Top 8 Lucrative Online Business Ideas That Pays In Nigeria (2020) | There are certain small business industries that see higher profits than others. Accounting, for example, is always among the most profitable small businesses.
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Is it really possible to make a living online? The answer is yes.
In the Nigeria of today, we’ve witnessed the rise of many internets millionaire that made their money just by starting one online business or the other. People like Linda Ikeji and Akin Alabi (Founder of Nairabet) have made billions of naira just by starting an online business idea.
Starting a new business online requires much less risk than investing your money into a setting-up a physical shop or store. With the nature of online businesses, it is very easy to reach thousands and millions of potential customers without breaking the bank on the cost of advertisements.
With a little knowledge of digital marketing and social media, almost anyone can launch a business online and get it up and running in only days. In this post, we have put together a list of the most lucrative online business ideas anyone can start in Nigeria with a very little capital investment.
Top 8 Lucrative Online Business Ideas That Pays
1. Become a professional blogger
In the past, we’ve written an article about how to start a profitable blogging business in Nigeria. Launching your own blog doesn’t require a great deal of technical or computer skills.
If you’re passionate about writing and creating super-rich contents on the internet that is capable of grabbing the attention of your audience, then you are only a few steps away from earning money doing what you love.
Having a blog that has an extensive number of followers will allow you to gain profit by attracting advertisers that are willing to pay you some money just to place adverts on certain pages of your blog.
2. Make money selling products online
E-commerce and Dropshipping are two popular ways to make money selling high demand products online. Online platforms like Shopify and WordPress have made it insanely easy for anyone to set-up an online e-commerce store in minutes.
On the other hand, Dropshipping is when you create an online store to sell other people’s products. Then, you get a commission for each sale. The advantage of this over traditional e-commerce business is that you don’t have to risk buying up stock in a product and losing money if it doesn’t sell.
If you are looking to follow this route, you can start by researching some of the fastest selling online products in your geographic location. It is also important to give more priority to products that are unique and less competitive.
3. Start your own YouTube channel
Top YouTubers like Felix Arvid Ulf Kjellberg the owner of the most-subscribed YouTube channel called PewDiePie (currently has 89 million subscribers) has made more than $15 million creating and publishing video contents on YouTube.
As a YouTuber, you make money on YouTube each time Google (YouTubes parent company) shows ads contents before or after your video has finished playing. Make sure your videos are high quality and you upload them consistently for the satisfaction of your audience.
The best part is, you don’t even need to go out and buy an expensive new camera – as long as you have a smartphone with a quality camera lens, you can start filming your first video right now!
4. Create and sell online courses/e-books
If you’re already an expert in any topic, you can package that knowledge into a high-value course or e-book and sell it online to people that are seeking the knowledge that you’ve acquired.
This type of online business is best regarded as passive income because you continuously make money for years even after publishing it. Once the upfront time and effort is put in, with just a bit of regular upkeep and marketing you’ll be able to continue to sell and make money from them.
5. Start trading Forex and stocks
Most people see currency trading (also known as FOREX) and investment as a very risky business to start. Even though this statement is true if you start out small and invest your time into researching you will gain knowledge and experience that might just bring in the rewards you’re after.
Unlike Forex, Stock exchanges provide a transparent, regulated, and convenient marketplace for buyers to conduct business with sellers. The stock market is immensely popular, but it is exceeded in size by the Forex market, which is the largest financial market in the world.
Nowadays, the internet has made things easier. You can start trading forex or stocks by sitting in front of your computer in the comfort of your bedroom with a glass of cold juice or wine.
6. Work remotely for companies abroad
Remote working is a situation in which an employee works mainly from home for corporate organizations and startups. More and more companies are embracing the remote work lifestyle by employing staffs that are not required to resume in the office daily from 9 to 5.
Many remote work positions are IT and customer service related so they require specialized skill sets that may be rare to find. Example of popular remote jobs includes Data Analyst, Software Developer, UI/UX Designer, Customer Support and much more.
Working remotely is considered as a lucrative online business idea because it affords you the time to do other things like taking care of the family (for Moms), hanging out with friends and family or going on holidays.
7. Become an influencer on Instagram
Instagram is a highly visual social media channel, and therefore is in many ways the perfect medium for brands to tell their story using influencers. Influencers are Instagram users who have established credibility and audience who can persuade others by virtue of their trustworthiness and authenticity.
Becoming an influencer on Instagram is not an easy task except for well-known celebrities who have already built a huge following outside social media. Not all Instagram influencers are celebrities though, some of them have worked so hard by creating short video clips that capture the attention on an audience.
Influencers make money in different ways like sponsored posts and advertisement from top brands, affiliate marketing and selling their own products.
8. Join affiliate marketing programs
Affiliate marketing is one of the various ways to make money online by promoting products or websites to earn a certain percentage as a commission from sales made. It is important to note that affiliate marketing is different from get-rich-quick-schemes.
As an affiliate marketer, the products and services that you promote are provided by others and not necessarily you. The only duty you are required to perform is to provide a marketing or sales outlet such as a blog, email list or social media.
We’ve put together a well-written article about affiliate marketing and most popular affiliate marketing programs that you can join in Nigeria.
For many wanna-be entrepreneurs, running an online business is a dream that offers the promise of financial security and independence. The first and most important step towards this dream is choosing an online business idea that matches your skills and can realistically be launched.
Creating an online business is simply a matter of focusing on your strengths and expanding your network. The online business ideas shared in this post just don’t create a path to escape the 9 to 5 office lifestyle, they also offer a kind of freedom that most people don’t get to experience.