10 Online Businesses You Can Start in Nigeria
Business is a lifestyle activity of helping people solve their problems; provide their needs in reward for money or any agreed reward.
It involves the art of communication, mutual relationship between a buyer and the seller such as buy bread.. .. buy Akara.
With an improvement in technology, there is virtually no business you can’t model online for communication and accessibility to serve many consumers.
And they’ve been proven to be lucrative if well-built and managed.
1. Information marketing
Information marketing is an online business I am familiar with. I started my online marketing career selling an information product, an eBook for Nigerians who want to lose weight still eating tasty Nigerian meals.
It was an information guide, an excellent solution that opens my heart to the world of healthy eating.
If you know a tried and tested solution to a specific problem, write a book to enlighten people about it, create an eBook, market and sell to end consumers.
Apart from eBooks, Informational product can be in video or audio format.
The work-flow strategy to create an information product
1. Think about your skill or profession.
2. What problems do people experience doing it or what are people’s requests for help?
3. Can you teach people how to do it better, faster and still effective?
4. Yes, create an information guide with a solution in mind that will satisfy your consumer. It doesn’t matter if it is 5 pages.
5. If you don’t have a skill or profession but recognize an idea or opportunity you can outsource it to a freelance writer.
Alternatively, you can partner with an expert or organization handling the subject, and come up with an excellent product created with the target consumer in mind.
How to market an information product
What you need to market your information product is:
1. One-page website
2. Follow-up email letters
3. Sales-letter page
1. The one-page website also known as the Opt-in or squeeze page is an information page about a free sample product or service of what you intend to finally sell.
It’s going to include a captivating headline, a detailed description of the offer and an email subscription form.
2. Follow-up email letters are the newsletters you will be using to educate, enlighten, nurture, build relationships and trust with subscribers and finally sell to them.
3. Sales-letter is an information page with a detailed description of the product or service you want to sell.
You will describe who the product was created for, the benefits buyers will derive using it, what they should do when they buy it, detailed product properties, product usage guarantee and how they can order and make payment.
4. Traffic is the process of promoting your website to an audience who is interested in your product.
You compel them to view and read your message starting from the one-page website, to follow-up newsletter and sales letter.
The more interested people you get the more sales you will make.
You will get quality traffic from search engines, display advertisements on blogs, newspaper websites and forums and social media marketing such as Blogging, Facebook and Instagram business page, Twitter, and Pinterest.
Estimated cost and profit of an information business
Product creation = N40, 000
Website = N50, 000
Follow-up email letters (17) = N45, 000
Social media promotion (30 days budget) = N100, 000
Market size (depend on your niche topic) = 200,000 individual.
Product Price = N5, 500
Total production cost = N235, 000
At a 1% sales of the market size = 2,000.
Total sales = 2,000 x 5,500 = N11, 000,000 annually
This is 11 million Naira revenue potentials. Imagine what it will translate to if you have 5 products.
Blogging is an online business with an art of expressing your personal knowledge and opinion about a subject or topic. You can blog 2 or more topics like how Dayo Adetiloye Business Hub is teaching “business plan in Nigeria” and “Network marketing in Nigeria”.
A blog serves as a marketing platform for understanding your prospective consumer, an avenue to create products and services that will satisfy their wants and finally sell to them. Examples of blogging business are dayoadetiloye, billblogger, topstudentsng, and jumobioyebade.
1. Blogging increases the visibility of your brand online through promoted quality content.
2. Blogging is an avenue to generate new prospective consumers whom you have the responsibility to nurture their minds by educating them about your subject and product.
You will convince them about your product or services as solutions to their problems or wants.
3. Blogging gives room for potential customers to discover you through the search queries they made on Google, Bing, and Yahoo.
If you aren’t writing about your business and brand and promoting them as well, there is no way prospective customers will discover you through search engines.
4. When you publish quality content that meets prospective buyers’ needs, they will be building relationships and trust with you and your brand.
They will get the feel of what you are offering as service or product which will further increase their decision and trust to buy.
5. As blogging gives room for social interaction, you will be able to understand your prospective buyers’ better, and request for what they want.
You will have insightful data to know what topic and blog posts they like most. You can ask questions; understand how best to help.
This helps in delivering the right quality service and product that meets their wants.
In addition, blogging provides an easy avenue to offer after-sales service, to keep building a strong friendship and customer relationship who might be promoters of your business or brand.
How to start blogging business
a. Come up with a passionate topic you’re knowledgeable about, you like to express it, share your personal opinion and educate people about it.
b. Structure your topic into categories. Fashion categories, for example, can be news, shoes, fashion styles, children fashion, and etc. These categories depend on what people demand or want you to believe people will accept.
c. Create your blog using either the free or paid platform. Examples of blogging platforms are wordpress, blogger, squarespace, and wix. If you want a professional-looking blog website, invest in the paid platforms.
Estimated cost and profit for a blogging business
Apart from the purpose it serves as a platform for social engagement, product or service development, it automatically serves as an avenue to market and sells, thereby generating cash flow, banner adverts and sponsored posts.
a. A professional blog set up and design: There is an option for N 50,000, N 100,000, N 200,000 and even more.
It depends on sophisticated design and features.
b. Email marketing subscription: Average market price for beginner – Monthly bill: N5, 000; annual bill: N50, 000
c. Annual advert budget: Average price which depends on how many products you want to offer in the marketplace – Monthly bill: N50, 000; annual bill: N500, 000
d. Advert/sponsored post-placement price: N30, 000 to N75, 000
e. Article writing budget: Monthly bill: N5, 000; annual bill: N60, 000
f. Minimum total cost: N110, 000
a. Annual product or services sales (unit): 1,500
b. Annual Advert/sponsored post-placement: 15
c. Product or service price range: N20, 000 to N100, 000
d. Total potential revenue: N30 million to N1.5 billion (product or service)
Freelancer is an online business that involves offering services to individuals and organizations through freelance websites.
Services people offer and you can offer are writing, editing, audio, and video editing, taking images of an object or scenario, graphic design, distributing flyers, creating advert jingle, virtual online assistant, customer service call, emails management, and all manner of services that people demand and want if you seek opportunities and perform diligence homework.
How to start as a freelancer
1. It begins with your passionate skill. What gift or talent have you been learning and developing over time? List them.
2. Look through freelance websites if people are offering the skill as service.
3. If yes, that’s a sign of flourish business.
4. If no, have you offered the same service before and were paid or praise for the job?
If yes, take the risk and list such service on a freelance website with a portfolio. You’ll be surprised how people will show interest.
Every unique freelance service such as customer call or flyer distribution started as an innovation. Give it a trial, it doesn’t hurt.
If it doesn’t sell, keep hurting for another skill to develop and sell.
5. Now, you have the skill to sell. Create a captivating professional profile that will uniquely position you to sell your skill.
If you can’t do it, outsource it to a freelancer.
How to market your freelance service
You can market through blogging, social media adverts and display adverts on top blogs and forums.
Estimated cost and profit for freelance service
Profile writing = N7, 000 (optional)
Facebook or Instagram business page
Advert budget (monthly) = N50, 000
Email marketing service (monthly) = N7, 000
No of jobs (monthly) = 11
Price range = N15, 000 to N47, 000
Total production cost (monthly) = N80, 000
Revenue (monthly) = N165, 000 to N517, 000
Profit (monthly) = N85, 000 to N437, 000
Annually = N 1 mill to N 5.2 million
4. Affiliate Marketing
Affiliate marketing is an online business that involves selling an individual or organization product for a fixed commission based on units sold.
To get started, register at an affiliate marketplace platform, find a product or service you like to promote and earn a fixed percentage of the price from each sale. Examples of affiliate marketing companies are ogadigit, expertnaire, clickbank.com, and jvzoo.
A few e-commerce firms offer their products and services to affiliate marketing. You’ve to look out for the commission if it’s high enough to make your business profitable and understand their terms and condition.
Clickbank and Jvzoo offer a higher commission of 50% to 75%.
How to start an affiliate business
1. Register at any affiliate marketing companies you want.
2. What topics are you knowledgeable and passionate to promote?
Nevertheless, passion might not be a factor. If you are motivated to work smart and hard for the reward of money, you can choose a topic based on the fact that it is going to make great money for you and is a profitable market.
Anyways, choose your topic carefully.
3. Establish your marketing platform such as a blog website, Facebook or Instagram business page, and email marketing system.
Some of these Affiliate marketing companies provide marketing resources such as advert image banner and follow-up email newsletter.
4. Start driving quality traffic to the product page and earn your commission.
Estimated cost and profit for an affiliate marketing business
a. Advert budget (monthly) = N50, 000
b. Email marketing service (monthly) = N7, 000
Total production cost = N57, 000
c. Sales unit (monthly) = 23
d. Price range = $99 to $199 (N36, 630 to N73, 630)
Revenue = $2,277 to $4,577 (N842, 490 to N1, 693,490)
Profit = N785, 490 to N1, 636,490
5. Network Marketing
This is also called multi-level marketing, it involves selling of products and services and the introduction of new people into the same business. In this case, you will be building a team with a stronghold for collective wealth creation.
How to start a network marketing business
a. Register with any network marketing platform.
b. Establish your social media marketing platforms such as Blogging, email marketing system and Facebook business page.
c. Promote your offers and introduce new people (down lines).
Use your social media platform such as blogging, WhatsApp and Email marketing system as a communication channels for team building and strengthen each other business.
6. Social Media Management
Do you have knowledge and experience of social media management such as Facebook marketing, Twitter and Pinterest marketing?
Social media management entails monitoring, contributing, filtering, and measuring the social media presence of a brand, an individual or business organization.
How to start a social media management business
i. Get the required knowledge and experience in social media management. There are books and online courses.
ii. Register your company and corporate bank account.
iii. Write and send a proposal to companies and top personalities.
How to market your social media management agency
i. Create your website with a blog that serves as a marketing platform.
ii. Visit social media conference and event center for social networking and business purpose.
iii. Advertise on newspaper dailies, blogs, and search engines.
Estimated cost and profit for social media agency
Advert budget (annual) = N33, 000,000
Variable cost (annual) = N17, 000,000
No of contractual jobs (annual) = 13
Price range = N 15 million to N25 million
Total production cost = N50, 000,000
Revenue = N 195 million to N325 million
Profit = N145million to N275 million
7. Creative Writing
If you love writing, can write persuasively, make customers buy products, you can build a profitable online business out of it. Also, the same approach applies to a graphic designer.
We are in an era where corporate organizations need content for their business. They are published on blogs and other social media platforms which they use to get in touch with customers and keep them abreast of the latest information.
How to start a content development agency
i. Register your company and corporate bank account.
ii. Promote your business; send proposals to corporate organizations and top personalities.
How to market your content development agency
i. Create your business website and blog which serves as a marketing platform.
ii. Create a business card for business and social media conferences.
iii. Advertise on national dailies, business magazines, blogs, discussion forums, and search engines.
Estimated cost and profit of content development agency
Advert budget (annual) = N18, 000,000
Variable cost (annual) = N13, 000,000
No of contractual jobs (annual) = 87
Price range = N1 million to N9 million
Total production cost = N31, 000,000
Revenue = N87 million to N783 million
Profit = N56million to N774 million
E-commerce is the buying and selling of goods and services through an online shop. Mode of transactions can be business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business.
How to start and market an E-commerce business
i. You need to decide on the goods or services you can offer consumers profitable. You can start with a niche products such as female Ankara attire. Any goods you intend to sell develop a business plan for it.
Be certain of the constant supply of goods, at least for 12 months and profit margin as a new business.
ii. Build an e-commerce website along with blogging as a social media marketing platform. Dayo Adetiloye Business Hub can provide such service.
iii. Advertise your website on Facebook and Twitter, top Nigerian fashion blogs, newspaper websites and demand for public relations service.
Estimated cost and profit of an eCommerce business
E-commerce start-up design = N250, 000
E-commerce website maintenance (annual) = N50, 000
Variable cost (annual) = N7, 000,000
Sales in units (annual) = 13, 500 (assume it is Ankara attire)
Price range = N 800 to N 25,000
Total production cost = N7, 300,000
Revenue = N10.8 million to N3, 375 billion
Profit = N3.5million to N3, 302 billion
9. Online Course
An online course is the digital representation of formal education and class. If you are skillful about a particular subject or practice, you can create an online course; build a great business out of it. Customers will simply log in online to your website after payment; watch your video lessons which can be available in audio and eBooks format.
It could be a skillful profession such as business plan writing, fashion style, bead or bracelet making, photography, childcare management, interior decoration and many more.
How to start and market an online course business
i. Document the lessons you intend to teach after thorough research and systematic process of study-flow.
ii. Demonstrate your teachings using videos, audios, eBooks and workbooks. This creates flexibility and easy access in the best way possible.
iii. Get your business website and marketing blog.
Estimated cost and profit of an online course business
Online course start-up design = N250, 000
Online course website maintenance (annual) = N50, 000
Variable cost (annual) = N4, 000,000
Enrollment (annual) = 700
Price range = N10, 000 to N50, 000
Total production cost = N4, 300,000
Revenue = N7 million to N35million
Profit = N2.7million to N30.7million
10. Tech-Enabled Business
Technology-Enabled is a business that uses sophisticated web technology to deliver services that is better, faster, and cheaper compared to when you do it yourself.
An example is a booking service for hotels and events. Others are Fintech such as Paystack, social connection web services that connect qualified trainers with trainees and this one connects you with an errand person for services like booking your flight, go to supermarket, etc.
How to start and market tech-enabled business
i. Develop a business plan for your conceptual idea. Make sure it’s profitable, suitable for long term vision.
ii. Build a team of web developers, programmers, and digital marketers to convert your conceptual idea into web technology.
iii. Request a public relations service for a product launch. Use your blog and social media platform to market your brand and its service.
Estimated cost and profit of the tech-enabled business
Web application technology start-up design = N800, 000
Web maintenance (annual) = N 70,000
Variable cost (annual) = N2, 000,000
Transaction (annual) = 70,000 (assume is errand service)
Price range = N2, 000 to N15, 000
Total production cost = N2, 870,000
Revenue = N 7 million to N35 million
Profit = N140million to N1.05 million
Remember, those costs, prices, and profits are an estimation. They can be higher than that.
If you want to do any of this business, call this number 08060779290.
Share this article with your social media friends and followers.
Latest posts by Adekunle Kazeem (see all)
- 10 Profitable Online Businesses You Can Start in Nigeria  - October 26, 2019