Last Updated on December 6, 2022
The internet has changed everything. How we relate to each other, how we buy and sell and every aspect of human life. It has made things more accessible by levelling the playing field. The internet has opened up new ways to earn money.
Anyone with an internet-enabled device can start a business today. Even people without technical skills are building online businesses using tools that make it easy to do so. Starting an online business in Nigeria isn’t hard anymore. If there are people doing it. You too can do it.
With an online business, you can work from anywhere you want. You can work on your own schedule. You don’t need any special business or marketing experience to start an online business in Nigeria. Whatever you need to learn in order to run your business can be learned online in a few clicks.
Almost any business that can be done offline can be done online. You don’t even need a unique business idea to start an online business. If you have any skill that can be monetized, you can turn it into an online business. Your online business in Nigeria doesn’t have to be full-time, you can start it as a side hustle.
In this guide, we’ll take you through what it takes to truly start and succeed as an online business in Nigeria. But first, let us make sure we understand what an online business is.
ON THIS PAGE
- What is an Online Business?
- List of Best Online Business in Nigeria that Pays
- 7. Social Media Marketing Service to MSMEs
- How to Start an Online Business in Nigeria
- Are Online Businesses a Legit Way to Make Money in Nigeria?
- Are Online Businesses Profitable in Nigeria?
What is an Online Business?
An online business is a business that operates (entirely or partially) on the internet. Online businesses make money from online sales through digital channels without the need for initial direct physical contact with your customers or users.
The main tools you need to build an online business in Nigeria are an idea, an online presence (website, online store and social media accounts) and a way you can reach potential customers online. You can do this with SEO, Ads social media marketing and content marketing.
List of Best Online Business in Nigeria that Pays
Anybody looking to start a legitimate online business in Nigeria has a variety of options to choose from. Take a look at some of the best online businesses in Nigeria below:
1. Become an Online Consultant
If you’re knowledgeable in a specific field, you can leverage it into becoming a successful consultant online.
You can be a consultant in any field as long as you have the expertise. It is even better when it’s a specific skill that is in demand in your industry and not many people are solving it.
Even if you think you don’t have any expertise that you can consult on. You can look at some of your interests and decide to become more knowledgeable about them. In the process, you find out the problems that exist and how you can solve them for people as an online consultant.
While you can consult in any industry or field, these are some of the fields that are easy to start consulting in; Marketing, Tech-based skills, Product Management, Accounting, Communications, and even Medicine.
You can start by cleaning up your personal brand online to reflect your consultancy services. You don’t need a personal website to start, even though one will be awesome. You can advertise your services by writing online about your expertise and field.
You can use free tools like WordPress.com, Medium and even Substack. Publish some of this writing on your social media like Twitter, Facebook and Instagram. Just remember to tailor the content to the medium. You can use platforms like Paystack and Flutterwave to collect Payments from your clients. Just be creative about the process and always seek and listen to feedback from clients.
2. Start A Youtube Channel (Vlog)
You can make money from youtube even if you don’t have millions of subscribers. As with every business, one of the biggest keys to building a profitable business is understanding your target market and actually creating videos that they will want to engage with.
On average YouTubers can make between $0.10 to $0.30 per view. On average, A YouTuber earns $18 per 1000 views. So if you create 1 video in a week and 1,000,000 see it you’re likely to be paid $18,000 for the week. Youtube is a numbers game and success really begins at 1 million subscribers.
If you’re going to start a Youtube channel, I recommend you be in it for the long haul and make sure you pick the right niche.
3. Create & Sell Digital Products
The beauty of selling digital products is they require next to no physical cost, only the mental labour of creating and your time. And they tend to be cheap. Digital products are anything that can be downloaded online as a digital file.
They range from E-books to online courses and printables.
You can easily create an online store with Paystack or Flutterwave to sell your digital products in Nigeria. You can even target international customers. There is no ceiling, all you need is to put on your creative hat and be dedicated.
🗒We provide online business idea consultations. Let’s help you find your next profitable business idea. Send us a mail at t[email protected]
4. Start a Blog
A blog is a trusted online business model. People have earned a lot through blogging and more people continue to earn to this day. A gazillion searches are made on Google every day. Imagine if you could capture the monetary value of 0.01% of these searches?.
Create awesome content that your target audience is looking for and the traffic will come. Of course, you need to do the things that need doing.
Like SEO, keyword research and picking a monetisable niche. Make sure whatever your blog is about that you’re really interested in it and you’re in it for the long term.
The more content you create for your blog the more your site traffic will grow, and the more your earnings will increase. You can monetize your blog through Ads, digital/physical products, Affiliate marketing and even sponsored posts.
💡Idea: You can also start a social media blog like **instablog**. You just need to pick a niche that you can own.
5. Become a Social Media Influencer
Over 3 billion people use social media today. A lot of these people today rely on social media to help them make purchasing decisions. They look to their family, friends, followers and influencers for their reviews on products and services before purchasing. This is why the Influencer industry is so hot right now.
To become a social media influencer, you’ll need to find your niche because the social media influencer space is so crowded. Think about the topics you want to talk about and how you’ll talk about them differently. From here you can get the ball rolling and start building your brand.
You’ll also need to understand every social media platform, how they’re different and create a strategy for each one. You need to also consistently publish new content. Don’t overdo it, be strategic.
Don’t forget to engage with your audience and followers. They are the blood of your business. Always measure your experiments (the content you put out). And last but not the least, be patient. Becoming a successful social media influencer can take time.
6. Start a Dropshipping Business
A lot of people make hundreds and thousands of dollars with a dropshipping business. But to do this, you’ll need to choose the right products, and the right suppliers and also build a brand.
A dropshipping business is similar to owning an online store. The only difference is that you won’t buy, stock or deliver any products. Your supplier handles all these. All you need is an online store with products from your chosen suppliers. When a customer orders from your store, your supplier receives the order from you and does all the hard work while you pay an agreed-upon wholesale price.
To start a dropshipping business you can use Spocket or Oberlo. They’ll help take you through the process of starting a successful dropshipping business.
7. Social Media Marketing Service to MSMEs
Another interesting online business in Nigeria is offering social media marketing services to small businesses.
There are many small and medium-sized businesses that need help managing their social media accounts. Based on your expertise and skills you can earn between $50 to $1000 for managing social media accounts for businesses.
You can also even manage the social media accounts of high-profile people.
To start this business you’ll need to have the necessary digital marketing skills. You can take a digital marketing course or if you’re a self-learner. A simple google search on “How to become a digital marketer” and you’re on your way.
8. Domain & Website Flipping Business
Domain flipping is when you buy a domain name with the intention of selling it. The same thing goes for websites.
Domain and website flipping is a decent way to make money. If you buy a good domain name you can make a handsome profit from it. A domain name is a website address, for example, **koboline.com.ng**. People are willing to pay a considerable amount of money for domains they want, that other people have.
You can buy domains from domain registrars like Namecheap and Hostgator. You can advertise on the domain itself that it’s for sale or list your domains on sites like Sedo and Namejet where potential buyers come.
To find good domain name ideas you can use geographical names, and potential business names and keep an eye on social and business trends.
Flipping websites is less straightforward than websites. For you to be able to flip a website, it has to have a high value which is usually based on the amount of traffic that comes to the website. You can learn more here about Website flipping.
9. Digital Agency
If you have tech skills. Like, say you can build websites or apps, and you can start a digital Agency. A digital agency helps businesses to market their products and services online.
Having a one-man digital agency is very difficult to scale. You might have to partner with people that have skills you don’t have. Let’s say you can code, you might need someone who’s great at marketing. This will enable you to be able to work on bigger projects.
You’ll also have to determine the sort of clients you want so you can tailor your lead generation strategies. Check out this guide on how to start a Digital Agency from scratch.
10. Teach Online Courses
If you’re an expert in a particular field or very knowledgeable in the field and have a flair for teaching, then teaching online courses can be a good online business for you to start. In this digital age, you can teach anything from rocket science to even your native language (Yoruba/Ibo/Hausa). There are people mostly foreigners who are looking for people to teach them African languages.
This doesn’t just apply to languages, you can teach any topic including programming, accounting, Excel, Marketing, graphic design and ay topic you can think of. To successfully start this online business in Nigeria, you’ll have to create online videos, divide them into modules and upload them on online learning platforms like Udemy, Skillshare, Masterclass and Teachable.
You’ll also have to set a price for your course. You can look at other similar courses to have an idea of market pricing. Make sure to create the best course available online. That’s how your online course can be successful. You can learn more about teaching an online course here.
11. Start a Content Writing Business
Like with every business we’ve talked about till now. Picking a niche is important and it also applies to a content-writing business. You can start an online content writing business targeted at students, graduates or businesses. You can pick one and then expand from there into a full content creation business.
People need captions for their social media posts, Businesses need copy for their ads, and students need help with writing papers and dissertations and your business can be the one to help them.
You’d have to create a website where clients can reach you. Also writing articles about how writing can help your clients can be a great way to reach your target audience coupled with Ads. Also, tell family and friends. Word of mouth can work wonders.
12. Launch a SaaS Startup
There is no better time to launch a startup today. Most startups that have gone on to be unicorns in the world today started out as startups. If you have a novel or innovative idea you think can create lots of value and capture enough of that value for your startup to be successful.
You should definitely start the business. You don’t have to carry all the burden of the business alone, you can get a co-founder that complements your skill.
This can help the company grow faster. Launching a startup involves a lot of personal learning as well as learning as an entrepreneur. If you need inspiration for ideas or how people have launched their own startups around the globe check out Indiehackers and Starter story if you haven’t already.
You’ll be glad you did.
How to Start an Online Business in Nigeria
When starting an online business there is a lot to consider. From deciding which idea and industry to take on, to choosing a product or service to market to growing your business’s online presence. Then you have to find the best ways of reaching your customers.
If you want to really start an online business in Nigeria. Here are the realistic steps you can take to start one.
1. Choose a Niche
Before you start your online business in Nigeria, you need to find the right business idea or product with a high potential for success. You’ll need to learn how to research different niches.
You can even start with problems in your life or environment that can be solved while giving you high monetary rewards.
🗒We provide online business idea consultations. Let’s help you find your next profitable business idea. Send us a mail: [email protected]
2. Conduct Market Research
After choosing a niche or product, you need to validate your product by performing tactics like keyword research, and competitive analysis⸺Find out what’s working, and what can be improved upon from your biggest competitors, and generally learn everything you can about that business niche or product. This will also help you define the branding and position of your online business.
3. Analyze The Target Market
After conducting market research you still have to dig even deeper to understand your potential customers. Who are they? What do they like? How can you tailor both your product and your website/store experience to appeal to your customers? How can you turn your paying customers into long-term consumers?
4. Learn What You Need to Setup Your Business
Does your business need a logo, a website, a landing page or an online store to reach customers? What is the right platform for your business? How will you tell people about your business? By creating content or running ads online? How much will it cost to launch your online business? How will you be able to collect payments online from your customers? You need to know all these.
Check Out: Best Online Payment Gateways in Nigeria
5. Launch Your Online Business
Now you have your business idea, you’ve chosen a niche or product, and you know what platform to use for your online business. You know how you’ll reach your target customers and everything you’ll need to start your online business in Nigeria. You can now launch your online business.
6. Drive Traffic to Your Online Business
Now that your online business is up and running, you have to start to drive traffic (organic or paid) to get more visitors (potential customers) to your online business.
7. Measure Your Online Business Success
What you measure is what you can improve. Without data, you can’t prove your business’s success. You need to determine the KPIs (Key Performance Indicators) for your online business in Nigeria and pay close attention to them so you can leverage the insights you get from them.
Are Online Businesses a Legit Way to Make Money in Nigeria?
Yes, an online business is one of the most legit and cost-effective ways of making money in Nigeria. Some Nigerians like Seun Osewa, Linda Ikeji, to the founders of Paystack (acquired by Stripe for $200m) have shown that it’s very possible to legitimately make money with an online business in Nigeria.
Also Read: How to Make Money Online in Nigeria
Are Online Businesses Profitable in Nigeria?
Everything has gone digital. You can’t run a business in this age without having an online presence. So yes, online businesses can be very profitable. It doesn’t matter if you’re in Nigeria or in Cambodia.
The truth is that building a successful online business is not easy. But you can have a profitable online business if you know what you’re doing and if you put in the work.
The truth is anyone can start an online business if they are willing. If you already have a business you’re doing, maybe you should consider taking it online if you haven’t already.
There are a number of options for starting an online business in Nigeria today, but choosing one can be really intimidating for some people. The best way to go about it is to identify your strengths, interest and skills and try to build an online business around it.
If you’re a writer you can start a blog or an online writing service. If you’re good at selling, why don’t you pick a product that you can sell online or even develop your own product that you can sell to a global audience?
Note: If you have any questions at all. Don’t hesitate to shoot us a mail: [email protected] We’re always happy to help.