Starting an online business that earns money could help you get through the trenches in the coming year. No matter if you’re currently in the work force or not, everyone can make extra money during times like this in Nigeria.
The value of Nigeria’s currency has been depreciated to the point that if you owned N200,000 when you were in 2016 would have been better off than someone who had 500,000 this year. The Tribune reported in 2021 that the currency had decreased by 209% over six years. This means that an online venture that pays well may be a good addition to your income, even if you already have one. The best part is that some of these companies pay in foreign currency.
There are a myriad of online business ideas, however they’re not all profitable. Many are a complete wasted of time. How do you identify an online business that pays?
Defines an online business that is profitable?
A profitable online business is any online business that you can put your time and/or money in and get a huge ROI over time.
Here are some online businesses which pay, that you ought to be thinking about in 2022.
Social media management for brands
Social media is now an integral aspect of our lives. It’s the most popular place to find everything from educational to entertaining content. From professional platforms such as Linkedin to the digital photo album Instagram You can discover everything you need on social media nowadays. But how do all of them make it a web-based business that is profitable?
As the majority of people spend a lot of the time online, it’s become an important marketing tool for companies. When you consider that over half of global people are using social media, it’s clear the reason why businesses want to leverage it to promote your products and/or services. And this is where you come in as social media manager.
Small, medium , and large enterprises require people to assist with managing their Facebook and Twitter profiles to connect with their customers and ultimately generate sales.
Roles of a social media manager
As a social media manager your responsibilities will consist of:
- Come up with innovative and stimulating social media content strategies
- Making posts regularly on social media platforms, including Instagram, Twitter, Facebook and the rest
- Establishing relationships with influencers within the industry
- Engaging in discussions and comments under social media posts to increase engagement
- Sometimes, you’ll need to design fliers or posters to complement your posts using tools like Canva, Crello among others.
- Utilizing analytic tools, you can monitor content performance across social media platforms and adjust content as necessary
How to become a social media manger
The ability to hop on Instagram to laugh at the latest skit made by the person you love to watch is simple enough for anyone to do that. But managing your business’s presence on the same Instagram isn’t child’s play. It is a process that requires dedication, learning and continual improvement. If you want to join the league of people making money with this online business that is profitable, here are a couple of steps to begin:
Take a digital marketing course
Take some time out for a course in digital marketing. Digital marketing is a broad term that covers all types of marketing online, so begin here to get an understanding of how marketing online works.
It is suggested to follow up with the social media marketing course. Consider the digital marketing course you took in your BSc and the social media marketing course your masters.
Create your portfolio
If you’ve got this understanding, you’re set to go. But, there’s an issue with portfolio. Companies, especially large and medium ones aren’t going to trust your website unless they look at what you’ve done before.
But how do you build a portfolio if no one is going to take you on? This is where your friend or uncle, brother, or relative’s business comes in.
You are aware of at most one person who is using social media to run their business. You could offer to help those individuals manage their businesses for a token just to increase your portfolio.
But what happens if the business proprietor in your neighborhood doesn’t use social media for their business? Then that’s even better. You can convince them to allow you to establish the social media pages. This allows you to build from scratch and build an even stronger portfolio.
Make yourself known
Let everyone know the things you are able to accomplish. By using the same social networks as you do, make sure to blow your own trumpet by constantly talking about your industry and everything that relate to it. Begin with your family and acquaintances on WhatsApp, then take it further with Twitter, LinkedIn, Instagram, etc.
This makes you the most popular choice to these people whenever they hear of any opportunity on social media.
The social media algorithm changes very fast, and you need to be constantly in the process of learning, unlearning, and relearning to stay on top of the game. Also, keep improving your skills by following influential people within your space read blogs and articles and listening to podcasts – just continue to learn.
Cryptocurrency
Beware: This is a high-risk business and must be approached with careful consideration. The information you find here is not financial advice. DYOR, WAGMI!
High risk, high reward you’re thinking? Cryptocurrency is another business online which is profitable now and will be a good investment for a long time. A report for 2021 from Chainanalysis states that Nigeria is the 6th country that has the highest rate of adoption of cryptocurrency with an index score of 0.26 in comparison to Kenya, which has the 0.28 Index score. This shows that Nigerians as well as Africans are moving towards the digital currency in a rapid pace that offers both commercial and investment opportunities to those who are wise and, of course, have the money.
What’s more exciting about this is the fact the fact that there are a variety of ways to earn money using cryptocurrency.
How can you earn money with cryptocurrency
Capital Appreciation
The easiest way to earn money with crypto is to purchase any crypto coin you wish to purchase when you believe the price is low , then sell as the price increases. The process seems straightforward, but it can become complicated when the price continues to decrease rather than increase after your investment. In the majority of instances, though you will see the price rise again later in the near future, if you are patient.
The decision of which coin to buy and the appropriate time to purchase the coin is a matter of DYOR.
Staking
Another way to turn crypto into a business online that pays you well is to stake. To be able to do this, need to purchase a coin that allows the staking of that coin and then keep it in a real-time wallet. This will allow you to make other coins (could be the exact same coin or a different coin) to reward you for participating in that particular crypto network.
Futures and options
Futures and options have been well-known in Nigeria long before crypto was well-known, but it was known under a different name, forex trading. This is one of the biggest risks of trading in crypto because it could earn you a lot of money in a matter of minutes, and it is possible to be liquidated (lose the entire amount of money) in the same moment.
Yield farm
Also called liquidity harvesting, yield farming allows you to lend out crypto assets to generate reward. This is a method of earning passive income from the crypto you own.
Employment in the field of crypto
New crypto assets are launched almost daily. Beware, a majority of them are frauds that would eventually pull the rug. But, there is many legitimate crypto-related projects being introduced regularly. There’s always a new project in the crypto space, from crypto solutions that let people store and transact with their crypto-currency to new protocols with new coins that consumers can purchase.
These projects are not going to take on their own. They’ll require all the assistance they can get in a variety of capacities, such as design, development marketing, sales as well as support. So it’s not surprising that there was an 400% rise in the number of crypto job advertisements in 2021. In addition, since Nigeria is an important player in the crypto market, there’s a huge demand for skilled individuals from the region. world. This presents another opportunity to earn money from cryptocurrency.
A few websites where which you can find jobs related to crypto include: Indeed, Crypto.jobs, AngelList, Crypto Recruit and more.
ICOs and IDOs
Like what we’ve had with IPO (Initial Public Offering), ICO (Initial Coin Offering) or IDO (Initial DEX Offering) let crypto projects raise funds by offering their coins to investors who are early before they’re placed on an exchange. This is a win-win for everyone as the creators of the project get money for their venture while investors make profits quickly immediately after the cryptocurrency is listed on one of the decentralised or centralised exchanges.
Marketing through affiliates
It is possible that some people have misinterpreted the word affiliate marketing by the way they try to force it onto people’s minds in the present. However, this doesn’t change how affiliate marketing works. It’s an online business that will be very profitable in 2022.
Basically, affiliate marketing involves selling other people’s products in exchange in exchange for a fee. This means that you can run an online store without having to spend a dime on products. All you have to do is contact the product owner and advertise on social media, or any other online channel. When the orders come in you forward them to the product owner to fulfil, and you receive your credit alert. A pretty straightforward way to earn money if you would like to know more.
Of course, you’ll have to continue the work, especially promoting the product in order that the orders will come in.
Affiliate programs are typically free to join, however you should be wary of programs that require for you to raise money to sell affiliate products. You can’t feel or even touch the product in most cases So what exactly do you pay for?
How to be an affiliate marketing
Here are the various actions you must take in order to be an affiliate marketerand a successful one:
Select your preferred method and platform
There are a variety of ways and numerous platforms to sell as an affiliate marketer. You must know from the beginning which one you’d like to concentrate on.
Do you want to promote products with blog posts? Perhaps you’d rather create an online store and sell it to customers with a commission?
Be aware of how you can improve and where your weak points are from the beginning and let it guide your choice of strategy and platform.
Know your audience and niche
What is it that you are passionate about? Passion is a must. If you’re a fashion enthusiast so much, you shouldn’t focus your affiliate program on drinks.
In addition, who is your ideal market? How old are they? as well as their gender, location, and their preferred social media platform? Find a way that you can combine your passion with the interests of your target audience, and you’re starting off on the right foot.
Choose products
After you have defined your niche and audience selecting the product they are looking for is the next step. Fashion items are definitely a trend right now, and you might be interested in that option when your customer base is young. Also, you might consider selling digital products. All of these will depend on your market, your audience and the platform you choose.
Vlogging
Vlogging is blogging using video form. It’s using video to share the content and stories that you’re passionate about and build an audience.
In the past, in order to begin the TV program in Nigeria you’ll need to be a trained broadcaster with years of experience . You might even require a connection with someone with whom one has a connection to someone. But the digital age has decentralised video content creation and distribution and has rendered gatekeepers redundant. Today, with a Youtube channel, you can manage your own TV show, and then turn it into an online company that is paid directly into your account on a regular basis.
How do you become a Vlogger
- Choose a niche
- Know your audience
- Continuously produce valuable content
- Start with your phone camera, and then improve the quality of your video as you improve
- Make an effort to stand out (be yourself you are unique, everyone else has it)
- Collaborate
Influencer marketing
An average person would buy something if they know someone who is using the identical product. This is the reason influencer marketing is an online business that pays all participants.
In the past, film or music artists were all the celebrities who could be considered influencers , and as a result, get all the endorsement contracts. But now, thanks to social media, you are able to be an influencer and make money from businesses if wish to.
However, does this make influencer marketing an easy endeavour? It’s not the case. Like any other business online paying, it will require some effort on your part.
Read this MBC2030 Device Information
How to make yourself an influencer
- Choose your niche
- Optimise your social media page(s)
- Know your audience
- Consistently post relevant content
- Engage your audience
- Make sure to leave a message or call to action for brands to know you are open to collaborations
- Reach out to brands with suggestions when you need
In the final
A business online that pays its customers is not the same as an online company which pays INSTANTLY. Similar to every business it is necessary to dedicate resources and time to these businesses to pay indeed. There are no shortcuts to success, anywhere, not even online.