Starting an online business that earns money could be the way to get to get out from the trenches during the year. If you’re currently employed in the work force or not, everyone is able to get a little extra cash at a time like this in Nigeria.
The value of the naira declined so that if you owned N200,000 at the end of 2016 you were better off than someone who had 500,000 this year. The Tribune announced on the year 2021 that the naira declined by 209% in just six years. Therefore, an online business ideas that pays well may be a good addition to your current earnings, if you already have one. The best part is that these companies pay in foreign currencies.
There are tons of ideas for business online, but none of them are profitable. Many are a complete wasted of time. How do you identify an online business that is profitable?
Defining an online business that is profitable?
A profitable online business is any business online that you could invest your time or capital in with a great return on investment over the course of time.
Here are a few online businesses which pay, that you ought to consider in 2022:
Management of social media for brands
Social media has become an integral part of our daily lives. It’s the place to go for various educational and entertaining content. From professional platforms like Linkedin to the online photo album, Instagram You can get everything you require on social media these days. However, how do all them make it a web-based business that pays?
Since most people now spend their time on social media, it’s become a crucial marketing tool for companies. When you consider that more than 53% of the world’s population is currently using social media, it’s clear why companies would like to harness it to sell your products and/or services. This is where you play a role with your role as a Social Media administrator.
Small, medium , and large companies require help to in managing social media sites to reach out to their followers and, ultimately, generate sales.
Roles of a media manager
As a social media manager the responsibilities you will have include:
- Coming up with creative and engaging strategies for social media content
- Posting regularly on social media platforms, including Instagram, Twitter, Facebook and all the rest.
- Building relationships with influencers in the field
- Engaging with comments and responding in social media posts can increase engagement
- Sometimes, you’ll need to design fliers or posters to complement your content using tools such as Canva, Crello and others.
- Utilizing analytic tools, you can monitor the effectiveness of content across different social media platforms, and adjust content as necessary
How to become a manager of social media
Jumping on Instagram to enjoy the latest skit made by the person you love to watch is easy; anybody can do that. But managing a company’s presence on Instagram isn’t simple task. It takes a lot of effort, dedication and constant improvement. In order to join the league of people making money from the online venture that can pay, here are couple of steps to begin:
Take a digital marketing course
Take some time out for an online marketing course. Digital marketing is a broad term that covers all types of online marketing . So, start here to get an understanding of how marketing on the internet works.
You should follow this up with the social media marketing course. Also, think about the digital marketing course your BSc and social media marketing in your masters.
Create your portfolio
Now that you have the information, you’re ready to begin. But, there’s an issue with portfolio. Businesses, especially the medium and big ones, won’t be able to trust you with their company’s website unless they check what you’ve done prior to.
But how do you construct an portfolio when no one is willing to hire you? This is where your friend’s or sister, uncle or relative’s business comes in.
You have at most one person who is using social media to run their business. You can help the people who manage their businesses with a small fee to build your portfolio.
But what happens if the company owner in your corner isn’t using social media for their business? Then that’s even better. It is possible to convince them to allow you to establish the social media page. This lets you build from scratch and have an even stronger portfolio.
You can make yourself public
Tell everyone what you do or can achieve. Using the same social media and announcing your own accomplishments by talking constantly about your area and all connected to it. Start with family members and friends on WhatsApp, then take it further on Twitter, LinkedIn, Instagram, etc.
This means you’re the first choice for them whenever they hear of any opportunity on social media.
The social media algorithm changes extremely quickly. You have to continue studying, relearning and learning to stay up to date with the game. Thus, it is important to keep improving yourself by following influential people in your area, reading blogs and articles, listening to podcasts – just continue to learn.
Cryptocurrency
Warn: This is an high-risk business and should be approached with caution. What you read here is not financial advice. DYOR, WAGMI!
High risk, high reward isn’t it? Cryptocurrency is another business online that pays well now and will be a good investment for a long time. A report from 2021 by Chainanalysis states that Nigeria is the 6th nation with the highest adoption of cryptocurrency with an index score of 0.26 in comparison to Kenya and Tanzania, both of which have an index score of 0.28 index. This shows that Nigerians, and indeed Africans are adopting cryptocurrency at a fast pace, providing both commercial and investment opportunities to those who are smart and, of course, have the money.
What is even more exciting about it is that there are many ways to earn money using cryptocurrency.
How to earn money with cryptocurrency
Capital Appreciation
The simplest way to make cash from crypto is to buy any crypto coin of your choice in the event that you think the price is reasonable and sell when the price rises. This seems simple, but it becomes complicated when the price continues to decline rather than rise following your investment. In most cases, though the price will increase in the future, if you will be patient.
Deciding which coin to invest in and the right time to buy the coin will require you to DYOR.
Staking
Another method to transform crypto into a business online that pays you well is to stake. In order to do this, you need to purchase an option that permits staking and hold such coin in a live wallet . You can then make additional money (could be the same coin or a different coin) as a reward for taking part in that particular crypto network.
Futures and options
Options and futures were well-known in Nigeria even before cryptocurrency became popular, only that it was referred to by a different name, forex trading. This is the most risky part of crypto trading because it can earn you tons of money in minutes, and then you could be liquidated (lose the entire amount of money) in the same moment.
Yield agriculture
Also known as liquidity harvesting, yield farming allows you to loan out crypto assets to bring in cash rewards. This one is a way of earning passive income from cryptocurrency assets.
Job opportunities in crypto
New crypto assets are being launched every day. Beware, a majority of them are scams that could eventually rug-pull. There are, however, many legitimate crypto projects that are launched frequently. There’s always a brand new crypto project being launched in the area, from crypto-related solutions which allow users to store and transact with their crypto-currency to new protocols using new coins that people can buy.
They aren’t going to execute themselves. They would need every assistance they could receive in various capacities, such as design, development marketing, sales as well as support. This is why there was a 400% increase in crypto job ads in 2021. And as Nigeria is an important player in the crypto space, there is significant demand for people from this region of the world. This is another chance to earn money from cryptocurrency.
A few of the sites where which you can get crypto-related work include; Indeed, Crypto.jobs, AngelList, Crypto Recruit, among others.
IDOs and ICOs
Similar to what we’ve seen like with IPO (Initial Public Offering), ICO (Initial Coin Offering) or IDO (Initial DEX Offering) permit crypto-related projects to raise money by selling their coins to investors early before they’re placed on an exchange. It’s a win-win situation because the project’s creators receive the funds they need to fund their projects and the investors gain rapid profits immediately after the cryptocurrency is listed on either centralised or decentralised exchanges.
Marketing through affiliates
No doubt some people may have distorted the meaning of affiliate marketing with how they attempt to shove it onto people’s minds in the present. But this does not change how affiliate marketing works. It’s an online business that pays really well in 2022.
Basically, affiliate marketing involves selling others’ products in exchange for a fee. This means that you can set up an online store without spending even a cent on the product. All you need to do is communicate with the proprietor of the product and then advertise using social media or any other online platform. When the orders come in they are referred into the company owner for them for fulfillment, and you will receive a credit alert. A pretty straightforward way to earn money, if you are interested in me.
Of course, you will still need to do the work, particularly in the promotion of the product so the customers can purchase.
Affiliate programs are generally free to join. However, you should be cautious about ones that ask you to pay a fee to market affiliate products. You won’t even see or touch the product, in the majority of cases and so what exactly are you paying for?
How to become an affiliate marketer
These are the different steps you should take before becoming an affiliate marketer, to be successful:
Select your preferred method and the platform
There are a variety of ways and a variety of platforms that you can sell as an affiliate marketer. You must know from the beginning which platform you wish to concentrate on.
Do you wish to advertise products by writing reviews or blog posts? Or , perhaps, you’d like to set up an online store and sell it to customers with your commission added?
Be aware of what your weaknesses and strengths 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? Trust me, passion matters. If you’re obsessed with fashion so much, you shouldn’t concentrate your affiliate program around beverages.
Also, who is your ideal group of users? How old are they? as well as their gender, location, and preferred social media platform? Find a way to marry your passions with the desires of your targeted audience and you are on the right track to success.
Select products
After you have defined your target market and niche then choosing what they are looking for is the next step. Fashion products are really a thing of the past; you may think about it when your customer base is young. Or you could consider selling digital products. These options will all depend on your specific niche, audience and choice of platform.
4. Vlogging
Vlogging is blogging in video format. Video is used to share information and stories you’re interested in and to build an audience.
Prior to now, to launch television shows in Nigeria it is necessary to be a qualified broadcaster who has decades of experience. You may even need to be connected with someone that is familiar with someone. However, the digital age has decentralised video content creation as well as distribution and has rendered the gatekeepers ineffective. Today, using a Youtube channel you can manage your own TV show and make it an online business that will pay directly to your account every few months.
How do you become a Vlogger
Choose a niche
- Know your audience
- Always create content that is valuable.
- Start using your phone camera and then improve the quality of your video as you grow
- Make an effort to stand out (be your own person, everyone else is taken)
- Collaborate
5. Marketing through Influencers
The average consumer will purchase something because someone they admire uses the same product. This is the reason influencer marketing is an online business that compensates all parties involved.
Prior to now, movie or music artists were all the ones who were able to be thought of as influencers and, that’s why they get all the endorsement contracts. But in this age of social media, you can become an influencer and earn money from businesses if you would like.
But does that make influencer marketing an easy endeavour? Absolutely not. As with any other online business which pays you, this does take some effort from you.
Also Read A Small Introduction of MBC2030 Live
How to get an impact
- Choose your niche
- Optimise your social media page(s)
- Know your audience
- Consistently share relevant content
- Engage your audience
- Make sure to leave a message or call to take action to let brands know you are willing to collaborate with them
- Get in touch with brands to discuss ideas when necessary
In the conclusion
A company that is online and pays monthly is not the same as an online business that pays INSTANTLY. Like every other business it is essential to devote time and other resources for these businesses to be paid for them. There are no shortcuts to success anywhere, not even online.
