The first few steps are the hardest…ask a blogger, a toddler or any individual who is struggling with an online business idea.
I always come across people who are interested in starting something for themselves and they generally have two common questions.
The first is ‘which business can I start with X amount?’
The second is ‘I don’t have any skills and don’t know where to start. Can you help me?’
These questions are not necessarily bad but it helps when you are more focused or have already discovered what you want to do.
For those interested in any online-based enterprise, read through the rest of this post as I am confident you will find something that appeals to you.
Below are some online business models to check out especially if you have any skill or passion for any activity.
NOTE: This information is not comprehensive and only serves to spur your interest further.
Involves bringing in goods for cheap from platforms in China and selling in Nigeria without having to physically see or touch the goods.
Everything is automated and the entry fee to get started is actually low but has high profit margin. However, you need guidance or mentoring to do this right because a lot of technicalities are involved.
I do e-commerce considerably well and can vouch for it 100%. With a reasonably low amount and proper guidance/mentoring, this online business idea is perfect for any newbie.
Advantage: Low capital investment comparatively.
Involves content creation and sharing of information or knowledge to a target audience while monetizing this activity.
There are two types:
Newspaper style blogging – Involves trending, viral stories and heavy traffic to generate income via CPC advertising.
Authority style blogging – Involves sharing knowledge or expertise on a specific subject with more focus on targeted traffic than volume. Monetization requires selling of products and services.
I do authority blogging and can vouch for it 100%.
Advantage: Can be highly profitable once it gains authority
Involves the research, creation and promotion of information to an audience that are in need of it. It could be any information that solves problems and can come in different formats.
It usually comes in PDFs, audio recordings, video courses etc. Almost everybody in the online business space does Information marketing one way or the other.
The success of an information marketing career depends on several factors especially the niche, the need of the audience and the branding and marketing of the product.
There are 3 niches that can be considered the hottest:
Advantage: Has a low capital investment comparatively.
Freelancing involves selling a skill you have in exchange for payment. By skills, I mean activities you can carry out to a certain level of expertise.
Skills like writing in all its genres, graphic design in all its forms, programming, web design and development, app development, social media management and other forms of digital marketing, video editing and animation, audio editing and production and many others.
Truth is, there are many skills that can be offered as a freelancer on platforms that accept freelancing services.
I did some freelancing while starting out.
Advantage: Almost zero or minimal capital investment.
E-Learning Course creation and Tutorship:
Similar to information, e-course creation requires monetization of knowledge or skill you have by creating courses and uploading them on e-learning platforms as an instructor.
You pay nothing to register on this platforms and a percentage of revenue earned you earn from students who subscribe for your course goes to them.
You can create a course on almost any topic that is has an interested audience in it. Of course, you will have to find a way to promote your courses to reach people who are interested in registering.
Social media marketing and email marketing can be of help here.
Advantage: Almost zero or minimal capital investment required.
Affiliate marketing involves the promotion and marketing of selected products from an affiliate platform to a target audience to earn a commission from each sale made.
Sounds easy huh? Not so easy, my friend but it requires experience and guidance.
You sign up, choose a product and promote to an email list you buy or already have set up. Alternatively, you can create a website with affiliate products on it then drive traffic with proper marketing with the intention of making sales.
Commission earned ranges from 10% – 100% depending on the product vendor.
Most authority bloggers do affiliate marketing in conjunction with their blogging activity.
I do affiliate marketing and it basically involves suggesting or recommending a product to people in your contact list to use or try and when they do you earn your commission.
Advantage: Can be income on auto-pilot once the initial setup has be arranged but requires some investment.
There you have it, these online business ideas are money makers depending on how you go about it.
As I said before, this list is not comprehensive in terms of covering everything but it’s meant to give ideas on what you can possibly consider trying.
It is advisable to go with one or two at a time to ensure proper utilization of resources.
I will provide an answer to every question in the comments section.
So tell me….which of these online businesses interests you and what’s stopping you from getting started?