Connect with us

Market research

How to Get Started with Internet Business in Nigeria

Published

on

a career at entrepreneur nigeria at www.entorm.com Internet Business in nigeria

How to Get Started with Internet Business in Nigeria

Before now, an average Nigerian believed it was never possible to make a decent income from the internet. Reasons may vary but the truth is that you can make money from the internet by either investing into an existing online business, take your business online or help improve the lives of people on the internet, whichever way, there is no need for you wasting time about starting an internet business in Nigeria.

There are proves and a lot of evidence that has been able to convince the doubting “Thomases” in Nigeria that making money online in Nigeria is not a virtual myth but virtual reality. One of the top Nigerian bloggers like Linda Ikeji is pulling over one hundred and fifty million yearly from blogging.

Are u still doubting the good opportunities of starting an internet business today? Check out the list of the top Nigerian Bloggers.

If you are in with me, then check out the secrets of making money in an online business in Nigeria.

Reason Why You Should Start An Internet-Based Business

Jack Ma, the richest man in China was asked how he made his money and he simply said “I made my money by working and evolving with change while you were wondering if it will work” he went further to explain why The rich people back then are being overtaken by younger once and the reason is simple. It because the younger once tend to adapt to the changes faster than the old people who believed in methods that worked in the past.

When instant messengers devices like Phones came out, Letter writing and mail deliveries slumped, when Whatsapp, Wechat came into existence, Texting and mailing slumped, When digital cameras came out, film separation went into near extinction, When the internet came out, Gradually, education, research, and Businesses started making great ways. Here is the 7 predictions about the future of media in the internet according to business Insider.

So, it is no longer new news that the world has become a global village. many businesses and business activities now take place over the internet and businesses are gradually moving from the traditional brick and mortar settings to the internet since communication material and internet access is readily available to any user.

To be frank with you, In a short time from now, you cannot do or transact any business if you are not doing it on the internet. Here is a list of local examples of why you should start an internet business and how it’s evolving.

  1. A few years back, there was nothing like online malls, but today we have Jumia, Yudala, Konga, etc. Know it that Jumia was making more money than one ShopRite on daily basis as of 2015.
  2. The easiest place you can get a quick service job now in Nigeria is online and you can count on Fiverr.com and 99desgins for those that need graphics design
  3. A few years back, People manually write JAMB, but now Its computer-based test
  4. I never used or attended a classroom section where a projector is used when I was in secondary school, but now Primary, secondary and tertiary institutions are gradually moving toward digital teaching.
  5. Years back, there was nothing like Online Universities or programs, but now, online school is gradually becoming the next multi-million Naira investment. You can check out National Open University.

Guess I’ve given you enough examples to convince you on this. So it will make sense if you could join the trend now and establish yourself as a strong authority in your field before everyone and their cats catch on to the trend.

Another reason why you should start an internet business in Nigeria is that it is relatively cheap to start. There are even some online businesses that you could start with very little or no money at all; an example is becoming a service provider on Fiverr.com, Gig Bucks.com, Elaner.com, 99designs.com, etc. All you need is access to the internet whether via your phone, laptop or computer.

Don’t worry about how to get paid as there are various international payment systems that you can take advantage of.

What you need to start an internet-based business

  1. Dedication and Determination

Unlike other offline businesses, starting and making good money off the internet is can be very challenging, it’s not a day’s job. It takes a lot of time including sleepless nights, hard thinking, and energy. If you are not determined to make money online, you’re bound to give up within a short time.

Look at my little story. At gudtalent, you’ll notice it a personal website without any form of Ads the blog but it makes over 100000 Naira Monthly through Public speaking, Affiliate marketing, and Business plan writing depending. the blog is not even up to a year old, no Adsense, no advert and yet it’s secretly making money and still thriving to pull millions in few months.

  1. Decide on the business you want to do

You must be very careful in choosing the type of business you want to start online. Starting your internet business, you have to decide on what and the kind of business you want to do. Ask yourself

Do i want to create an online store to sell products like Jumia?

Do i want to make money from building websites for people?

Do i want to create a blog to tell your story and teach people stuffs like Cyber Geek?

In answering this question, you must have to think of the long-term goal. Ask yourself if the type of online business you are about to start is going to feasible.

The ball is in your court and the choice is completely yours to make. If you are confused about the kind of business you should start, Read up how to start an internet business this year, or you can read up the services or things you can do online to make money.

  1. Write a Business Plan

Yes! I said write a business plan. Many internet businesses are operating without a business plan. Forgetting online businesses should be managed like offline businesses. The way you wake you are meant to go to work every day is the same way you should spend time on your online business. This is where The problem comes in as most people tend to give less time to their internet business and expect the best out of it. If that is your plan, I’m sorry to tell you to try something else.

Don’t make the mistake of not writing a business plan for your internet business you shouldn’t make this mistake. Your internet based-business plan is a blueprint of your business which helps you to stay organized and focused at all times. It will help keep you within a Niche as well as obey the rules of webmasters

  1. Get/Create a Website or Blog

how to create a good website

There is a difference between a website and a blog. A website can contain a blog but a blog can never contain a website. If you have a physical or digital product to sell, then you need a website, but if you don’t have any, but need to promote other people’s products, or write about something, then you need a blog.

Getting a website is not costly, with N25,000-N35,000, you can get a professional business website.

NOTE: If you don’t have money to get a blog, you can use Blogger.com and get a free blog for yourself but if you’re serious about taking your business online, then you need a hosted website. I recommend WordPress as your CMS (Content management system) Use Bluehost to host your site and get a free or premium theme. Do note that the theme must be responsive. Get started with Bluehost Below.

Don’t worry, if you don’t know how to do it, or don’t want to take the risk of doing it yourself, Kindly Contact Us for your professional and SEO optimized WordPress website/blog at just N25,000.

  1. Register with Payoneer or relevant payment processors

Payoneer MasterCard in Nigeria

Payoneer is an online payment processing service that allows you to receive payments for your online services. If you are in Nigeria or any other country that is banned from receiving payment by Paypal, then Payoneer is your answer. Getting a Payoneer account is the same as operating a US account from Nigeria, where companies can pay or make a direct deposit into your US account while you withdraw your money using any ATM machine in Nigeria with your confirmed Payoneer MasterCard.

To sign up with Payoneer, Follow this link and create your free account.

Note: To be on the safer side, you are advised not to use your card details to make payments online with websites you don’t trust. Simply sign up for Paypal, link your card to your account and use PayPal to make payment while you use Payoneer to receive payments.

Conclusion

The campaign to everyone starting an internet business in Nigeria cannot be overemphasized. They are a lot of advantages over the disadvantage and any smart fellow will happily grab the opportunity of the new trend.

Starting an internet business in Nigeria is quite an easy process that needs a lot of input, but if you take all the processes I have outlined here seriously, then you will know it’s pretty easy.

Don’t worry am here to help you take you through this process, if you still feel like you need more information on this or need to be clarified better on something you don’t understand, experience a problem along the way, kindly drop your comments for better clarification.

Get started with your website immediately from Bluehost right away.

Comments

comments

Continue Reading
1 Comment

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

5 Ways To Identify Market Opportunities For Business Growth

Published

on

Viable business opportunities can be found in the local market. You just need to look at things from an angle that is slightly different from every other person’s view. This will help you to easily identify market opportunities for business growth.

Many times we hear that opportunities come only once in a lifetime. But in the business world, business opportunities come more than once. They present themselves every time; it only takes a touch of creativity and knowledge of where to look and how to leverage them.

Anyone who wants to start -a business or entrepreneur – who is looking to invest in a sector and/or industry should make due considerations before venturing into the business or investment to avoid loses. This article examines 5 ways to identify market opportunities for business growth.

5 Ways To Identify Market Opportunities For Business Growth

1. Identify Market Inefficiencies

Within a market, inefficiencies always abound. For example, with the growing insecurity in the country, it is not enough for the local public to call a transportation (i.e. taxi) company without knowing the name of the driver, much less not being able to identify him with a clear photo. Currently, a taxi company offers passengers the option of requesting the service through a mobile application that allows them to see a photograph of the taxi driver, the license plate number of the car, and even the comments that other customers made about the driver.

Prior to now, this was not the case (market inefficiency) till someone thought in that direction and came up with this innovative solution. Today, the use of apps for different tasks like taking loans, investing in stocks/bonds/shares, TV/Airtime/Electricity subscription, etc. is commonplace in the society, thanks to someone’s ingenuity to spot tangible market inefficiency. In the market, there will always be possibilities to improve services and/or products by identifying market inefficiencies and finding novel solutions to them.

2. Customers’ Desire To Experience Something New

Many say that routine is tiring. That is why people pay for trips, clothes, change their haircut or color, to name a few examples. This growing need to experiment with new things, combined with the desire of customers, can be a successful strategy for identifying business opportunities. Can you innovate the customer experience within an existing business model? If you can, then you can leverage a unique market loophole to your advantage.

Ways To Identify Market Opportunities For Business Growth

3. Choose A Growing Sector Or Industry

When considering market opportunities, it is advisable to take into account activities, businesses, trends that are growing. For example, the cryptocurrency space today is booming and chances are the sector will continue to grow in years to come making it easier for people to make good profits and become highly successfully. Likewise, the education sector is one of the sectors to take into account in the search for opportunities as it is an evergreen sector; people will always want to obtain education.

Also, chose business models that you can work with their subsidiaries even if you choose not to work with the parent business. For instance, you may go into training of people on cryptocurrency or Forex even if you choose not to become a crypto or Forex trader. The businesses are related such that as the parent business grows, the subsidiary business grows likewise.

4. Determine the Product Differentiation

Sometimes, you don’t have to look far to identify a viable market opportunity. Think about this question:

What differentiating factors can my product or service have on the market, apart from those that already exist?

If there is no such differentiator, your potential customers will continue to choose the same product or service that they have known and used over the years. A classic example is going into the sale of clothing materials which is certainly a highly competitive market but this time you promote a feature that is more prominent and different from the others. This way, you can have an audience or market for your business. To do this, carefully study the market and identify the real needs and wishes of customers in the market and proceed to satisfy these needs. You will be amazed that the rate of breakthrough you will make.

5. Follow Your Competition Closely

Take time each week to find out about the latest product and service launches, news, promotions, and offers of your competitors. Focus on what they are doing well, as well as what is not working for them and is causing their current customers to be looking for new options in the market. It is not about copying or imitating your competitors, but rather about learning from the lessons in their successes and loses, anticipating new demands from more demanding and less loyal consumers, and increasing your chances of success in the market.

Conclusion

In this article, I did a good job of examining the 5 key ways to identify market opportunities for business growth. However, note that it is one thing to identify these market opportunities for business growth and another thing to see actual growth in your business. For you to witness real growth and success in your business, you have to put these business growth opportunities which you learnt today to work. Real success comes from taking actions with these strategies that I just shared with you.

However, I recommend that you focus on what is the most important to your business growth. You don’t have to master all the strategies if you don’t need them.

Even when things are going well with your business, as an entrepreneur you don’t have to relent in your search for opportunities to grow and get bigger. If nothing else should motivate you to do more, the desire to solve problems at a worldwide scale should. So, be innovative and try as many methods to grow your business above where it is presently. Even if you don’t do any other thing, improve in your customer service; serve your customers better than the way you serve them now.

Comments

comments

Continue Reading

Business Ideas

How to Identify a Good Business Idea That Will Make Millions

Published

on

Assuming that you have a perceived good business idea and you have (or you are thinking of creating) a product or service that you want to get out in the marketplace, how do you know that you are selling (or going to be selling) to the right market? How can you identify a good business idea that will make you millions within the shortest possible time?

Having the perfect or at least a very good answer to this question is important because the last thing you want to do is spend a lot of time, money and effort starting a business, taking your idea to the marketplace and then find out actually no one wants to buy your stuff. That becomes a problem; a very costly mistake that must be avoided right from the start or launch of your perceived god business idea.

How to Identify a Good Business Idea That Will Make Millions

How to Identify a Good Business Idea That Will Make Millions

This guide will give you a practical clue of what to look for or check in your business idea to see if it will work or not. You can use these tips whenever you want to enter into a marketplace.

The 5 key Indicators of a Good Business Idea That Will Make Millions

Below are 5 key pointers that can help you to identify a good business idea within a very short time hence saving you time, money and energy of wrong investments. Besides, these will help you to make millions within a very short time.

The indicators are:

  1. The availability of Pain or Problem
  2. A Sense of Urgency from the consumers
  3. Potential consumers’ Irrational Passion
  4. Volume of People’s Active Search For Solutions to a Problem
  5. Availability of and Level of Competition

(1) Check If There Is Pain or Problem?

To test if your business idea will work or not, what you should be looking for should be far from just rational needs or logical needs. Rather, what you should look for are emotional needs. If there is pain, in other words, you should be selling complete solutions to those pains not mere palliatives to cushion the pain for some time to resurface again. For example, you should look for problems where you can sell painkiller not vitamins; you should want to sell cure to a problem and not prevention strategies because ideally people are always more willing to pay for painkiller (real final solutions to a problem) than prevention of problems. This is a fact. When there’s a problem, your business idea should be able to solve the problem and people are more than willing to spend money to get the solution.

(2) Check If There Is a Sense of Urgency?

To identify a good business idea, it is important to check the level or availability of urgency for what you have to offer. If there is a sense of urgency for the solution, that is great because people who have the pains are need the solution (which you have) badly; they have to solve this problem. So, what you should check is if your business idea can meet the market’s sense of urgency for a solution or it will take decades to get the solution. Of course, someone else with a faster solution that lands on the scene would have taken the market before you and you lose out! So, your business idea must meet the market’s sense of urgency.

(3) Check If There Is irrational Passion

To explain this, take Football fans for example. Football fans are very passionate about Football that they buy a lot of Football related materials like tickets, jerseys, play football bets, etc. without much thinking. They do it for the passion. So, if you are selling to a market niche like this or any market in particular where passion sells, you are going to make a lot of money. That is, your perceived good business Idea will make you millions or something close to this.

On the contrary, if you propose to sell to a market that don’t have (a lot of) pain, don’t have an urgent need for solution to a problem, and don’t have passion for the product or service, chances are that you are going to have problem asking for money and also charging what you’re worth.

(4) Check If People Are Actively Looking For Solutions to a Problem

A very important thing that you should look for is if people are actively looking for solutions to a problem. There are many ways to find this out but I will use the commonest way. The commonest way is to use some online tools (i.e., Google Search results, Keywords Planner, Semrush, Ahrefs, etc.) to check and see what keywords people are actively searching for online maybe through a search engine like Google or YouTube.

So, you check if people are actively searching for solutions to a problem on the Internet and if they are then you check the volume of the searches and take a clue from that. The larger the search volume, the clearer it shows that many people are actively looking for the solutions to the problem. With this, you will know that there is a ready market for the solution you have/plan to offer. You could then sell your solution to them.

However, where your potential customers are not actively looking for solutions on the internet, then you’ll have challenges scaling the business versus if you go online and millions and millions of searches every month shows that people are searching for the solution to a particular problem.

(5) Check the Availability of and Level of Competition

You need to find if there is a lot of competition in the market for the solution which your proposed business idea is to provide. If there’s no competition, that may or may not be a good idea. This is because chances are whatever you’re thinking as the solution for the problem might have been introduced before and failed to make the money for the past solvers. Hence, it’s an indication that there may not be money in that market.

On the other hand, if you have too much competition then you have a problem trying to stand out. It will be difficult trying to cut through the noise unless you have a new technology, a new breakthrough or something that addresses the problem from a new angle. Unless there is a new dimension that you’re entering the marketplace you may not survive the heat.

Conclusion

So, these are the ways to identify a good business idea that will make you millions. I took the time to point out the things that you should look out for whenever you have a business idea which you want to enter into a marketplace with. You should spend a lot of time thinking about what market needs (not wants); the people you want to serve instead of spending all your time focusing on the product or the service that you want to sell. That should come secondary; the market always comes first. Don’t ever forget that!

Comments

comments

Continue Reading

Agriculture

Best Places to Site Your Agricultural Businesses in Nigeria

Published

on

Agricultural businesses in Nigeria are booming businesses. Before the discovery of oil, agriculture was the major economy booster for Nigeria. Agriculture has been around for years in Nigeria and it is not something that will be less active or less productive soon. I remember when I was serving; there was this girl that was into agriculture business even without studying agriculture in school. I got interested and asked her many questions about what she does in the business. I was surprised to learn that she doesn’t even pick up a cutlass or hoe to do the farming. Yet, she makes good returns from the business. This goes to show that one mustn’t be an agriculturist before starting agricultural business.

I asked further how much it cost to start the business and she told me that everything was less than 60,000 naira. All she needed was a land which she said she rented at the cost of 15,000 naira for a year  while the human labor she required was around N20,000 in cost plus miscellaneous which added to around 50 to 60 thousand naira. In all, her farming business didn’t require a huge capital or high cost and she was pretty solid and earning a good income from the business. Even as a Corp member, she already had a booming business and a steady income apart from the “allowee” every other “Youth Corper” was receiving.

Different Kinds of Agricultural Businesses in Nigeria and The Best Places to Site Them.

There are different kinds of agricultural business in Nigeria and these include Cassava Farming, Poultry, Rice Farming, Snail Farming, Catfish Farming, Pig Farming, Honey Bee Farming, and so on. Agriculture business is wide with so many options to diversify into depending.

Some of the factors that influence the type/aspect of agriculture one ventures into are the nature of the location, the starting capital, level of education, the type of market available, and so on. As there are many kinds of agricultural practices that once can engage, so are there specific places in Nigeria that are considered best for these agribusinesses.

The remainder part of this article examines the best places to site your agricultural businesses in Nigeria

Rice Farming Business and the Best Places in Nigeria to Site It

Rice farming is one of the most lucrative businesses in Nigeria. Nigerians like rice very much and it is one of most frequently consumed food around the country. In fact, the crop is consumed daily either at homes or in almost all restaurants in Nigeria. You can’t go wrong in rice business in Nigeria. Rice farming requires a swampy area for growing it. So, it is best to get a region with lots of water to practice this rice farming in Nigeria.

Although the Nigeria land is generally good for rice farming, some of the preferred areas are Kano State, Gombe State, Niger State, Kebbi State, Ebonyi State, Anambra State, Nasarawa State, Ogun State, and Ekiti state. These states are known to have varieties of rice. Over the years, it has been reported and observed that farming and production of rice has been lucrative in these areas. So, you wouldn’t go wrong if you choose to site your rice farm in any of the aforementioned locations. Before you go into rice farming, it is imperative that you search and find out the most suitable ways and methods to go about it for success and longevity in the business especially if you’re in for the long-term.

Pig Farming and the Best Places in Nigeria to Site It

Another booming agricultural business in Nigeria is Pig Farming. Pig farming can be tedious and requires lots of attention but it’s a very productive business. Take the dirt away and the smells, then you have for yourself a diamond-in-the-rough kind of business. Recently, I visited one of my friends who raise pigs. There, I saw a very big Pig and asked him how much he will sell it. He laughed and said it won’t be less than a million naira. I was shocked because in my reasoning the majority of Nigerians don’t seem to like eating Pork (i.e., pig meat).

Against my assumptions, my friend explained to me how pig is now a booming business in Nigeria. He reliably informed me that the volume of people in Nigeria that consume pork presently is in very high demand.

Talking of location to start this agribusiness, I can reliably inform you that just about any place or area in Nigeria is good for pig business. However, I recommend the Southern and Western states for this business. My reason for not recommending the Northern part of the country is that that area has a larger concentration of Muslims. Islam forbids eating of pork; so starting the business in the North might just be a suicidal mission and would be dead-on-arrival unless the targeted audience is Christian and non-Muslims in the region.

Best Places to Site Your Agricultural Businesses in Nigeria

Best Places to Site Your Agricultural Businesses in Nigeria

Catfish Business and the Best Places in Nigeria to Site It

Catfish business should never be undermined as far as starting an agribusiness in Nigeria is concerned. Ever eaten barbecue catfish before and see how costly it is? The business of catfish is cashing out big time and it doesn’t matter which area you are, it will always boom. The most recommended places to site catfish business in Nigeria are student-populated area around universities and polytechnic, next or opposite major event centres, Housing Estate junctions, Supermarkets, and other high-traffic density areas with mid-to-high income earners. The barbeque catfish is in high demand in school area because students like it very much thereby making it a highly profitable business in these areas in Nigeria.

Honey Bee Farming and the Best Place in Nigeria to Site It

When it comes to the use of refined Sugar, many Nigerians have deviated from it due to its health complications. People have looked for an alternative, a better replacement for sugar. The only health benefit of refined Sugar is the supply of glucose to the body which can also be gotten from other food sources. Since Sugar complicates health issues and causes diseases such as diabetes, Honey has become the major food sweetener in many Nigeria homes.

Owning a Honey bee farm is a very lucrative business and can be done anywhere in Nigeria. There is no pinpointed place for the business because anywhere it is done, it is always appreciated and commands huge patronage from the people. If at all the business doesn’t move at a particular area, the honey can be transported to and sold in other states in Nigeria.

Cassava Farming and the Best Places in Nigeria to Site It

This particular type of farming is one of the best and most diversified businesses in Nigeria. Cassava farming has helped a lot to eradicate hunger in major places, if not in all, of Nigeria. During famine in one of the African countries, Nigeria government transported several thousand bags of Garri to the said country to lessen their burden of hunger. Garri is made from cassava. Out of over 200 million people in Nigeria, at least each home has a product of cassava at home because apart from rice, it is a major food item in every Nigeria home in the country.

Cassava can also be turned into some major food like Amala and its product which is Garri can also be turned into Eba. Cassava farming can be done anywhere in Nigeria and since its product are mostly use by the Eastern and Western parts of Nigeria, it is recommended to start a cassava farming business in this region.

Conclusion

Agricultural business in Nigeria is very lucrative no matter what you do. Whether you are planting tomatoes or running a pond or doing poultry business, there will always be a buyer for each product as long as it is affordable and easy to access. Before you start agribusiness in Nigeria, ensure that you carry out careful market survey and do a lot of research before diving into it because a wrong move and place to start an agriculture business can be a burden to you in the long run. It can even run you into losses if not properly researched and managed.

In conclusion, pick from this list of lucrative agricultural businesses in Nigeria and start a business with it as soon as possible. Ensure that the area of agriculture that you want to go into is productive, do a proper and rigorous research before running the business and launch out. With God, dedication and hard work, you will make a decent return in the business. I wish you the very best.

Comments

comments

Continue Reading

Trending