7 profitable online business in Nigeria to start now
With the arrival of the new year, we are presented with new challenges and opportunities that we must take into account. Online business in Nigeria have seen an increase in the past year, being the best business models to invest in.
The network has become a great trigger for ideas and new projects, with which to bet and make a profit. A business model is a good value proposition to fill a market need.
Being aware of new opportunities in the market allows you to find your own business and know how to develop it. In Nairalanceblog we show all the information about business ideas, opportunities and marketing, among many other topics of interest
What is an online business?
With this, new business models with a future emerge that do not require a large investment. Try to find a profitable model with which to propel yourself in the digital economy.
When we refer to an Internet business we are referring to designs and strategies implemented exclusively within the network. If you are looking to start a business and undertake something, the online business in Nigeria allows you to make your project profitable and earn money for it.
You must find a model that best suits your way of acting and the need you want to cover.
Benefits of internet business in Nigeria
The benefits of an online business are innumerable, but here we leave you the most relevant ones.
• Low investment business. Creating such a legit online business usually requires a minimal investment. If in the future your business idea gains weight and guarantees, you can continue to grow. If the idea, on the other hand, has been wrong, you will have lost little money. In this way you can continue to undertake new and better projects.
• Scalable business . The businesses carried out in the network can have a great growth in volume and billing of products and services. Initially identified needs are unlikely to change. For this reason, your sales will increase in a scalable way depending on how you make your work known. Take advantage of all the advantages that the internet offers and find out about all the profitable businesses.
• With this concept we refer to the fact that it satisfies the needs of a group of people or users. In other words, your business can serve more than one person. With your online business you solve the satisfaction of a demanded need. A web business model must have experience in the market and know its digital environment.
• You don’t need an exact physical location . This type of business does not need a physical location since they are offshored. We find them within the network. This reduces location problems, streamlining the project and saving on expenses.
• Monitorable: a great advantage over these businesses is the fact of measuring and monitoring the results obtained. You know your users and how they behave. By measuring and knowing your user, you achieve greater profitability.
• You do not need your own product. In many business cases you act as an intermediary between the products offered for sale. Obviously not having your own product is not going to give you as much profitability, but it is a good way to start earning income. Not having stock of your product equates to a lower investment.
• Support digital globalization. Online businesses go beyond digitization. Pretend to satisfy new needs with new forms of business. The term digital is found throughout our day to day and more and more traditional businesses lose weight.
Starting an online business in Nigeria
To start a online you have to bear in mind that the idea must be approved by Internet users. That is to say, that it is in demand by the market. Another important aspect is having online skills that help you boost your project.
Next, we show you how to start setting up an online business and what are the best tips to carry it out.
• Conduct market research
Before launching into any online business in Nigeria or elsewhere, create a prior market study. Study your competition and the viability of your project. Use an expert if necessary.
This will allow you to organize yourself and know how to act. Plan your work and visualize your business.
• Define the target audience
Create your buyer persona and study what your target audience is. This investigation will allow you to know what the profile of your buyer is like. Investigate how their behavior is when making any purchase and above all what their habits are.
Knowing your audience you can create personalized campaigns or strategies, directed to those people directly. This factor will make your idea successful or accepted.
• Choose the best strategy
When you know how is the market in which you are going to operate, select the best strategy with which to act and start. Your strategy will be your roadmap and will determine how you act throughout the project.
How will you make yourself known? Always try to spread your work and go beyond the usual. Use social media to reach more people.
• Carry out a financial check
Keep in mind that in any operation there is a small risk of failure or error. Always keep an exhaustive control and do not forget the money you have invested initially.
On the contrary, your work can be harmed, not only financially but from the organization itself. Control your expenses and write down your earnings. Make use of spreadsheets if necessary.
Legit online business that pays in Nigeria
If you are thinking of setting up an online business, these are some of the most recommended projects for this 2021.
(1. Affiliate programs
The affiliate marketing allows you to promote your products or services to a third party in exchange for a commission on each purchase is made. Affiliation is one of the best businesses for those who do not want to create the product, but do make sales.
Affiliates promote your product and spread it through their own channels, such as social networks, blogs, email marketing … among others. This business is scalable because with just one good link to your website you can interact with thousands of people.
The affiliate acts as an intermediary, informs and promotes products or services on its own website. This business is totally automatic since the interaction of the users will be seen over time.
With affiliate programs you can monetize your website or blog and give your audience confidence. With this modality you cannot ask for immediate income, the results take a little longer than in a different model.
To start with this legit online business model you can participate in affiliate programs and make your own diffusion in your media.
(2. Online sale or dropshipping
This online sales trend is increasing in recent years. Sell products on your own website, but without producing or storing said products.
This sales system allows you to easily obtain income and be the intermediary between products. A dropshipping store includes a commission on the manufacturer’s price of the product, generating a profit.
This business model takes advantage of online commerce and creates a new sales channel. The many advantages make betting on this business profitable. The financial risk is less and your investment is only the creation of an online platform to spread the brand.
The main task of this business is to sell product and publicize your website. The success of your sales depends on the negotiation you carry out with the suppliers of the products.
(3. Collaborative economy
The sharing economy continues to gain popularity in recent years. The basis of this specialty is in the exchange of goods and services between people or users. Collaborative consumption allows you to obtain extra benefits in the form of savings.
These business models facilitate the carrying out of activities thanks to their platforms or services offered by some individuals. Through these platforms the different user profiles are connected, those who provide the service, the intermediary and the user.
(4. Invest in financial markets or blockchain for online advertising
Bitcoins are making a dent in our society and it is becoming a trend to bet on digital currencies. The blockchain technology or chain blocks allow many advantages in the field of online marketing.
The blockchain consists of a huge database shared by different users with different locations. This technology is very difficult to hack and manipulate information.
For this reason, it becomes an ideal tool to deal with advertising fraud, eliminate intermediaries and know how to work between servers.
(5. Freemium content
The freemium concept refers to the combination of free and premium. This business model offers a free service to users and a premium, paid service. The free service is offered to all users, always registering. A small percentage of users expand their offer and pay for the premium service.
To publicize your services or products, you offer a free version with few available features. In this way, your customers will want to know more and will pay for these features. The key to this type of business is in the service that is offered.
The advantages of this model is the possibility that your users trust your services and need more. This increases the chances that users want to experience premium content and pay for it. These satisfied users will promote your services and you will get more clients.
One of the clearest examples of this online business model is the entry into the market of Spotify. This platform offers functionalities without having to pay anything, but you do not have the same characteristics.
Generating your own content and selling it is a simple way to publicize your knowledge and own brand.
An info product is a digital product that you can promote for sale online. As it is a digital product, the costs are lower. The product is sold through your website or blog. It can be combined with your affiliate program to achieve a greater diffusion.
This type of business is one of the most profitable on the Internet, because you have carte blanche to create whatever you want. The sales that are made are scalable and automatable.
These digital products can be sold infinitely many times, generating many more profits. For a better sale you must know where to place your product or contact people who run other blogs to give a better promotion.
An example of infoproducts are ebooks, where you sell useful information to your users. With this product you can get loyalty to your followers and that they subscribe to your newsletter to receive all the information.
Other examples of info products are guides, course videos, software or applications. All of them are created to help and satisfy a common need in the market.
Don’t forget that with this business model you depend on your users. Therefore, keep your followers always updated and offer quality info products.
(7. Ephemeral Marketing
More and more social networks are joining to create the function of publications that disappear in 24 hours, or rather, stories. This functionality is included in the platforms and complements our content marketing strategy.
In recent years, video production has not stopped growing. On a visual level, the reproduction of a video impacts us more and generates a memory in ourselves.
Ephemeral marketing aims to gain the consumer’s attention and impact them. For this reason, using this technique we increase the engagement of our brand and we show ourselves closer to the user.
This connection with the audience generates a brand perception. The content must be authentic and must go beyond selling a product.
Ephemeral content is conquering the networks, why not bet on it?