10 Top Online Business Opportunities in Nigeria
So far the year 2018 holds more online business opportunities than ever. And you should probably take advantage of making money through any of these platforms. Wanting to start an online business is a smart move for a lot of reasons. But the biggest hurdle you’re probably facing now is figuring out what the best online businesses to start are.
So in this article I’m going to take you on a walk through my top 10 online business opportunities in Nigeria. However never start an online business with the hopes of getting rich overnight
Benefits of starting an online business
When you compare online business to its offline equivalent, you’ll understand why tens of millions of people all over the world take the online route instead. These are just a few of them:
- Very low start up costs
- Almost non-existent overheads
- Can be run from anywhere, at anytime; time and space are irrelevant
- No staff required, unless you want it
- Can be run part-time
- Provides passive income streams
See why online business is top notch?
Right. So let’s check out my top 10 list.
#1. Flipping used textbooks on Amazon: You could easily find a Math textbook selling at a used price of $45 and an Amazon trade-in price of $70. Just like that you could buy a used textbook and sell it right back for a profit, in this case you make $25 for doing nothing at all.
This is probably one of the simplest side hustles to get hooked on. All you’ve got to do is buy used books on Amazon and then trade them into Amazon (via the Amazon trade-in program). You could start searching for deals manually or use TexTrader to speed up the process significantly.
#2. Start an Amazon FBA business: Amazon is currently the biggest online retailer in the world, so you stand a lot to gain from doing business with them. Using the Fulfilment by Amazon business model you can effectively start up a profitable e-commerce business. You don’t even need to worry your head over anything. I mean, how would you like to come up with an idea for a range of products you want to sell online, but to have Amazon do all the hard work of advertising, picking, packing, shipping, returns, and dealing with customer services headaches queries on your behalf?
Perfect, right? It is, and that’s what Amazon offers its FBA sellers.
#3. Become a blogger: Blogging is still a viable online business idea, and one with as much potential as ever. Just make sure that you start a blog about something that people actually want to read about. Something that is relevant to your target audience. And if it happens to be something that you’re really passionate about, even better. Learning how to start a blog is not that hard either. You could choose to use a free WordPress or Blogger.com account to get started.
One of the biggest misconceptions about blogging is that you need to put up long, thought-provoking posts that make people stop and think about their lives; ideally your posts should be relatively long, but that’s not even the point. Your blog doesn’t need to be ‘life changing‘, it should rather be focused on helping your readers solve whatever problems they’re facing.
Focus on first building your audience, and then you can start looking at options like Adsense, Amazon affiliate selling( or any other affiliate programs), or sponsored posts etc.
#4. Selling digital products: Digital products can be anything from a PDF file to a training course, an eBook, to a membership site or a software product. But the good thing about selling digital products is that you create them once, and you sell it many times over. A digital product can always be sold to new customers all year round. Creating a digital product can be as simple as writing a Document in Microsoft Word. They cost almost nothing to produce and they do not require space in a warehouse. Your customers simply receive their orders by email or through a download link, so there’s no shipment involved. Successful digital product creators can make hundreds of thousands of Naira per month, of course this depends on your pricing and volume of patronage.
#5. Become a social media manager: Social media is an integral part of many businesses. However the process of putting up with following at the same time staying relevant to maintain an audience can be cumbersome and difficult for companies to do. So most times they actually outsource such jobs to professionals. Now don’t get me wrong, you most certainly don’t have to be a professional to become a social media manager, so long as you’re passionate about it and very creative, you can do successfully become a social media manager. Put together a few interesting offers, such as ‘start-up social media kit’ or any like packages that encompass everything from social media graphics to analytics reports and watch efforts bring you more clients than you expect.
#6. Become an SEO expert: Virtually everyone, businesses etc is obsessed about getting their SEO optimized and this is why SEO experts are one of the online world’s hottest jobs at the moment. If you decide on going into this business, you can start taking lessons on digital marketing and read up our post on how to become an SEO expert
#7. Run an online business consultancy: If you’re familiar with the technicalities involved in starting up and running a business efficiently, then this business idea suits your profile, because running a business consulting company is a great option for those who’ve been involved in the process of building a business before. You can easily set up an online platform where you get to help budding entrepreneurs achieve great results in their businesses, your services should ideally be everything from business planning and forecasting to liasing with banks and financial institutions.
#8. Become a Facebook Ad specialist: As a Facebook Ad specialist your services range from maximizing clients Facebook accounts to helping them create and manage adverts on Facebook. A lot of businesses are spending huge sums of money on Facebook ads so you can make a lot of money from this business. This is mainly due to the fact that most of these companies don’t know a thing about running Facebook ads and hence, need people to get it done for them. Luckily, this is something you can learn fairly quickly. And once you do, you just need to reach out to businesses and offer to help create effective Facebook Ads.
#9. Buy and sell domains: You can buy domains at cheaper prices and sell at a good profit margin to make money online. You can use resources like EmpireFlippers to both buy and sell your domains.
#10. Instagram sponsorships: If you don’t already have an Instagram account, why not open one and start posting great photos to earn passive income? As your following grows, sponsorship opportunities can come up. For example if your account is focused on food, sponsorships from companies like Nestlé, Dufil Prima, etc could come up.
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Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.