Are you a Nigerian looking to start making money online or just someone that wants to find a means for passive income? You will want to continue reading because, in this article, we will discuss how a beginner should go about exploring ways to make money in Nigeria.
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Improvement in modern technology has exponentially increased the opportunities available to people who want to earn online. From the traditional selling of digital products and services, things have improved such that one can also sell their physical products & services online, and in most cases, use it to boost their overall income.
If you are new to the concept of making money online there is no need to get worked up – provided you know how the internet works, getting started won’t be much of a hassle. Making money in Nigeria, although is a fairly simple practice, it’s likely to not yield results if you go about trying it the wrong way. That being said, here are the three main models you can use to make cool cash online in Nigeria.
Sell a Unique Product/Service
As a solopreneur looking to make money online, selling directly to consumers (B2C) is your best bet in becoming profitable especially if you are thinking short-term. When you think of these direct-to-consumer brands that push their online ads over the place, they each have a unique product that they sell to their target customers. Even in cases where they sell similar products, there is a unique feature that each brand adds to their stock to make things different, as such, attracting a particular type of customer. This is what you also want to keep in mind when setting up for earning online.
Factors like startup time, effort required, training needed, and time before the first payout are things you will want to consider when choosing exactly what you want to sell online. It can range from freelancing your services (digital service) to customers to selling physical products, or digital products. Your products can either be something new to the online space, or something customizable according to the demands of your clients.
Sell Something Already Existing
In this method of making money online, you don’t need to be innovative and think of something new, rather, you will want to just get in and maximize your marketing strategy so you get clients to start working with your brand. If you are just starting, and looking to get involved in making money online, this is probably not the best model to implement as you will likely spend more than you would if you created a unique product.
Also, you already have some competition to contend with, and it’s not something every newbie should choose to cope with especially if there is another alternative to consider.
While you will consider the same factors you would typically consider when starting with a unique product, you will also take into consideration the need for extra marketing expenses and unique marketing methods, and of course, the level of competition you are looking to face when you get involved.
Become a Reseller of a Product/Service
If you figure you don’t have the time to invest in creating a unique product to solve a unique problem or creating a brand to solve an existing problem, you can consider becoming a reseller whether it’s a unique or already existing product.
Product reselling can come in multiple forms, from retailing tangible goods, having exclusive rights to resell a particular product, or charging for service on behalf of the actual service provider, to even becoming an affiliate marketer for a product/service.
You will be working with whatever brand practices any of the methods above. Meanwhile, the best part is that you can work for multiple brands across multiple niches at the same time, making your earning potential somewhat dynamic compared to what is available to the people who will run with any of the models above.
Of course, you will also consider some factors like startup time, the effort needed to start, the time before the first payout, and the typical terms & conditions of brands you will be working with before choosing the niche of products you will want to resell.
Now that you are aware of the three methods through which we can make money online, let’s look at some actual ways you can try out to make money online in Nigeria.
Start an e-commerce Store
Launching your B2C e-commerce brand is one of the best ways to make money online in Nigeria. The majority of the people that can afford products comfortably now prefer to purchase them online rather than go to the physical markets. More so, with the improvement of logistics companies in Nigeria, it’s not a surprise to see people embracing the comfort of having things brought to their doorstep.
Start Social Media Influencing, Marketing, and Management
Social media influencing & marketing is perhaps the easiest way for anyone to start making money online. All it takes is to build an audience and wait for brands to reach out to you to help promote their businesses with your platform. On the side of social media management, you may need to take some training on how to reach out to potential clients and get them to give you management gigs. This line of work somewhat falls into the category of selling a unique service.
Invest in Micro Finance Banks
If you belong to the category of wannabe online earners that have some spare cash that they would like to just do the work for them, you can consider investing in MFBs or just investing in general. There are a lot of microfinance banks and loan platforms (Insured by NDIC) that offer investment packages that are a lot more valuable compared to regular traditional banks.
After doing your research and due diligence, set up with one (or more depending on your finance) of them and let your investment package do all the work.
Become a Freelance Content Creator
There are a lot of brands looking for content developers, designers, writers, and editors to help them communicate effectively with their audience – you can choose to play such a role with the right skill. First, you may want to learn a couple of courses on content development and writing – try using platforms like Coursera, or Udemy. Next, you go on pitching potential clients and opening profiles on freelance platforms like Fiverr and Upwork to get your visibility out there. Although the payment is worthwhile when you eventually become a hit, it’s a line of work that requires a lot of patience during the start – you should be prepared to go weeks (sometimes months) just learning and pitching without pay.
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