot of overhead because no inventory is required. It also keeps you from being trapped with merchandise that doesn’t sell or can’t sell.
The dropshipping business concept, however, is not a get-rich-quick plan, contrary to common opinion.
Sure, it appears to be simple money — you sell other people’s goods and keep a cut — but when all the disadvantages, obstacles, and day-to-day management are taken into account, it’s far from simple and can be difficult.
Dropshipping can, however, help you build a successful business if you approach it correctly.
Because starting a dropshipping firm requires relatively little cash, there is a high level of rivalry, with the most popular markets bearing the brunt of it.
Essentially, the larger a firm is, the lower its markups can be in order to provide the best prices.
To make matters worse, your suppliers are unlikely to offer you an exclusive contract.
That means that your products could be sold by a variety of competitors. If you’re just starting out as a small business, your competitors with years of expertise will be able to undercut your costs because they have the resources you don’t.
In six easy steps, you can start a dropshipping business:
- Decide on a business model.
A business concept explains what you’re offering and to whom you’re selling it. Because dropshipping has so many alternatives, you should start with a small number of products that you believe will sell to a specific audience.
For example, you may come up with a business concept for selling graphic T-shirts to skateboarders. The T-shirts will have special designs that appeal to this population and will be of the same high quality and style as those worn by skateboarders.
- Obtaining Products
Before you start building a website, do some product research. To discover the greatest wholesale pricing for a product, look for different distributors that sell the same product.
The following are some of the most popular marketplaces:
- AliExpress
- Sale
- Hoo
- Wholesale Central
You can also look for print-on-demand clothing, household items, and books. Custom graphics are printed on a variety of brands and kinds of clothing, such as T-shirts, socks, and jackets, by print-on-demand apparel firms.
Choose a product that excites you, has a healthy profit margin, and looks excellent in the website’s photographs.
- Select Vendors
Once you’ve found the products you wish to sell, you’ll need to locate a supplier that will actually ship the items to your clients. There are a few things to think about while selecting a supplier:
Choose a supplier/vendor who provides the level of quality you desire to represent your firm. One business approach is to charge a higher price for higher-quality goods. In contrast, being a discount provider of goods that may not be of the highest quality is not a good idea.
When choosing a supplier or vendor, somethings are to be considered;
Profitability: The product should allow you to generate a respectable profit. In your calculations, factor in shipping and transaction fees. The majority of dropshippers aim for profit margins of 15% to 20%. Of course, it’s fantastic if you can increase your profit margins.
Reliability: You want to work with a vendor who delivers products on time and with affordable shipping costs and times. Many of your suppliers are located abroad, and you must decide whether or not you want your clients to wait for products. You’ll also need a supplier who keeps a product in stock because it’s inconvenient for both you and your customer to have an order that can’t be fulfilled. Ordering a few things from a supplier and noting the procedure is the best approach to verify for reliability.
Return policy: Look for a supplier who has a return policy if at all possible. Because many don’t, you should double-check before making any final judgments. You should consider how you will state your own return policies in light of what the supplier offers.
The majority of dropshippers choose online marketplaces since they have a larger assortment of products from reputable vendors.
- Create an online shop
To sell your products, you’ll need to create an e-commerce store. An e-commerce store is a website that is meant to help you present things for sale in a visually appealing manner while also providing the shopping carts needed to complete purchases.
For a newcomer, setting up the store can be difficult. The reason for this is that there are several moving pieces.
To create a website, you’ll need:
- WordPress, Shopify, or Squarespace are examples of content management systems (CMS).
- Web hosting with a domain name (if using WordPress)
- Integrations with the dropshippers you’ve chosen
- Accept online payments with a built-in payment gateway.
The top e-commerce websites combine the product sale with the order to the supplier to automate the process. If you don’t automate this phase, you’ll have to manually enter orders every day, which can be time-consuming and error-prone.
Shopify is a popular platform for individuals starting a dropshipping business. However, it isn’t the only option, so studying more about the finest e-commerce platforms is worthwhile.
Freelancing
Working as a freelancer, rather than being employed by someone else, means being your own boss. Freelancers are self-employed people who work for themselves. They are also known as independent contractors.
Other organizations use freelancers on a part-time or short-term basis, but they do not receive the same pay or have the same level of commitment to any one company as full-time employees.
What is the definition of a freelancer?
A freelancer is someone who works for a fee per assignment or per task, usually for a short period of time. Because a freelancer is not an employee of a company, he or she may be free to work on multiple assignments for different people or companies at the same time unless contractually obligated to work exclusively on one project until it is completed.
The distinctions between working as a freelancer and as a full-time employee
Contract length: freelancers are hired for a particular amount of work or time; employees are hired on a permanent basis.
Pay: freelancers are paid on a job-by-job basis; employees enjoy a consistent income.
Tax: Freelancers normally file an annual tax return and pay any taxes or National Insurance due; employees have tax and National Insurance deducted at source.
Employees can join a company pension program, whereas freelancers pay into a self-funded pension.
Kit: freelancers bring their own equipment; employees have their own equipment given by the company.
Employment sources: freelancers locate their own work; employees complete work assigned to them by their company.
What kinds of jobs may I undertake as a freelancer?
Companies are growing more receptive to and interested in using freelancers for a variety of tasks. As a result, freelancing has become far more acceptable for a wide range of positions.
Jobs You Can Do As A Nigerian Freelancer Include;
- Developer (coder, programmer)
- Designer
- Writer or copywriter
- Marketing professional
- Translator
- Videographer
- Accountant
- HR manager
- SEO professional
- PR or branding
How to Get Started With Freelancing
- Establish your freelance objectives.
- Determine the abilities you’ll need to begin freelancing 3. Identify your target clients
- Create a service offering based on your skills.
- Before you start freelancing, legally incorporate your company.
- Create a portfolio to show off your abilities. 7. Create a client-finding approach.
- Make use of your current network
- Begin recruiting new supporters.
The Best Freelancing Websites
- Fiverr.com
- Toptal
- Jooble
- Freelancer.com
- Upwork
- SimplyHired
- Guru
- Behance
- 99designs
- Dribbble
- ServiceScape
- DesignHill
- TaskRabbit
Affiliate Marketing
Affiliate marketing is the process of earning money by promoting the products of other people (or companies). You locate a product you enjoy, promote it to others, and get a cut of the profits from each sale.
Simply put, affiliate marketing entails recommending a product or service to your audience and readers via custom tracking links, and then receiving a referral commission for each purchase made through your link.
Affiliate marketing is also a type of online performance-based marketing in which a company pays a commission to one or more of its affiliates for each visitor or customer who comes to their site via a custom link from the affiliate’s site.
Affiliate marketing becomes a realistic choice for many top firms because they have large marketing budgets and operating costs to meet.
If you’re a blogger, content marketer, website owner, or anyone else who can sell, there is an opportunity for you to make quick money from the comfort of your own home.
Affiliate programs are common in many industries, including fashion, web hosting, and so on. Simply sign up for their program, receive your unique tracking link, write product reviews or other marketable material, and strategically insert your personalised link in the post.
You will be compensated if someone clicks over from your website to theirs and makes a purchase using your link.
Affiliate marketing is one of Nigeria’s most powerful online businesses, and its influence is undeniable. The various lucrative affiliate marketing schemes accessible in Nigeria can help you earn a nice living. In Nigeria, there are no boundaries to how much money you can make with affiliate marketing.
There are a few phrases you should be familiar with when it comes to affiliate marketing, especially if you plan to work in Nigeria.
Affiliate Network– An affiliate network is a platform that links digital merchants with affiliates and manages the sales process.
- This is either you or me, affiliate. Our job is to promote the merchant’s products and to be compensated for doing so.
The merchant is the owner of the goods that you are advertising.
Affiliate Link: An unsightly link obtained from a merchant or network that enables tracking of your advertising.
Link cloaking is a service that allows you to hide your unattractive affiliate link while still making it readable.
Presell page or landing page: This is a page you may send to potential customers to help them learn more about your product.
Squeeze Page– A squeeze page is a specific page that collects your visitors’ contact information so that you can promote to them again via email.
Benefits of Venturing into Affiliate Marketing
- Minimal financial outlay
Affiliate marketing, unlike any other type of business, necessitates a minimal initial investment. You are not required to purchase any products or open a store. All you have to do now is create a website and pick a niche. The only costs you’ll have to pay are for website hosting, design, and upkeep. - Minimal Effort
Affiliate marketing requires little to no work on your part. In every other firm, even if you have a large initial investment, you must work day and night to establish the company.
Affiliate marketing requires some effort as well, but it can all be done from the convenience of your own home. You won’t even have to get up from your seat. Only a computer and an internet connection are required.
- Simple Money
Affiliate marketing, believe it or not, is one of the simplest and fastest ways to generate money online. In addition, the sum is pretty attractive. It’s a gradual process at first. You won’t have to look back once things get moving. People continue to buy things online thanks to the internet and technology.
All you have to do now is use your marketing talents to direct them to the appropriate location.
Affiliate programs play a significant role in this. A customer is not obligated to purchase using the link you’ve provided. You still get a commission if he clicks on that link and then buys something else from the same site.
- Income from a passive source
Active income is when you actively engage in a business activity to earn money. It’s passive income when you don’t work but the money keeps rolling in. Almost all of the money earned through affiliate marketing is considered passive income.
To earn money through affiliation, you don’t have to work full-time. All you have to do is create an affiliate website and add content.
- No prior experience is required.
Affiliate marketing does not necessitate any prior knowledge. Yes, there is a great deal to learn about this industry. However, you do not need a Ph.D. or a college diploma to begin a profession. It’s enough to have a fundamental understanding of affiliate marketing, how it works, and what to do and what not to do. It isn’t rocket science and should not be treated as such.
However, skills such as website development and upkeep are required. You may either hire someone to do it for you or learn how to do it yourself.
- Sponsorship Agreements
Regardless of whether you can sell it or not, whatever niche you choose is already an advertisement for that product. Many business owners have begun paying publishers to sell their products after realizing the possibilities of affiliate marketing. Even if you are unable to sell any things, this generates some additional cash.
