Starting an online business in Nigeria is not always an easy feat for everyone as it comes with its own challenges and hurdles. On the surface, it may seem well and easy, but just like any other business, online businesses also require time, effort, patience, and other resources that are just as relevant to normal businesses.
In Nigeria, as a result of the economy and other factors, online business seems like the best option for making money. Especially in times like these, when there is a rise in the need for money. However online business in Nigeria can be sometimes risky, particularly for those who have not gotten used to the diverse and interesting cyber world.
Online Business In Nigeria
What is Online Business?
According to Wikipedia; “Online Business or e-business is any kind of business or commercial transaction that includes sharing information across the internet. Commerce constitutes the exchange of products and services between businesses, groups and individuals and can be seen as one of the essential activities of any business.”
Simply put; any online legitimate transactions of either products or services offered with the intention of making money can be considered an online business.
Today, we are going to have a look at the concept of online business, it’s requirements, and an array of suggestions of possible online business ideas that one can venture into, along with many more.
Steps to Consider When Building an Online Business/ Business Strategy
There are some steps you should consider when starting out an online business. These steps are explained below:
Every great and thriving business began with a “eureka”. The same thing holds true for every online business. You have to come up with a really great idea for a business.
You can get inspiration from the environment of people, depending on what your business eventually centre on. Try to go for something unique and easy.
A good online business is nothing without a brand name. One might even argue that an online business is just as good as it’s brand name. Well, whatever the truth may be, we can not take from the fact that a good business name is important as this is the first thing most people would see when coming in contact with your online business. It is advisable to make your brand name short, witty, and catchy.
Get a Domain Name
This is a very important aspect of setting up an online business. Domain names are not always easy to get as most of them are already taken. You must dig into your inner creativity and come up with something inventive that also reflects either your brand name or what your business is all about.
To set up your domain name:
Purchase a Domain and Hosting
After completing the first three steps, it is important to make no delays in securing your domain name by buying it.
The truth is that thousands upon thousands of domain names are bought, imagine how sad it would be if after choosing a suitable Domain name, you discover that someone else has already bought it while you were delaying paying for it.
To secure your domain, you can easily buy from Godaddy, QServers, Whogohost, and so on. You can buy your hosting from https://teshost.com
Develop a Good Business Plan
A business plan is highly pivotal to the survival of businesses, online or otherwise. A good plan will to a large extent, define the path of your business.
You have to make it concise and take into consideration factors like, income and sales funnel along with aims and objectives and advertisement/ marketing plans, which would prove to be extremely helpful in the long run.
Now that you have done the above, you would need to create a place online that allows you to run your business to the best of your abilities. Some people would choose to create social media business accounts like Facebook, Instagram, and WhatsApp, but as far as professionalism goes, it is highly recommended that you build a website for your business.
Armed with your domain name, URL, and hosting, you can go ahead and build your business website to the tune of your business plan.
Build an Inventory
Depending on whatever it is that you intend to sell, you must prepare an inventory where you can keep a record of all your goods and information so that they can be ready to be delivered as soon as the business is officially launched.
Online Marketing and Advertising
This makes up at least 70% of your whole business system. As you would need to find a way to get word of your business to reach every phone, laptop, and other devices by taking advantage of every advertising and marketing platform at your disposal.
Websites like Copyblogger, Moz, and others help in orienting online business owners on the basics and essentials of marketing, ads, and sales.
Launch Launch Launch!!
The launch day for any online business is arguably the singular most important day for that business. As the saying goes, the first impression matters.
Make sure to ensure customer satisfaction and try as much as possible to learn from mistakes while continuing to build good publicity.
So what is the list of online business you can do in Nigeria?
List of Online Businesses in Nigeria
After quite a number of research and studies, we were able to come up with a list of the top ten online businesses in Nigeria. The following list takes into consideration several factors like practicality, ease to start, and lucrativeness.
- Affiliate marketing
- Online bank sales agency
- Making online videos
- Social media ads and marketing
- Selling domains and websites
- Mini importation
- Teaching online courses.
The best online businesses to start with no money are making online videos or social media ads and marketing.
Online Business in Nigeria for students.
The two best online business for students in Nigeria to venture into are blogging and eCommerce. They are easy to start up and don’t require an insanely large amount of time, effort, and money to begin.
Another notable choice is starting and managing your own YouTube channel. People crave fresh and good content, as long as you continue to provide great content, then you are good to go.
Finally, while it is relatively easy to register and launch an online business, the work lies in keeping it afloat. The only way to ensure that your business survives, in the long run, is by being innovative and consistent in your content and customer services.