30 Best ways to Make Online Business Work for you in Nigeria

Make Online Business Work for you: If you’re ready to be in charge of your own destiny.

But don’t have the capital to buy a franchise or open up a storefront, consider starting an online business.

When your store is online, you can reach millions of customers instead of whoever happens to wander in – plus, you don’t have to pay for retail space.

However, like with any business, you’ll need an excellent product and a solid marketing plan.

See Steps to learn How to Make Online Business Work for you in Nigeria.

See also: Best 47 Ways to Run facebook.com Ads in Nigeria

Make Online Business Work for you: https://myinvestmentideas.com

Make Online Business Work for you

Read on: Best 47 Ways to Run facebook.com Ads in Nigeria

Make Online Business Work for you

1.  Set Goals

Ask yourself, How do I want my physical, emotional and financial status to improve?

Then start learn what it takes to say I am a distributor of recharge and get paid.

2. Start Your Team

Assemble an initial list of at least 100 names, and you will find out that 40 will be yours.

Sell recharge and get paid products and be the first user of the products.

3. work with people

Work with people who like what you do, that may be club, a church, an association or a craft.

Whatever it maybe, it is good when you have something other than MLM income.

See also: Best 15 Ways to Write Reference Letter in Nigeria

Make Online Business Work for you

4. Register your business.

Your business needs to be registered according to your state’s laws.

Choose an official business name and fill out the appropriate paperwork to make your business official.

  • Before you register your business, it can help to have a business plan laid out.
  • Consider your production costs, shipping costs, taxes, and web hosting fees.
  • Know the business regulations in your state, and be sure to comply when you get things up and running.

5. Register a domain name.

Like the name of any other business, go for something short and catchy that will be easy for people to remember.

Visit the website of a domain registration company.

And test out some of the names you’re interested in to determine whether they’re available.

Once you land on a good name, go ahead and register it.

Make Online Business Work for you

6. Get a web hosting service.

There are free hosting services to be found, but if you’re serious about running an online business long term, consider paying for one that offers all the services you need.

You’ll be less likely to run into problems when your business starts to take off.

Choose a hosting service that allows for growth.

  • Some hosting services are highly structured.
  • Allowing you to choose from among different templates to create a website quite easily.
  • Others allow you to do your own programming, giving you greater flexibility.

See also: 37 Best NYSC Camp Activities in Nigeria

7. Define your product or service.

Starting an online business gives you the benefit of having access to millions of customers.

But you also have a lot more competition.

No matter what you’re trying to sell, you can bet that hundreds more online retailers have a similar idea.

What differentiates your product from other similar products?

To help your product stand apart from the rest, you’ll need to find a niche.

  • Let’s say you make jewellery—but so do a few million other people. What makes yours different? If one-of-a-kind jewellery (or another product) is your gig, make sure it’s truly original.
  • Offer expertise in an area. Even if the product itself isn’t very unique, your expertise might be a strong selling point. If you’re selling a line of skincare products, for example, it helps if you have a degree in a field related to skin health.
  • Check into the competition. Figure out what isn’t already being offered, and find a way to fill the hole with your product.
Read also: 8 Top Small Scale Pig Farm Business Plans in Nigeria

8. Solve a customer problem.

Consumers buy products and services to satisfy a physical or emotional need.

However, customers only buy when the need is paramount in their mind.

For example, a homeowner will hire a plumber if he has a leak.

Men and women will buy new clothes to enhance their appearance.

Or a student will take special lessons if he believes completion will lead to a better job.

Your online business product or service must stimulate and then fulfill that need before a sale occurs.

Read also: Best Macroeconomics/Microeconomics Business Impacts in Nigeria

Use your industry knowledge or experience to identify a customer problem that needs to be solved. In your work or life do you see any common problems with no obvious or simple solutions?

Think about ways this problem could be solved by a company. This is your business idea.

Say, for example, that many of your friends are interested in purchasing vintage wristwatches.

But don’t have any way of verifying that they are genuine.

If you have an eye for detail and the right knowledge.

You could turn identification of these timepieces into an online business.

Make Online Business Work for you

9. Analyze your skills, interests, and capabilities.

Before starting a business, you will need to assess your own ability to do so.

Look at your own skill set to determine what, exactly, you are good enough at to do professionally.

What industry or profession are you most knowledgable, experienced, and skilled in?

You need to be able to compete against existing businesses.

  • Next, analyze your interests. What would you do if money weren’t important?
  • You need to love whatever it is that you’re doing, or your business will not be successful.
  • Finally, look at your capabilities. Do you have the financial stability, savings, time, and personal stability to start a business right now? Make sure that your family is behind your starting a business. If they’re not, this will lead to problems down the road.

10. Identify your ideal customer.

Your ideal customer is the set of traits shared by people that who are likely to buy your product.

Knowing these demographics (age, sex, income, etc.) will help you focus on this audience.

And tailor the rest of your business model to their wants and needs.

Whether you’re starting a product from scratch or improving an existing product.

You can perform research on your ideal customer.

  • Your ideal customer becomes the basis for your marketing strategy. You develop your marketing strategy with the ideal customer in mind. To learn more about marketing strategy, see how to develop a marketing strategy.
  • To identify your ideal customer, simply consider the type of people that would be most interested in your product or service and have the financial ability to purchase it. In many cases, this is more art than science, but a Google search for consumer trends may reveal useful information.
  • Assume, for example, that you want to research the ideal customer traits for your timepiece identification service. You could start by considering who would have the money for this kind of hobby (probably adult to middle-aged people), who would have an interest (mostly men), and what type of person is likely to demand this kind of verification.

Read on: 24 Tips to Advertise Bedsheet Business Online in Nigeria

11. Refine your offering.

Determine the features of your product or service and whether they provide real benefits and solve the needs of your potential customers.

Use what you find to reassess and refine your product or service until it more perfectly meets the described need.

Try to identify changes that other businesses have made to similar products that have resulted in higher sales volume.

Make Online Business Work for you

12. Determine the market size.

Assume that you’re considering ideas to start an online business for the first time.

You use the same process as you would to assess an existing product.

You’re taking more risk because the sales performance of the product is completely unknown.

  • Find tools to research your potential market. You may choose to examine existing businesses that offer a similar service. What are their clients like? What are they willing to pay for this type of service? How crowded is the market?
  • For your identification service, you might choose to examine the type of people who comment on watch forums and other watch websites. Assess their needs and really consider if there is enough of a market for your services to make starting a business worth it.

See also: 10 Steps To Business Procurement Cycle in Nigeria

13. Determine your costs.

In order to plan for your business, you’ll need to assess how much you will need in startup money.

This will vary widely between business types, with some requiring almost zero startup money, and others requiring many thousands of dollars.

Start by looking at equipment or inventory you currently have.

Then, figure out what you need. Think about inventory, production equipment, website building expenses.

And any other costs that you can expect in your first months of operation.

    • Locate these items used or at a discount if you can and then record the prices to determine your startup capital needs.

14. Develop financial projections.

Financial projections can be difficult to project, especially if you haven’t yet begun operations.

However, do your research by searching for sales data relevant to your industry online.

Check with the Bureau of Labor Statistics (BLS) to find this data and other important information.

Then, use this data to estimate your sales volume over your first three years.

Your projections don’t have to be perfect, but they need to be reasonable and backed by concrete numbers.

  • Subtract your projected startup costs and cost of goods sold during this time to estimate your profitability.

15. Assess your capital sources.

Unless you have startup and working capital in a savings account.

You will need a source of capital to get your business started.

Your options include loans from a friend or family member, bank loans, and selling equity to investors.

Bank loans may be difficult to obtain, unless you opt for one backed by the Small Business Administration (SBA).

Check with local banks to see what SBA loans they offer.

You will need to have a strong business plan to qualify for such a loan.

  • Loans from friends and family are a great source of capital as well.
  • However, the risk is that you lose the money that they lend you and your personal relationship may suffer as result.

Read on: 22 Best Ways to Get Financial Freedom with Recharge and get paid in Nigeria

16. Write a business plan.

A business plan is a roadmap for your business and its growth over the years.

It includes several distinct parts that outline your operational plans.

And business information for prospective investors or lenders, or just for your own guidance.

Include all of the above information in this part in your business plan. In addition, you’ll need:

  • A description of the business and its offerings.
  • A marketing plan.
  • A description of business structure.
  • Management profiles.
  • A break-even analysis.
  • An explanation of how and where borrowed funds will be used.

Make Online Business Work for you

17. Build brand equity.

Once you start selling a product that solves a problem for clients, you can build brand equity.

Brand equity is how customers recognize that your product is better and different than products offered by your competitors.

  • To find out more about brand equity, see how to build brand equity.
  • As customers use your product and get good results, they may keep buying your products and not consider your competitor’s brand. Think about products or services that you buy repeatedly. You may have that same view, which is why you keep buying the same product.
  • Brand equity can result in customer loyalty. Loyal customers may continue to buy your product, even if the price increases.
  • Most importantly, a loyal customer is more likely to refer other people to your business. Generating referrals is the fastest way to grow your sales.

18. Set up a website.

Your website is normally the first impression that you make online.

The first experience a prospect has with your online business is seeing your website.

It’s critically important to have an engaging website.

  • Think about hiring a professional website builder to design and build your site.
  • Use search engine optimization (SEO) to direct traffic to your website. SEO allows your website to show up higher on search engine results. This drives internet users looking for a specific product or service to your website before your competitors’.SEO involves researching keywords and setting up your website in certain ways.
  • For more on SEO, see Optimize Your Website.
  • Consider an online publishing platform to create your site. These platforms allow you to build an attractive website without needing any programming knowledge.
  • WordPress is a publishing platform that is used by over 20% of all sites on the Internet. This platform gives you hundreds of themes that you can choose for your website.
  • Once you choose a theme, you can build pages and decide how to layout the information on each page. It’s particularly important to have a home page that gets a viewer’s attention.
  • Your goal is to have a great home page that attracts readers to stay on your site and find out more about your product or service. Once your client decides to stay, make it easy to navigate your site.
  • Google has recently changed their search ranking criteria for websites. Sites with good online content are now ranked higher. If you continually add good content to your site, you will move up in Google search rankings.
  • Track all of your online marketing results. Analyze your website traffic, the number of opt-ins and the percentage of viewers you are able to convert into customers. Make changes to increase the results of your online marketing efforts.

Read on: 47 Top Business to Business(B2B) one can Start in Nigeria

19. Build easy navigation and e-commerce features into your website for customers.

Your initial goal is to get viewers to see your home page.

If they want to find out more about your product, make it easy for them to navigate to other pages.

  • Make sure that the pages and drop down menus are clear and easy to access.
  • Organize your pages into a logical order. Assume that you have page links that are listed vertically on the left side of your website. You put the home page at the top as the first link. Below it, you provide links to product/service information pages. Below those, you list ecommerce links.
  • If viewers have to invest too much time to understand how your site is set up, they may leave. Keep the prospect engaged by making page navigation easy.
  • Work with an ecommerce consultant to set up ecommerce functions like accepting orders and payments on your website.

Make Online Business Work for you

20. Use content and provide your audience with useful information.

A great way to build a relationship with customers is to provide content, such as blog posts and articles.

If you consistently add good content to your site, viewers may visit your site frequently.

For more on blogging, see Start Making Money Blogging.

See also: How to Start Tailoring Business in Nigeria (9ways)

21. Maintain Customer Contact.

Provide an opt-in button for people who read your content.

The button allows a viewer to subscribe to your site.

The reader provides their email address, so they can get more information and content from you.

If a viewer subscribes to your site, they are more likely to buy your product.

Over time, you will build up a valuable email list of subscribers that you can send out regular updates to.

See also: How Profitable is Recharge Card Printing Business in Nigeria (6 tips)

22. Market your site using social media.

Consumers are spending more of their time on social media.

If you want to get in front of your customers, make sure that you have an effective presence on social media sites. This is a good place to start advertising, because posting on these sites is free.

  • Create a complete LinkedIn profile for yourself and any key managers at your firm.
  • Post links to the content you create, including blogs and articles.
  • People use LinkedIn to network, to look for business and to find jobs. Many professionals look at LinkedIn several times during the day. Build your connections by adding people to your network.
  • Create a presence on Twitter, Facebook, Instagram, and any other sites that your customers frequent. When you survey your customers, ask them which social media sites they use the most often.
  • All social media sites continually make changes. Make sure that you stay on top of site enhancements that can make your marketing more effective.
  • Post regularly in online forums. Forums are where internet users congregate to discuss common interests. Think of users of a forum relevant to your product or service as potential customers. By posting regular, insightful, professional comment, you can gain the trust of these online communities and actively promote your product or service.
  • This is especially relevant for providers of services. Displaying your knowledge will help you gain clients more easily.
  • For example, your watch identification service could get started by providing free advice or help on forums relevant to watch collecting.

Make Online Business Work for you

23. Advertise through Google AdWords.

Those ads on the side when you search for something on Google are the result of companies paying for Google AdWords.

This service allows websites to advertise on certain keywords that internet users search.

It also displays your ad on relevant websites that also contain your keywords.

Google AdWords drives traffic to your website in return for a fee paid per click.

  • Even a small AdWords budget, like $10-20 per day, can drive a lot of traffic to your website and could bring a large amount of potential customers.

See also: How to Invest in Property in Nigeria( 6ways)

24. Engage in joint marketing efforts with complimentary businesses.

Almost any website or blog with a readership with sell you advertising space on their site.

Remember to make sure that any site you advertise on is very relevant to your own business and that the users of the site are your target audience.

Focus particularly on niche websites, like blogs and highly-specialized websites, to save money.

The advertising costs on this type of page will likely be cheaper than it would be on a large site.

  • You can also engage in joint venture endorsement marketing to take advantage of an established business’s customer base.

25. Share your personal story on your website.

Ylva Bosemark, an entrepreneurial jewelry designer, says it’s important to let customers get to know you:

“With my website, I’m able to write about being a high schooler and what entrepreneurship means to me.

That way, the people know where the product came from and who I am.”

Make Online Business Work for you

26. Be social.

Whatever your business, whatever your venue, keeping your name in the air is key to internet success.

Have a business account on Facebook, Twitter, and LinkedIn.

If your business is graphically oriented, have accounts on Flickr and Tumblr as well.

Whenever there is news of any kind—a new contract, a new page, a new entry, a new photo—cross-post it to all your social media sites.

Also make sure those sites link back to your main website, and that your website has links to all of them.

Read also: Best Business Communism/Socialism in Nigeria

27. Become an affiliate marketer.

There are many companies and webmasters who use affiliate programs to boost their online sales, and most of these affiliate programs are free to join.

When you sign up for an affiliate program, an affiliate link with a unique affiliate ID will be assigned to you.

The affiliate link is used for marketing the products of your merchant.

When a visitor buys an item through your affiliate link, you earn affiliate commission.

  • For example, if you are an affiliate marketer for Musician’s Friend, an online musical instrument retailer, you can advertise their products on your site. If a person visits your site, and clicks on the link that takes them to the Musician’s Friend website, and they purchase an instrument within a certain amount of time (24 hours or more, typically), you get a commission on the sale.

Make Online Business Work for you

28. Add Google AdSense advertisements to your blog or website.

Google’s AdSense is a revenue-sharing opportunity for small, medium and large web sites that places ads for goods and services that are relevant to the content of your site, targeted to the people who frequent your pages.

In turn, you get paid a small amount when the ad is either displayed on your page, or clicked on.

See also: How to Invest in Transportation Business in Nigeria( 3tips)

29. More tips

  • Putting up an online business may be easy or hard, depending upon whether you did your research well and laid down all the groundwork before you began. You can make money out of an online business if you execute the necessary steps and do not miss out on some of the essentials that are needed for an online business to succeed.

  • Most hosted ecommerce shopping cart providers offer free trial periods which you could use make use of to build your webstore and learn how to run it.

30. Find a business system that has been proven successful.

  • A thing that needs to be ironed out for your online business is your billing service. While there are businesses that may bill their clients directly after a contract has been agreed upon and signed and these bills are paid for through checks that are deposited into the service provider’s bank account, there are some clients who require a certain online billing system for them to pay for the services they have contracted. You may need to register with a billing system like PayPal for your online business to make billing and payment easier and less of a hassle to you and your clients.

  • Be interactive with the customer. Ask them about the products, offer them post sale service. Wish them on the occasions like Birthday, Marriage Anniversary, and others. Offer them discount as returning visitors.

  • Check the products and services offered are in demand or not in the area where the business is going to target

  • After 2014 Google’s algorithms changed to give priority to rich content, consider writing creative and write content that keeps users intrigued to ultimately sell your product without much effort.

Make Online Business Work for you

Warnings

  • PayPal is limited as a payment processor because when people use their debit/credit cards through them they lose the ability to get refunds directly.

  • Never give out your money to anyone to show you how to make money. Please be very cautious before spending a penny.

  • Watch out for website hosting and building services that do not handhold you through the process of building an e-commerce website.

  • Keep in mind that it is a business. Learn from your failures but also the success of others. Be a willing and eager student.


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