Online business is lifestyle activities of helping people solve their problems; provide their needs in reward for money or any agreed reward.
It involves communication, mutual relationship as a seller with a buyer, your character (consistent practice of the activity), values and behaviour.
With the improvement in technology, there is virtually no business you can’t model online to serve many consumers. They have been proven to be lucrative when well-built and managed.
The 10 Online Business You Can Start
1. Information Business
Information business is an online business I am familiar with. I started online marketing selling an information product.
An eBook for who want to lose weight eating Nigerian tasty meals. It was an information guide, an excellent solution that opens my heart to the world of healthy eating.
If you know a tried and tested solution to a specific problem, write an information guide to enlighten people about it.
Create an eBook, market and sell to end consumers. Apart from eBook, an informational product can be in video or audio format.
The Work-Flow Strategy To Start An Information Business
i. Think about your skill, profession or anything you know well.
ii. What problems do people experience? What help and assistance do they request?
iii. Can you solve the problems associated with that skill or subject you know? Can you teach people how to do it better, faster and still effective?
iv. If yes, create an information guide with a simple solution in mind that satisfies your consumer. It doesn’t matter if it is 5 pages. It is invaluable.
v. If you don’t have a skill or profession but recognize an idea problem or opportunity, you can outsource it to a freelance writer.
Alternatively, partner with an expert or organization handling the subject, and come up with an excellent product created with the target consumer in mind.
How To Market An Information Product
What you need to market an information product is:
b. Follow-up email letters
c. Sales-letter page
a. The one-page website also known as the opt-in or squeeze page is an information page about a free sample product or service of what you intend to finally sell.
It includes a captivating headline that addresses consumer want, detailed description of the offer and readers subscription or application form.
b. Follow-up email letters are the newsletters you will be using to educate, enlighten, nurture, and build relationships and trust of your offer. This is where most sales take place.
c. Sales-letter is an information page with a detailed description of the product or service to sell.
You will describe who the product was created for; the benefits buyers will derive using it, detailed product properties, buyers’ feedback, product usage guarantee, how they can order and make a payment, and what they should do when they buy it.
d. Traffic is the process of promoting your website to an audience who is interested in your offer.
You compel them to view and read your message starting from the one-page website, to follow-up newsletter and sales letter.
The more interested people you get along the journey, the more sales.
You will get quality traffic of people from search engines, social media marketing such as Blogging, Facebook and Instagram business page, Twitter, and Pinterest; display advertisements on blogs, forums, and daily newspaper websites.
Estimated Cost And Profit Of An Information Business
Product creation = N40, 000
Website = N50, 000
Follow-up email letters (17) = N45, 000
Social media promotion (30 days budget) = N100, 000
Market size (depend on your niche subject) = 200,000 people.
Product Price = N5, 500
Total production cost = N235, 000
1% sales of the market size = 2,000.
Total sales = 2,000 x 5,500 = N11, 000,000 annually
This is 11 million Naira revenue potentials. Imagine what it will translate if you have 5 products.
2. Blogging Business
Blogging is an online business with art of expressing your knowledge, opinion, experience and stories about a subject.
You can blog 2 or more subjects like BillBlogger is teaching “blogging” and “WordPress blog design tutorial”.
A blog serves as a marketing platform to understand the prospective consumer. It is an avenue to create products and services that will satisfy their wants and finally sell to them.
a. It will increase the visibility of your business online with promoted quality content.
b. It is an avenue to generate new prospective consumers whom you have the responsibility to nurture by educating them about your subject and product.
You will convince them about your product or services as a solution to their problems or wants.
c. It gives room for potential customers to discover you through the search queries they made on Google, Bing, and Yahoo.
If you aren’t writing and promoting your business, there is no way prospective customers will discover you from search engines.
d. When you publish quality content that meets prospective buyers’ need, they will be developing trust with you and your business brand.
They will feel what you are offering. This increases trust and purchasing decision for the premium version.
e. As blogging gives room for social interaction and engagement, you will be able to understand your prospective buyers’ better, and request for what they want.
You will have insightful data to know the topics and blog posts they like most, so you can make a smart decision.
You can ask questions; understand how best to help. This helps in delivering the right quality service and product that meets their wants.
Besides, blogging provides the avenue to deliver after-sales service, to keep building a strong relationship customer who might become promoters of your business brand.
How To Start A Blogging Business
i. Come up with a passionate topic you’re knowledgeable about. You like to express it, share your personal opinion, stories and educate people about it.
ii. Divide the topic into categories. For example, you want to blog about Fashion. It categories can be news, shoes, celebrity dress, fashion police, fashion war, fashion styles, children fashion, etc.
These categories depend on you, what you can deliver, and consumer demand and want you to believe people will accept.
You will be able to add more categories during the journey and will probably remove some due to low patronage or loss.
If you want a professional-looking blog website, invest in paid platforms. We can help you design a profitable consumer-friendly website as well.
Estimated Cost And Profit For A Blogging Business
i. A professional blog set up and design: Price range: N 50,000 – N 350, 000. It depends on sophisticated design and features.
ii. Email marketing tool: Average market price for beginner – Monthly bill: N5, 000; annual bill: N50, 000
iii. Advert budget: This is determined by how many products in the marketplace – Monthly bill: N50, 000; annual bill: N500, 000
iv. Advert/sponsored post-placement price: N30, 000 to N75, 000
v. Article writing budget: Monthly bill: N5, 000; annual bill: N60, 000
vi. Minimum cost: N110, 000
i. Annual product or services sales (unit): 1,500
ii. Annual Advert/sponsored post-placement: 15
iii. Product or service price range: N20, 000 to N100, 000
iv. Total potential revenue: N30 million to N1.5 billion (product or service)
3. Freelance Business
Freelancer is an online business that involves displaying and selling your skills and services to individuals and organizations through freelance websites.
Services people offer are diverse and creative. It is anything you can help somebody do and can do it well.
Freelancer services include creative writing, article writing, editing, audio and video editing, photographic service (taking images of an object or scenario), graphic design, flyers distribution, advert jingle creation, virtual online assistant, customer service call, emails management, and all manner of services people want.
How To Start As A Freelancer
i. It begins with your passionate skill. What skill have you been learning and developing over time?
Perhaps, you have gift and talent for an activity. List them.
ii. Look through freelance websites if people are offering the skill as service.
iii. If yes, it is a sign of flourish business.
iv. If no, have you perform the same service offline before and were paid or praise for the job?
If yes, take the risk and list such service on a freelance website with a portfolio of works. You will be surprised people will show interest to buy.
Every unique freelance service such as customer call or flyer distribution started as an innovation by someone.
Give it a trial, it won’t hurt.
v. Now, you have the skill to sell. Create a captivating professional profile that will uniquely position you to sell.
If you can’t do it, outsource it to a freelancer.
How To Market Your Freelance Service
You can build your blogging business platform, use social media adverts, and display adverts on top blogs and forums.
Estimated Cost And Profit For Freelance Service
Professional profile content = N7, 000 (optional)
Facebook or Instagram business page
Advert budget (monthly) = N50, 000
Email marketing service (monthly) = N7, 000
No of jobs (monthly) = 11
Price range = N15, 000 to N47, 000
Total production cost (monthly) = N80, 000
Revenue (monthly) = N165, 000 to N517, 000
Profit (monthly) = N85, 000 to N437, 000
Annually = N 1 mill to N 5.2 million
4. Affiliate Marketing
Affiliate marketing is an online business that involves selling an individual or organization product for a fixed commission.
To get started, register at an affiliate marketplace platform, find a product or service you love to promote and earn a fixed percentage as per its price.
A few e-commerce firms offer their products and services to affiliate marketers. You have to find out their commission if it will be sustainable to make your business profitable.
Besides, understand their terms and condition.
Clickbank and Jvzoo offer a higher commission in a range of 50% to 75%.
How To Start An Affiliate Marketing Business
i. Register at any affiliate marketing company you want.
ii. What topics are you knowledgeable and passionate to promote?
Though passion can be optional when choosing a topic I recommend you follow your heart. If you are motivated to work smart and hard for the reward, you can choose a topic based on the fact it is lucrative and a profitable market.
Anyways, choose your topic carefully.
iii. Establish your marketing platform such as a blog website, Facebook or Instagram business page, and email marketing system.
Some of these Affiliate marketing platforms provide marketing resources such as advert image banner and follow-up email newsletter.
iv. Start driving quality traffic to the product page and earn your commission.
Estimated Cost And Profit For An Affiliate Marketing Business
a. Advert budget (monthly) = N50, 000
b. Email marketing service (monthly) = N7, 000
Total production cost = N57, 000
c. Sales unit (monthly) = 23
d. Price range = $99 to $199 (N36, 630 to N73, 630)
Income = $2,277 to $4,577 (N842, 490 to N1, 693,490)
Profit = N785, 490 to N1, 636,490
5. Network Marketing Business
This is called multi-level marketing. It involves selling company products and services and introducing new people into the business.
In this process, you will be building a strong team with collective wealth creation.
How To Start A Network Marketing Business
a. Register with any network marketing platform.
b. Establish your social media marketing platforms such as Blogging, email marketing system and Facebook business page.
c. Promote your offers and introduce new people (down lines).
You will be using your social media platform such as blogging, WhatsApp and Email marketing system as a communication tool for marketing and sales, team building and strengthen each other business.
6. Social Media Management
Do you have knowledge and experience of social media management such as Blogging, Facebook marketing, Twitter and Pinterest marketing?
Social media management entails monitoring, contributing, filtering, and measuring the social media presence of a brand, an individual or business organization.
How To Start A Social Media Management Business
i. Get the required knowledge and experience in social media management. There are books, university degrees and online courses.
ii. Register your company and corporate bank account.
iii. Write and send a proposal to companies and top personalities.
How To Market Your Social Media Management Agency
i. Create your website with a blog that serves as a marketing platform.
ii. Visit social media conference and event centre for social networking and business purpose.
iii. Advertise on newspaper dailies, blogs, and search engines.
Estimated Cost And Profit For Social Media Agency
Advert budget (annual) = N33, 000,000
Variable cost (annual) = N17, 000,000
No of contractual jobs (annual) = 13
Price range = N 15 million to N25 million
Total production cost = N50, 000,000
Revenue = N 195 million to N325 million
Profit = N145million to N275 million
7. Content Development Agency – Creative Writing
If you love writing, can write persuasively, and make customers buy products, you can build a profitable online business out of it. The same approach applies to a graphic designer, photographer and videographer.
We are in a period where corporate organizations need content to promote their business. They are published on blogs and other social media platforms. They use it to get in touch with customers and keep them abreast of the latest information.
How To Start A Content Development Agency
i. Register your company and corporate bank account.
ii. Promote your business; send proposals to corporate organizations and top personalities.
How To Market Your Content Development Agency
i. Create your business website and blog which serves as a marketing platform.
ii. Create a business card for a business network and social media conferences.
iii. Advertise on national dailies, business magazines, blogs, discussion forums, and search engines.
Estimated Cost And Profit Of Content Development Agency
Advert budget (annual) = N18, 000,000
Variable cost (annual) = N13, 000,000
No of contractual jobs (annual) = 87
Price range = N1 million to N9 million
Total production cost = N31, 000,000
Revenue = N87 million to N783 million
Profit = N56million to N774 million
E-commerce is the buying and selling of goods and services through an online shop. Its mode of transactions can be business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business.
How To Start And Market An E-Commerce Business
i. You have to decide on the goods or services you can offer consumers profitably. You can start with a niche product, for example, female Ankara attire. Any goods you intend to sell develop a business plan for it.
Be certain of the constant supply of goods, at least for 12 months and profit margin as a new business.
ii. Build an e-commerce website along with blogging as a social media marketing platform. We provide such a service.
iii. Advertise your website on Facebook and Twitter, top Nigerian fashion blogs, newspaper websites and demand for public relations service.
Estimated Cost And Profit Of An E-Commerce Business
E-commerce start-up design = N250, 000
E-commerce website maintenance (annual) = N50, 000
Variable cost (annual) = N7, 000,000
Sales in units (annual) = 13, 500 (assume it is Ankara attire)
Price range = N 800 to N 25,000
Total production cost = N7, 300,000
Revenue = N10.8 million to N3, 375 billion
Profit = N3.5million to N3, 302 billion
9. Online Course
An online course is the digital representation of formal education and class. If you are skilful about a particular subject or practice, create an online course and build a great business.
Customers will log in online to your website after payment; watch your video lessons which can be available in audio and text format.
It could be a skilful profession such as business plan writing, fashion style, bead or bracelet making, photography, childcare management, interior decoration and many more.
How To Start And Market An Online Course Business
i. Document the lessons you intend to teach after thorough research and systematic process of study-flow.
ii. Demonstrate your teachings using videos, audios, texts and workbooks. This creates flexibility and easy access in the best way possible.
iii. Publish your lessons using the course platform.
iv. Get your business website and marketing blog.
Estimated Cost And Profit Of An Online Course Business
Online course start-up design = N250, 000
Online course website maintenance (annual) = N50, 000
Variable cost (annual) = N4, 000,000
Enrollment (annual) = 700
Price range = N10, 000 to N50, 000
Total production cost = N4, 300,000
Revenue = N7 million to N35million
Profit = N2.7million to N30.7million
10. Tech-Enabled Business
Technology-Enabled is an online business that uses sophisticated web technology to deliver services in a better, faster, and cheaper way compared to when you do it yourself.
An example is a booking service for hotels and events. Others are Fintech such as paystack, social connection web services that connect qualified trainers with trainees and this one connects you with an errand person for services such as to book your flight, get groceries at the supermarket, drive you to a destination, etc.
How To Start And Market Tech-Enabled Business
i. Develop a business plan for your conceptual idea. Make sure it is profitable, suitable for long term vision.
ii. Build a team of web developers, programmers, and digital marketers to convert your conceptual idea into web technology.
iii. Request a public relations service for a product launch. Use your blog and social media platform to market your brand and its service.
Estimated Cost And Profit Of The Tech-Enabled Business
Web application technology start-up design = N800, 000
Web maintenance (annual) = N 70,000
Variable cost (annual) = N2, 000,000
Transaction (annual) = 70,000 (assume is errand service)
Price range = N2, 000 to N15, 000
Total production cost = N2, 870,000
Revenue = N 7 million to N35 million
Profit = N140million to N1.05 million
These are the 10 online businesses you can start. I hope you find one to start life with. The estimated expenses, income, and profit are real. You can earn higher – for real.
From what you have read, you will discover blogging is an essential tool for business success. Learn how to build a profitable blogging business.