Have you ever dreamt of starting a profit-pulling online business in Nigeria? If so, then this is your chance to learn something about how to get started. To begin with, Nigeria alone has over 40 million internet users, who can literally be converted to potential customers for any online business product. And, not only is the use of the internet growing in the country, the opportunities to invest in small online businesses are also abundant. In fact, as we speak, the internet is already accounting for about 1% of the growing economy in Nigeria. That being said, here’s your chance to take full advantage of what the internet has to offer as far as businesses are concerned. And to help you get your feet wet while embarking on this kind of venture, we have compiled all the crucial steps of starting your own online business in Nigeria.
Step 1: Choose the type of online business you would want to invest in
The internet has different kinds of online businesses to explore. You can go through the list to choose one depending on your interests, funding and time.
1. Affiliate marketing
This is where you get paid for selling other people’s products through your website or blog. In most cases, you’ll be receiving a commission on every customer that clicks a link on your website to buy a back-linked product on another website.
2. Informational blogs and websites
Here, all you have to do is to come up with a blog or website where you’ll be teaching internet users on a specific matter pertaining life; for instance, you can teach your online viewers some dating tips, cooking recipes, or career advises among thousands of other topics to specialise on. But as long as you are able to attract viewers to the website, you can start generating revenue streams by advertising, affiliate marketing, or by selling EBooks and kindle books.
3. Selling products or services online
Another viable way of making money online is to start selling your own products and services. This is actually a feasible option to those with unique skills, or products that may appeal to online buyers.
4. Becoming an online retailer
Another profitable choice of business to venture in is that of an online retailer. In this line of business, you will be purchasing products from a manufacturer at a reduced price, and then reselling them to local consumers at higher rates to make profits.
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Step 2: Write a business plan
After deciding on the kind of online business to venture in, your next step should be to write a business plan. This plan should contain the executive summary of your business, market analysis, business description, financial projection, marketing ideas, as well as the organisational structure of your business.
Step 3: Confirm your funding options
After finalising your business plan, you can go ahead and confirm your funding options. The funding options, in this case, may include equity lines, savings, loans or credit cards.
Step 4: Create a legal entity for your online business
The whole process of creating a legal entity for your business is broadly divided into two:
- Obtaining a local business license;
- Choosing your official business entity: Here, you’ll have to specify if your business is a sole proprietorship, a corporation, a Legal liability company, or partnership.
Step 5: Establish an online presence
If you’re planning to sell products on a group website with storefronts, such as eBay, Etsy, and Amazon or even through your website, you should be well-prepared to create a strong online presence. To get started, you’ll have to choose a domain name for your business, as well as the company that will be hosting your website. If you have zero web-designing skills, then choose a web host with self-designing options as well as one with solution packages for E-commerce, like Yahoo small business. Also, if you’re designing your own website, the easiest way to get it created is to use a web-host designing option. For upscale projects, contact a well-experienced web designer for a recommendation of the best shopping cart software to use. And since your website actually works as your storefront as well, the visual design you choose should appeal to potential customers and, at the same time, be easy to use.
Step 6: Promote your website
There are a number of effective ways that you can easily implement to market your business online. This includes back linking your website, creating an informational blog to supplement it, Search Engine Optimization, Email marketing, creating a page on the social network, and commenting on other people’s sites, blogs and forums. Please note; the most reliable way of accepting payments online is through a verified PayPal account. If you’re yet to open one, then make an effort of opening it before you even think of designing your own business website.