The internet is highly saturated with awesome business opportunities that pays and if you’re not running an online business in Nigeria yet, then you’re leaving some money on the table.
Table of Content
1. How to do online business in Nigeria – getting started
°2. Financial feedback
2.Top online businesses you can do in Nigeria
°1. Create an e-commerce
°2. Become an investor
°3. Start a drop shipping business
°4. Offer online courses
°5. Teach classes
°6. Become a digital influencer
°7. Create a blog
°8. Digital affiliate marketing
°9. App development
°10. Graphic design
°11. SEO consultancy
°12. Game development
Billions of people use the internet every day, thereby making it the busiest place in the world.
More busy than any known market place in the world, you’re thus in luck if you’re ready to start an online business in Nigeria
Numerous researches have confirmed that people world over spend more time on the internet than anywhere else.
This therefore underscores the fact that you can never go wrong with starting an online business in Nigeria, especially with a thorough guide of this nature.
How to do online business in Nigeria – getting started.
For those just starting out in the digital entrepreneurship market in Nigeria, choosing one of so many online business ideas is no easy task.
So, I will help you make the best choice, according to your reality and your goals.
The first point I want you to think about is your skills and competencies. Or, to be more up-to-date, consider your expertise.
As much as a person has training in a certain area, the market demands that it is constantly evolving.
So, before choosing the best online business idea for you, think about what you have a lot of knowledge, training or experience.
This will facilitate the entire process of creating your business on the internet, in addition to being better for creating content and for interacting with the audience you want to reach.
But, never be stagnant, thinking that you already have enough knowledge on that particular subject.
• Financial feedback
Remember that not every business on the internet will generate a quick return on what you invested .
Therefore, before choosing one of the online business ideas listed below, calculate the amount to be invested and the time it will take to generate revenue.
This will make sure you don’t get discouraged and give up on your business, thinking it is not working.
Doing this planning will also help you not get your hands on it and get frustrated.
Another thing you need to know before choosing an online business to set up is that it is necessary to create a long-term plan, as this is a matter of survival.
Not all businesses that are opened survive for long. But most of them neglected planning.
To choose the best online business you also need to imagine working with it in a few years’ time.
Analyze whether the enthusiasm is because of the new or if, over time, you will still have a passion for the type of business you have chosen.
For example, if you choose the pet niche and build your brand, you have your business doing well, and after a while you don’t feel the same interest in dogs and cats as before and you think you should try another niche.
This is something to think about before starting your business.
So you need to assess your interests and identify what you love to do, which is no sacrifice.
Top online businesses you can do in Nigeria.
1.) Create an e-commerce
One of the best profitable businesses on the internet, without a doubt, is e-commerce.
E-commerce is an internet store where the customer chooses the product he wants to purchase, and makes the payment quickly and easily, taking just a few minutes for the purchase to be closed and received at the address he wishes.
This type of business works for any niche market in Nigeria.
But beware! For those who want to build an e-commerce with physical products, keep in mind that you will need to build a stock and this requires investment, both in products and in a physical space to store.
But, if you do not have much to invest, start slowly, with a product and increase, according to the demand and the financial return .
Work and dedication make all the difference when you are determined to succeed as an entrepreneur.
2.) Become an investor
Another very profitable online business in Nigeria that is booming is investing .
Those who think that only the rich can invest are mistaken.
This is a limiting belief that causes many people to stop making money by entering a profitable and promising business.
The only thing I advise here is to study hard before entering this business.
That’s because, a lot of people lose money in this type of business because they don’t understand investments and end up putting their feet in their hands.
Then he leaves saying that investment is really for those who are rich and that it doesn’t work, etc., etc
On YouTube you can find several channels of people who teach you how to start investing, even with little money.
In these channels you learn how the stock market works, what an investment portfolio is and everything you need to know to enter this business.
3.) Start a drop shipping business
Have you got amazing selling skills but no space to store products? Then, the drop shipping system of business is what you need.
Drop shipping is one of the best online business in nigeria that is worth venturing into because ;
• It requires minimal initial investment
• minimal risk
• Low operating cost.
With drop shipping therefore, you can simply make profits by selling other people’s products.
The profit comes from what the customer pays less the money spent to buy the product.
It works as follows:
When a customer chooses a product in your online store and closes the purchase, you receive the money and buy the product from a supplier, for a lower amount, keeping your profit.
You also do not have to worry about delivery, as it is done by the supplier. Just fill in the address your customer provided.
That is to say, when a customer makes a purchase, you receive the money and purchase the products he ordered from the product supplier who would as well deliver the said products to the customer.
4.) Offer online consulting
Consulting has always been a highly sought after business, especially by companies that want to train their employees.
With the internet, this type of business has grown a lot and the reach is infinitely greater.
Offering online consultancy is more than possible, it is better, more comfortable and more profitable and, as I just said, it has greater reach.
To work with online consulting you need to be an expert in the subject you intend to work on.
5.) Teach classes
If you are a teacher or master a language or want to pass on your knowledge to others, you can earn money by giving classes online.
This type of teaching is already gaining a lot of space in the market and, today, more than ever, online classes are a highly sought after and profitable business.
You can give individual or group lessons, you can even record your lessons and sell them as a course afterwards. The possibilities are endless.
If you are fluent in English or another language, do not waste time, offer your classes over the internet, through videoconference.
There are many apps and websites like Udemy, Skill share etc that allow you to teach your classes individually or as a group.
6.) Become a digital influencer
A digital influencer is a person who has a lot of visibility in some online media, like YouTube, for example.
You can create a channel on YouTube or a profile on Instagram , Facebook , Twitter , LinkedIn …
You can also be present in all of these media, however, the ideal is to choose a channel to create your audience and then carry traffic from one to another.
Once you have enough visibility, with a good number of followers or subscribers, the brands start to contact you.
Usually offering products for you to publicize to your audience or even paying a cash value for that.
It will all depend on how much you will grow in these media, how much you will be seen and recognized as an authority on the subject you will focus on.
For example, you can talk about games, books, movies, fashion, cooking, telling jokes and so on.
There are a multitude of niches to choose from, according to your interests, experiences and skills.
7.) Start a blog
If you have a passion or like to talk about a topic you know a lot about, creating a blog is a great idea to have a profitable business on the internet.
Starting a blog is having a place to publish your content in a safe way, with complete freedom to publish your ads and talk about whatever you want.
Unlike a profile or page on social networks where there are limiting rules imposed by third parties and which, at any time, you can be punished or simply lose everything you invested to build your business.
With a blog you create your own structure, publish the content you want, spread your affiliate links freely, create ads and you will not be penalized for that.
That’s because, in a blog, the rules are yours and, therefore, the entire business structure you created will be safe.
A blog is a profitable, scalable business and you can generate a lot of traffic and conversions organically, attracting and gaining your own audience.
8.) Digital affiliate marketing
Undoubtedly, this is the type of online business that I recommend the most and that is capable of generating a lot of revenue for those who decide to enter.
Affiliate marketing entails promoting other people’s or company’s products usually on a commission basis.
That is, you earn commissions if people buy something from you for your recommendation
The digital affiliate thus promotes a third party’s product and receives a commission (which can reach 80% of the product’s value) for each sale made through the exclusive affiliate link.
You can actually engage in affiliate marketing programs with or without a website or blog.
When you join an affiliate marketing program such as ShareASale, Jumia Affiliate, Amazon etc, you receive an exclusive link and your job will be to disseminate that link, so that people buy the product or service you are referring and, thus, you can receive your commission.
This is a successful business model and you can promote your link through ads, social networks and also in an organic way, attracting traffic with publishing valuable content.
You can also insert your affiliate link within your blog, in the course of published content and also through banners, which are also available through the affiliate platform.
You will find hundreds of products to evaluate but it is highly recommended that you choose only products that fit your niche and your buying audience.
9.) App development
App development is one of the top online businesses in Nigeria for making awesome profits.
Mobile applications are become more popular and many of them are very useful in our daily activities. So much so that the phrase “there’s an app for it” comes to play in virtually every task that needs to be done.
There are numerous and varying ways to make money in Nigeria through app development especially those made for mobile devices viz;
• Freemium – users can then pay for more advanced features.
• Paid subscriptions or service subscriptions.
• Advertising integrated into the application
• Purchases made by stores integrated with applications.
Interestingly, it is now very much possible to develop applications without programming skills. Software such as AppSheet and AppyPie affords anyone without technical background the opportunity to create mobile apps.
The most important requirement therefore, is that you become familiar with creating user-friendly experiences and interfaces for mobile device users.
Thus, if you have an idea for an interesting, useful or fun app, then mobile apps development in Nigeria could be the way to go.
10.) Graphic design
If you are good at graphic design, then you’re guaranteed to make money online by simply offering your skills, especially now that the it is so much in demand.
There are some websites that can help you connect with clients that pay in hard currency, even while here in Nigeria. Notable among the websites is fiverr and Upwork.
You can check out our post on your to create a fiverr account inorder to learn how to get started.
11.) SEO consultancy
You can make cool money online while in Nigeria as an SEO consultant if search engine optimization is your speciality.
Many companies and business owners employ the services of an SEO consultant to make their websites perform better and achieve better ranking in search engine results (SERPs), especially google.
An SEO consultant therefore analyzes a website and give recommendations on how to optimize it better and thereby drive more traffic.
12.) Stock Exchange
Do you desire to make money by investing money? Then, the stock exchange may be what you need. However, it does requires some special skills and research time.
Most importantly, don’t forget to stay tuned in the daily market fluctuations.
13.) Game development
The rapidly growing video game industry is one of the online businesses in Nigeria with huge potentials.
There are many software that affords you the opportunity to create awesome games without programming knowledge, just like mobile apps development. GameMaker: Studio and Unity are the notable options here.
A great game should have a plot that is attractive, it must as well have excellent gameplay and a challenge that increases with each and every level.
Most game creators nowadays generate revenue by making their product free while providing in-app purchases.
Once your game is ready, you can put it up for sale on platforms like play store, steam or App Store.
Those and more are therefore the top online business opportunities in Nigeria that pays 2020.