Starting a profitable online business in Nigeria requires some capital, and for the average Musa, it can be very difficult to get the capital needed to start any business, it’s ever worse when you have no track record.
That is people cannot look back at business you have done in the past to ascertain if you would be successful or not and judge whether they should lend you money or invest in your idea.
Luckily the internet has brought with it so many methods of making money that one no longer need to have a physical shop or get hundreds of employees to have a multimillion naira business.
As the popular saying goes, there are a million ways to make a million bucks and this is no where more true than on the internet. With so many opportunities it can get really confusing and can make you lose focus as a beginner.
That said here are three of my favourite businesses which you can start with a very low budget and promised very high returns.
Budget : ₦ 100,000 - ₦150,000
Requirements : Learn more about how to start a profitable E-commerce business in Nigeria here.
E-commerce is simply the act of sourcing goods and products at a cheaper rate and reselling them at a higher amount.
Similar to the way a shopkeeper buys products from a wholesaler and resells them e-commerce simply leverages the internet to sell to people using adverts on Google Facebook and other platforms.
In the last six years e-commerce have become a multi-billion naira industry in Nigeria as big companies such as Jiji, Jumia and Konga rule this business model.
However this model can still be done by individuals and requires a simple knowledge of the business industry as well as a little budget. Get more information about starting an e-commerce business here
By understanding the market and carving out a niche for yourself you could make your first million in less than a month. All you really have to do is find a difficult to get product and promote the heck out of it to the market that needs it the most at a good, profitable price.
Once you get your customer, product, target, and price right, it’s simply a matter of wash, rinse and repeat.
To learn how you can profit massively from e-commerce click here.
2. Affiliate Marketing
Budget : ₦60,000
This is simply the most popular online business in Nigeria today. However 98% of affiliate marketers are doing it wrong.
Almost every time you open your Facebook or join a group you are very likely to see an affiliate marketing post. So what the heck is affiliate marketing?
According to the founder of EXPARTNAIRE Toyin Omotosho, affiliate marketing entails recommending helpful products to people who need it and can afford it and getting paid a commission when they buy the products using your recommended link.
This means any time you recommend a product to someone and they make a purchase you simply get paid a percentage of the purchase fee. Sounds like a pretty cool way to make money if you ask me.
Using Expartnaire, there are over 50 different digital products you can recommend to people ranging from 5000 naira to as high as 150,000 naira, with commissions going from as little as 35% to as high as 80%.
Let’s say for example you choose to promote a product of 60,000 Naira with a commission of 50%. This means for every sale you make you get a pay back or commission of 30,000 naira. Let’s go ahead to see you are able to make 10 of the sales every month.
This means you make
10 × ₦30,000 = ₦300,000 monthly.
The amazing part is that they are digital products so you do not have to care about delivery or damage to the product you also are not liable to give refunds or guarantees.
Cool right? To learn how you can get started as an affiliate marketer and make some money click here
3. Digital Trainings
Budget : ₦ 50,000
The digital products industry in Africa exploded after the 2020 lockdown due to the ongoing Corona virus pandemic. During this period people were forced to sit at home and had to look for alternative sources of income and they flocked the internet.
People began learning a ton of digital skills or began finding ways to digitalize their skills and knowledge and share or teach others to raise money. These are known as digital products/ training and industry is now a multi-billion naira industry and almost anyone with some helpful knowledge can make a living and live a life of luxury and freedom selling digital products and trainings.
The very first step is identifying what useful information you have to share and how it benefits people and then deciding how you want to package it and get it across to people who need it.
Some examples could be a step-by-step process you took to loose weight, make money, travel out of the country, learn an in demand skill, get healthier, etc.
You could then package this knowledge into an eBook, video course, seminar on WhatsApp, zoom, google meet, telegram etc.
The advantage with this system is that it usually requires a one time investment and high reoccurring returns. This means you only create the product once and you can keep making your cool cash out of it.
To be successful at selling digital products and trainings though, you need to learn some basic skills such as online marketing, copy writing and content writing among others.
Learn more about how you can start with this business here.