There has always been quite a lot of misconception about questions like what kind of online business is legit and profitable? how can I start an online business with or without education or a laptop? how can I start? and who can I advise and mentor me?
These questions are endless and very true for each and every one of us irrespective of age, gender and race especially growing up in a third-world country in various parts of Africa where inflation, and unemployment is on the high.
Here is something to note about every online business, it comes wrapped like a gift with several other packages which you must unravel in order to make money on the side as a part-time or full-time business owner
For example, when you consider social media management as an online business. You can decide to manage social media for brands, organisations etc or grow a community in a particular industry and then become an influencer which then affords you the chance to advertise for brands at will.
In this article, we are exploring what you need to know about an online business in 2023.
What is an Online Business?
An Online Business is any business carried out over the internet, this simply means any device connected via data to the internet can be used to start or scale an online business such as laptops, phones, tablets etc
An online business is simply a mirror (reflective) of how we carry out an offline or physical business, just as we have a traditional shop by the roadside, an online marketplace is the same thing. As a traditional bank is available so also is an online bank with a wallet for you to save and withdraw money, there are a lot of similarities and differences between online and offline business
Despite these similarities and differences, it’s easier to move from an offline business to an online business in minutes without leaving your shop or office than vice versa
However, most people miss it at this point for a variety of reasons such as imitating their friends, little or no research, and following the crowd etc which then leads to questions like Is online business legit?
An online business needs to be researched, analysed and then planned before you venture into any online business
Top 5 classes of Online Businesses in 2023
Whatever can be considered a business across the internet is broken into 5 categories, Here are the 5 categories
Online Marketplace
Freelancing/Virtual Assistance
Online Banking/Investment
Online Marketing
Online Management
An online Marketplace is a location designed on the internet which allows access, distribution and payment of products and services by individuals (customers and sellers), this online business encourages buying and selling of physical and digital goods. Examples include
Ecommerce
Dropshipping
Logistics/Courier Services
Mini Importation
Graphic design
Video editing
Blogging
Social media
2. Freelance/Virtual Assistance: This is a business done via the Internet (freelancing platforms such as Upwork, freelancer, Fiverr, Guru), it includes people working for other people. It could be for a stipulated time period, remote or hybrid, examples include
Transcriptionist
Teleprompter
Copywriter
Data Entry Specialist
Video Editor
3. Online Investment/Banking is quite similar to the online marketplace but with a thin difference, this business includes the saving and investment of one’s money with the goal for it to appreciate over time. Online Businesses under this include
blockchain
cryptocurrency
stocks and shares
Forex etc.
4. Online Marketing: This includes every form of advertisement and promotion done via the Internet, for example:
affiliate marketing
content marketing
digital marketing
influential marketing
5. Online Management: This involves every sort of business that demands control, and administration, they vary in scope, personnel etc. Some of the businesses include
Consulting
Social media management
Website Management
Cyber Security
There is no perfect(best) online business in the world right now, these various online businesses got the potential to make money irrespective of your location, age, skills or experience.
All that is demanded is for you to find out what business aligns with your interest(passion), and then ensure it is solving a problem with significant market demand.
Understanding what has been discussed will not cause trauma or stress about whether the online business is profitable or sustainable. However, you must take caution in trying to see results overnight.
The process is much more interesting than the end result itself so kindly give it time, be consistent and analyse your business from time to time.
Have you any questions, challenges or inquiries? feel free to ask in the comment below or kindly write to us
Over the last century, the evolution of technology (the internet) has changed the dynamics of the earth. The order of the day is running an online business for every entrepreneur. However, there are more questions to be asked when aspiring to have or have an online business.
Are you running an online business but struggling to stay productive and organized? Do you find yourself constantly battling distractions and losing focus on important tasks?
This question put up the challenge of managing an online business on the lack of physical interaction and the need to balance work and personal life.
This article aims to address this challenge by stating the top 10 productivity hacks for running an online business in 2023
What are productive hacks in starting an online business?
One of the essential resources in this world is time, how we use and spend it determines how productive we can be in life, When we consider the internet phase (not the physical world), it’s not so different. However, distractions from time-consuming activities can eat up our productivity
Productivity is a measure that qualifies or quantifies economic performance based on the output and input, this simply means the ability to determine the result(output) from the input you put into a specific task, production. In the case of an online business, optimum productivity can be a high number of viewers, comments, likes shares, subscriptions etc and low productivity can mean otherwise
Productivity hacks are simple, easy-to-define techniques, and methodologies used in influencing the input you are putting in to have a quantifiable result.
Running an online business in 2023 can be challenging especially when you consider the various to-do lists such as creating content, social media management, keeping tabs and responding to emails, and keeping track of finances etc. It’s easy to get overwhelmed and lose sight of your goals. However, with the right productivity hacks, you can take control of your workload and achieve success.
Top 10 Productive Hacks for starting an Online Business
When you consider various online businesses in the world, you will find out there are levels of success attained. From a beginner to an intermediate and then an expert, Here are 10 productivity hacks to abide by to become a successful business
1. Set Goals
The first step is to set goals. Without goals, a clear, well-defined direction or purpose cant be attained which will be easy to get distracted or sidetracked by other tasks. As a business owner or entrepreneur, you need to ask yourself what are your goals (ensure its something realistic)
Goals can be set in two ranges
a. short-term goals: these goals are within a target of weeks, months to 3 years. They are goals set for the time being(present moment). For example: starting with social media, listing on various established e-commerce websites (Jumia, eBay) and
b. long-term goals: these goals are within years to centuries and decades, they are enduring and long shelf goals for the future for example having a personalised website, getting a camera to begin vlogs
Ensure whatever goals you have or choose, they are specific, measurable, and achievable. Write them down and keep them in a visible place so you can remind yourself of what you’re working towards.
2. Prioritize Tasks
After ironing out the goals, next is to put priority on this item on your goals. Priority can be likened to product labels (that it is made from this country or the other), in this case, they are labels of importance or preference(i.e this is to state what goal has to be done daily or first)
A number can be attributed to this goal or plan, then they can be regrouped in ascending or descending order. From this, a daily, weekly or monthly to-do list can be drawn out.
A to-do list helps to stay organized and focused on the most important/critical task which in return gives a sense of accomplishment when you tick off items on your list thus avoiding bogged down by less important tasks.
3. Use Time-Blocking
Time-blocking is an effective technique for managing your time and increasing productivity. Instead of working on tasks as they come up, schedule blocks of time for specific tasks throughout the day. A good example can be implementing the Pomodoro Technique (which is a relatively simple timing technique that is thought to be effective for helping someone get something specific done or to work more efficiently over the long term).
Someone using the Pomodoro Technique will set a timer for 25 minutes and work on a single task for the duration of that time. When the timer goes off, they will take a 5-minute break, reset the timer for 25 minutes, and start again (either on the same task, if needed, or on a different one). After working for four “Pomodoros” (each 25-minute unit counts as one Pomodoro), they will take a longer break usually 15 to 30 minutes. The Pomodoro Technique was named for the tomato-shaped timer its creator, Francesco Cirillo, used to devise the technique (Pomodorois Italian for “tomato”).
This will help you stay focused and avoid distractions while still having a work-life balance like exercise or spending time with your family.
4. Take Breaks
It’s easy to get caught up in work and forget to take breaks, but this can harm your productivity (mental and physical health). Studies have shown that taking breaks can improve productivity and creativity.
So, make sure you take regular breaks as this can help you recharge and stay focused, ensure you make good use of that time to stretch, meditate, or simply walk around etc.
5. Eliminate Distractions
Distractions are the number one killer of productivity such as unending social media notifications, TikTok comedy videos, youtube sports highlights, email alerts, or noisy surroundings
A colleague of mine who worked as a designer/video editor is a good example, he gets easily distracted when he switches on his phone after a WhatsApp message. Next is the tiktok video which became a concern as he could not finish up work on time
To avoid this, eliminate every form/appearance of distraction, if it takes you to hide or keep your phone on aeroplane mode, have a personal workstation rather than lying on your bed to type a report or article. Then do it because distraction spoils creativity
There are no laws or regulations set down that will automatically eliminate distractions, what you can do is Identify what distract you mostly while working and then look for ways to eliminate them from the surrounding of the workspace/environment. No business owner can avoid distraction easily without putting restrictions, some examples are discussed earlier. However, others include using noise-cancelling headphones to avoid notifications, putting some security on their website to ensure once they spend an appropriate time, it automatically logs out
6. Delegate and Outsource Tasks
As a business owner, it might be tempting to try to do everything yourself within your power. However, studies and analyses from several business management have revealed that its imperative for a business owner to work more on the business rather than in the business
This means that while you are running an online business, you as the business owner need to work on critical roles of expanding the business rather than doing tasks that you can engage interns, volunteers, and freelancers to do with payment in cash, training etc
If you engage in doing tasks yourself, in no time you will burn out and productivity will be abysmal. Instead, delegate tasks to others whenever possible (such as hiring, outsourcing or delegating certain tasks).
7. Use Productivity Tools
There are several categories of productivity tools available in the market that can help you streamline your workflow and increase productivity. From project management tools to time-tracking software, social media management etc.
There are always productivity tools in whatever online business you find yourself doing, experiment with different tools to find the ones that work best for you. Some of which are
Social media management tools: Hootsuite, sprout social, buzz sumo, canva etc
Project management tools: Trello, Asana, and Evernote.
Ecommerce tools: alisave, chatgpt,
8. Automate the Process
Automation is another great way to save time and increase productivity. Look for ways to automate your processes as this can help you focus on more important tasks
9. Practice Self-Care
Running an online business can be stressful, don’t pay negligence with health. The fuel that ensures the body and mind of an entrepreneur get productive is our health. Make sure you take good care of your body by getting enough sleep, eating well, and exercising regularly, making time for activities that bring you joy, whether that’s reading, practising mindfulness, seeking support when needed, and taking time off when necessary.
10. Reflect and Adjust
Regularly reflect on your productivity and adjust your strategies as needed. Take time to evaluate what’s working and what’s not, and be open to trying new approaches. Remember that productivity is not a one-size-fits-all solution, and what works for one person may not work for another.
As a business owner, here are ways to evaluate your productivity,
start by measuring your progress towards your goals.
Are you making progress, or are you falling behind? Then, evaluate your work processes and
identify any areas where you could improve.
be open to feedback from others and use that feedback to adjust your strategies as needed.
Running a successful online business requires focus, organization, and motivation. By implementing these 10 productivity hacks, you can take control of your workload and achieve success. With these strategies, you’ll be well on your way to running a successful online business.
FAQs
How do I know which productivity tools to use?
There are countless productivity tools available, so it can be challenging to know which ones to choose. Start by identifying your biggest productivity challenges, such as time management or organization. Then, research tools that address those challenges and experiment with a few to find the ones that work best for you.
How do I delegate tasks effectively?
Delegating tasks can be a challenge, but there are a few strategies that can help. First, make sure you’re delegating tasks to the right people. Choose team members who have the necessary skills and experience. Then, clearly communicate your expectations and provide the necessary resources and support to ensure success.
Can I be productive without sacrificing my personal life?
Absolutely.Takingg care of yourself and making time for personal activities can actually increase productivity. Make sure you’re setting realistic goals and prioritizing your tasks, so you have time for both work and personal activities.
How do I stay motivated when I’m feeling overwhelmed?
It’s natural to feel overwhelmed at times, but there are a few strategies that can help. First, break tasks down into smaller, more manageable pieces. Then, focus on one task at a time and celebrate small wins along the way. Also, make sure you’re taking breaks and practising self-care to avoid burnout.
How do I balance my workload as a solo entrepreneur?
Balancing your workload as a solo entrepreneur can be challenging, but there are a few strategies that can help. First, set realistic goals and prioritize your tasks. Then, consider outsourcing certain tasks or hiring a virtual assistant to help with administrative tasks. Finally, make sure you’re taking breaks and practising self-care to avoid burnout.
Offline vs Online business is a comparison between the physical/traditional way of carrying about business by the roadside or in stores/commercial regions from the informed and recent way of doing business via the internet
There are differences and similarities between both businesses, starting and scaling any of these businesses lies in the fundamentals.
It’s also one of the most critical decisions that every business owner from a retailer to an entrepreneur has to make while starting or scaling a business.
In recent years, the trend has shifted towards online businesses, but is it the right choice for everyone?
In this article, we will compare and contrast the two business models and provide you with the pros and cons of each.
By the end of this article, you will have a better understanding of which model suits you the best.
What is an Offline Business?
This is a physical business located in residential or commercial buildings at different locations around the world, It’s been in existence for centuries since the era of our great grandfathers from the market square to community square to self-rented/acquired properties. Here are some of the pros and cons of this business:
Pros(Advantages) of an Offline Business
Personal interaction with customers
It provides the opportunity to have face-to-face interactions with their customers which allows for a more personalized shopping experience, which can lead to customer loyalty and higher sales.
Tangible products
Customers can touch, feel, and try products before making a purchase. This can lead to more confident buying decisions and less likelihood of returns.
Localized marketing
Local marketing efforts, such as flyers and advertisements in local newspapers, can reach potential customers in a specific area.
Cons/Disadvantages of an Offline Business
Limited customer reach
This business has a limited customer reach because it can only attract customers within a certain geographic location for example is a billboard by a road side, the information is only restricted to people moving through that axis
High cost of setup
The cost of setting up a physical store is much higher than an online store, including rent, utilities, and inventory costs.
Limited hours of operation
The business operates within limited working hours of operation, which can be inconvenient for customers who have busy schedules.
What is an Online Business?
An online business involves any kind of business that is carried out via the Internet, it includes the purchase and sale of goods and services, training, consulting or trading of tangible and intangible goods via an electronic network, mainly the Internet.
Here are some of the pros and cons of an online business:
Pros (Advantages) of Online Business
Global customer reach
The reach of an online business is not restricted to the local area where it has been domiciled rather it cut across boundaries towards a global reach (to anyone, anywhere in the world).
Low cost of setup
The cost of setting up/starting an online business is much lower than a physical store. With a smartphone or laptop and a moderately priced subscription to the internet, an online business can be set up best as a service (consulting, freelancing, training) etc
24/7 availability
Online businesses are available to customers 24 hours a day, 7 days of a week while you sleep, eat, or play which is quite convenient.
Multi-channel selling
Online businesses can sell their products on multiple sales channels, such as websites, social media platforms, and e-commerce stores which can lead to increased sales.
Cons (Disadvantages) of Online Business
Inability to have physical interaction
Online businesses lack the physical interaction with customers that brick-and-mortar stores (offline/traditional business) offer. Most interactions are done electronically via google meet, zoom, video meetings, and social media apps (Facebook calls, skype etc).
Expensive marketing possibilities
The marketing possibilities for an online business are efficient and effective but expensive to maintain in the long run unless you engage in the free marketing opportunities
High competition
The competitive rate for a variety of online businesses is high, it is quietly challenging to stand out from the crowd without
Periodically Infrastructure maintenance
Maintaining an online store requires regular updates and maintenance, which can be costly to run from data usage to payment cost
Which Model is Right for You?
Looking at the comparison above, it is clear that online businesses have an upper hand, with multiple additional benefits over physical stores. However, this does not mean that a physical store does not have its advantages.
Depending on the type of business and the target market, a physical store may be a better option. Ultimately, it depends on your goals and preferences.
The manner by which various transactions and operations are been carried out in this present day raises concern about the legitimacy of various online businesses and this comes down to the liberty to work anywhere at any time, age bracket and indisposition to talk to anyone (irrespective of location and race)
The evolution of technology, the internet and digital technologies have exploded knowledge acquisition, market research effective marketing strategies, wide reach and easy communication channels which has turned out to be a blessing causing a large number of people to amass wealth in financial fortunes, become an influencer with large following easily within a short time
The cons of online business are the fierce competition between individuals, and groups of common and different races example includes a Nigerian starting a fashion business, he/she is competing with several other fashion businesses within the same location and outside its location for the same customers and influence
In the last 5-7 years, online businesses have become increasingly popular as a strategy which offers a wider reach of products and services to customers around the globe in little or no time.
However one of the disadvantages is the increasing number of fraudulent scams which has robbed people of their hard-earned money which has hesitated in a lack of trust and credibility in various online businesses.
In this article, we are exploring how to identify whether online businesses are legitimate, and what factors should potential audiences look for as a credibility factor in an online business
Understanding How Online Businesses is been carried out
Before we can discuss the legitimacy of online businesses, it’s important to understand the definition and how they operate.
Online businesses are personal, professional, commercial or industrial activities conducted over the Internet either for profit or nonprofit, they range from buying and selling, training, trading, and consulting etc
The major goal of an online business is to carry out transactions be it physical products or digital services efficiently and effectively with or without time barriers and often rely on platforms such as e-commerce, content management system and online marketing strategies (like social media, affiliate and influencer marketing) to reach their customers.
There are quite a lot of similarities and differences between online businesses and physical (traditional) businesses located near the roadside, market or around car parks etc.
Factors that determined if Online Businesses are Legit
The concerns of many people about the legitimacy of online businesses are based on security and fraud. However, online businesses can be just as legitimate as their physical counterparts, provided both recipients and parties follow certain standards and regulations.
1. Legal Registration Requirements
Online businesses are registered with domains just like traditional businesses with governmental agencies which could be .com, .design, .com.ng etc
This registration of domains and URL addresses is easy and fast, its a business on its own as several individuals engage in domain flipping (a method of buying a domain name as cheaply as possible and reselling it at an increased profit margin to an interested party without doing anything)
Depending on the scope of the online business either as a website or social media platform, information considering the business must be spelt out very articulately. In the about us section of every online business must be a date, number of employees, and certificates of incorporation
You can spot spammy domains on your first visit for example you were sent a link for a governmental job opening when you visited it, It does not look professional with the simplest information of who the governmental organisation is all about, its address and even its phone number
These simple things are highly overlooked which makes people doubt the authenticity of online business in today’s world. A legitimate online business must display the various licenses, and permits it receives from the traditional business regulation it requires to operate legally and must comply with regulations related to taxes, consumer protection, and data privacy
2. Credibility and Reputation
One of the most important factors contributing to the legitimacy of online businesses is their credibility and reputation.
Legit Online businesses establish a strong brand identity, reputation and unique value proposition that communicates directly to their customers to build trust with their customers.
The next time you are directed to a website or link, check out their about us section just as in the diagram below
This can be achieved through well-defined effective branding and marketing strategies, transparency, optimum communication as well as positive customer reviews and ratings.
3. Secure Transactions
Another key factor in the legitimacy of online businesses is the security put in place for every transaction. For an online business that has a website, one critical key is very important which is circled in the diagram below
In every transaction which involves making a payment online, avoid saving your card details to your Google account.
Data from prospective customers who visited the website must be kept secure at all times and at the same time ensuring how you accept cookies while surfing the internet is very important
Trust is a major ingredient in every business transaction so therefore is imperative for every successful online business to ensure the security of their transactions by implementing secure payment systems, encryption protocols, website SSL certificate two-factor authentication against cyber crimes and infiltration of hackers as well as providing clear and transparent policies related to data privacy and security such as moneyback guarantees on products bought
Customer Support
Finally, online businesses must provide high-quality customer support in order to demonstrate their legitimacy. Customer support needs to be hands-on and be ready to respond to inquiries on time even in the application of automation.
There are several channels such as email, phone, and live chat support to communicate with customers in this present age with respect to questions or concerns and receive timely and helpful responses. Observing this will help to alleviate fears about legitimacy in online business
How to Find Out if online businesses are legit?
Let’s explore the various types of online businesses and provide an in-depth analysis of their credibility/legitimacy
Is E-commerce Legit?
E-commerce is a type of online business where goods and services are sold over the Internet, with this business ranging from small/medium, home-based businesses to large corporations like Etsy, jumia, Konga etc.
One of the most significant advantages of e-commerce is that it offers a vast selection of products and services for customers to choose from and an easy way to grow your business as a trader/supplier or seller more than what it will take in an offline/physical shop.
With this advantage, it poses risks, such as fraud, identity theft, and delivery problems. Here are tips to consider the legitimacy of e-commerce
a. Checks out the about us of the e-commerce store, this about us explains the business in brief
b. Look out for the most recent customer feedback, reviews
c. Find out if the e-commerce store has a return policy especially when it is dealing in physical goods. because this can cover if you receive a default product
Is Dropshipping legal and legitimate?
Dropshipping is a popular e-commerce model that involves selling products without holding any inventory. Instead, the dropshipper purchases the product from a third-party supplier who ships the product directly to the customer. While dropshipping offers several benefits, such as low start-up costs and low overheads, it also has some drawbacks, such as a lack of control over product quality and shipping time.
Here are tips to consider the legitimacy of dropshipping
a. Check out for the store/suppliers information, is it duly registered with the government and is it posted on the store just like in the diagram below
b. Check out for when the store was opened, a store opened 5 -7 years ago has its pedigree to protect unlike one newly created
c. Check out for the recent customer reviews of the store in the last few months
d. Evaluate the product distribution of the store, for example when a store is selling electronics and mixing it with fashion, shoes and bags. It’s not a good sign (you need to watch out)
Is Affiliate Marketing Legit?
Affiliate marketing is a type of online business where a marketer promotes other people’s products and earns a commission for every sale made through their affiliate link.
Affiliate marketing is a popular way to make money online, and many successful online marketers have built their businesses around this model.
However, affiliate marketing also has its risks, such as fake reviews and low-quality products. Here are tips to consider the legitimacy of affiliate marketing
a. Look out for reliable suppliers or websites where you can promote their products and services without issues
b. Study the market and ensure you follow through with optimum customer satisfaction
c. Ensure you choose a product that suits your passion, solves a problem and has significant market demand
d. Avoid marketing for suppliers/websites with fast money claims, low-quality images, many website redirections, and multiple ads.
Online Freelancing
Online freelancing involves offering services online, such as writing, graphic design, programming, and virtual assistance. It is mostly done by individuals or teams called freelancers who can work from anywhere
However, online freelancing also has some risks, such as clients not paying for work or disputes over the quality of the work.
To determine authentic jobs from non-authentic ones, it’s imperative for you to select jobs with verified payment rather than payment unverified, reviews and past feedback are other indicators to look at to avoid freelance scams.
Online Trading
Online trading involves buying and selling financial instruments, such as stocks, bonds, and currencies, through online platforms. Online trading offers several advantages, such as low fees and convenience, but it also poses some risks, such as market volatility and fraud. Before you trade in a specific coin, or currency, ensure you have evaluated & analysed the trade partners, organisation etc
Online Investing
Online investing involves investing in stocks, bonds, mutual funds, and other financial instruments through platforms. Online investing offers several advantages, such as low fees and convenience, but it also poses some risks, such as market volatility and fraudulent activities.
Evaluate the management of the business you want to invest,
are they reputable brands?
Do they have a physical location?
What is the feedback from past clients who invested?
Online Tutoring
Online tutoring involves teaching and assisting students over the Internet. Online tutoring offers several benefits, such as flexibility and convenience, but it also has some drawbacks, such as the lack of personal interaction and technical issues.
In conclusion, online businesses can be just as legitimate as their physical counterparts provided they follow the necessary requirements explained above.
While there are certain risks associated with conducting business online, these can be mitigated by taking the necessary precautions and following best practices. By doing so, online businesses can establish themselves as credible and trustworthy entities in the digital marketplace.
Kindly comment below with what exactly you will look out for while transacting or carrying out any online business
Or, would you prefer a straightforward response that covers key points and makes sense of abstract concepts? Though clarity is key, Google also places a high value on being thorough. This means marketers need to be careful…
Or, would you prefer a straightforward response that covers key points and makes sense of abstract concepts? Though clarity is key, Google also places a high value on being thorough. This means marketers need to be careful…
Or, would you prefer a straightforward response that covers key points and makes sense of abstract concepts? Though clarity is key, Google also places a high value on being thorough. This means marketers need to be careful…
Or, would you prefer a straightforward response that covers key points and makes sense of abstract concepts? Though clarity is key, Google also places a high value on being thorough. This means marketers need to be careful…
Or, would you prefer a straightforward response that covers key points and makes sense of abstract concepts? Though clarity is key, Google also places a high value on being thorough. This means marketers need to be careful…
Or, would you prefer a straightforward response that covers key points and makes sense of abstract concepts? Though clarity is key, Google also places a high value on being thorough. This means marketers need to be careful…
