With more and more people hopping onto the bandwagon of online business, the competition is getting stiffer by the day.
But the good news is, new opportunities keep surfacing with each passing day. And this fact is what smart people always capitalize on.
Yes, it’s been quite a while since I last published a post on this blog. But I never for once stopped brainstorming for new, smart ideas for making money online — in Nigeria.
During most of my brainstorming sessions, I stumble upon virgin ideas or promising modifications of some existing ones.
But the truth is, I just can’t implement every single idea I come upon. And that’s why I don’t hesitate to share them with people who can summon the courage to implement them.
In addition to the 27 ideas I earlier shared, here are four smart and promising ideas on how to make money online in Nigeria.
1. Carve out a narrowed-down version of a specialized website
Chances are you’ve heard of popular Nigerian websites like Nairaland (online forum), Jobberman (job search portal), PrivateProperty.com.ng (property listing site), Vconnect (online business directory), and so on.
Although each of these sites offers value in a different way, all of them target the whole of Nigeria and cover a wide range of topics or niches. And to grow them into the big, popular, and successful brands that they’ve now become, their owners invested a lot of money, time, and manpower.
While the idea of setting up the next successful forum or job board might seem appealing, you won’t be able to implement it without a big budget and a team of seasoned professionals. But does that mean you still can’t make money from the same model? No.
So, how can you tap from the opportunities that these mega websites are tapping from? It’s simple; just narrow down. You know what I mean? OK, I’ll explain.
As you know, Jobberman targets job seekers all over Nigeria by publishing job vacancies across all sectors of the economy and states of the federation. Instead to aiming for something that big, consider starting a job search portal that would list vacancies in only one field (engineering, teaching, accounting, or something else) or in only one geographical location (state or city).
During my keyword research sessions, I do stumble upon keyphrases like, “Accounting jobs in Nigeria” and “Job vacancies in Port Harcourt”. And that leaves me with no doubt that a job search portal targeted at only one or few career fields or locations in Nigeria is a smart idea.
Similarly, you can create an online forum that discusses only one topic (such as sports or business) or targets users within only one state or city. This same strategy can be applied to other forms of specialized websites (property listing sites, classified ad sites, price comparison sites, and so on).
Another bright side of this idea is that it gives room for expansion. After achieving success in your chosen niche, you can expand by including more niches and targets.
2. Create a niche blog for a diverse audience
A niche blog is an information-laden online resource that is laser-targeted at a particular topic, category of people, or location. Here are good examples of niche blogs:
- A blog about electric blenders: This would feature information about different types and models of electric blenders and how they compare against each other. The owner’s aim would be to make money through affiliate marketing — earning commissions each time someone buys a blender through one of the affiliate links on the site.
- A blog for retirees: This would feature information about life after retirement as well as products and services that retirees need. Such a blog can be monetized through affiliate marketing and contextual ads.
- A blog for Kenyans: This would feature detailed posts written around topics that Kenyans are searching the web for. The posts would cut across several topics — from helpful tips to reviews of Kenyan products and services — but they would be tailored to people living in Kenya (regardless of the location of the owner). Such a blog can be monetized with contextual ads, direct ads, and affiliate marketing.
From these examples, you’d have deduced that any mega topic can be narrowed down by being tailored to a specific set of people or geographical location, or by being smartly streamlined based on any other criterion.
While you’re free to target a local audience with a niche blog, you’d be better off with a global audience because it would be far more profitable in the long haul. Although targeting a global audience can be more challenging, it usually presents better opportunities for monetization and growth.
(However, it goes without saying that if you’re targeting your niche blog at a specific geographical location, you can no longer target a global audience in that case.)
3. Render specialized freelance services
There are two ways to mastering any subject: you can either know something about every topic or know everything about one topic. The former option is the generalist approach, while the latter is the specialist approach.
In today’s world, specialists — in any field — are usually more respected than generalists, probably because it’s tougher to break into the specialist cadre, while anyone — even without the right qualifications — can wear the “generalist” tag.
So, rather than be a general freelance writer, you should focus only on business plan writing, CV/cover letter writing, proposal writing, fiction ghostwriting, or copywriting. Rather than be a freelance web developer, you should focus only on blog setup/design, e-commerce site development, business website development, or something related. And rather than be a freelance graphics designer, you should focus only on designing website banners, business logos, e-book covers, or landing pages.
As for me, I’d favor a specialist in business plan writing over someone who parades himself as an “all-round” freelance writer. And I’m sure anyone who appreciates quality services would do the same.
4. Start an arbitrage business
This option is for smart folks who are good at marketing, establishing connections, and sealing business deals. Arbitrage simply involves getting paid to render a service, but hiring someone else to do the job for much less than you were paid. Your aim here is to enjoy a margin of profit.
For example, let’s assume I run an advert on Nairaland stating that I design corporate websites for small businesses. I charge each client N50,000 per website, but after landing a deal I hire someone on Upwork to complete the job for just $100 (about N27,000).
Deducting N10,000 for domain name registration and hosting purchase would leave me with a profit of N13,000. That’s sweet cash. If I can land 5-6 such deals each month, I’d be making a decent monthly income without necessarily knowing jackshit about website design.
The same can apply to logo design services, video creation services, and others. For most of these services, you can hire someone on Fiverr for just $5. To learn more about Fiverr arbitrage business and how to start it, click here to read the detailed post I wrote on it.
The choice is yours!
If you’ve been short of ideas on how to make money online here in Nigeria, you just got another four brilliant ones. Look critically at each of them, make your choice, and get started immediately before others outsmart you. (Remember that many others will read also read this post.)
Now, your turn
Do you have any questions regarding the post (or something else)? Or you have contributions or objections? Share your thoughts by leaving a comment.
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