When it comes to making money online as a beginner, it can be likened to a young boy or girl who wants to learn how to read and write. There is no shortcut other than understanding how to make money online and what area to make the money online from
Making money Online is quite a mirage for quite a lot of us due to the fact it was hardly taught at homes or schools.
Another is the disparity of times we are in, there is a clear-cut difference between the era where our forefathers lives and this present era (called the digital age)
This article outlines making money has fared over the last few years, likewise in the present and the future. Ensure that you follow through each sequence and comment below
How our forefathers made money in the past?
In the 18th century, people made money through various business transaction. From office work to casual, skilled and creative individuals.
People made money doing their job or task very well, such as selling their skills, products and services etc
Jackie Chan, Genevive, and Bruce Lee etc were selling their skills as digital products in the form of home theatre films for us to get entertained
Farmers and marketmen/women in cocoa, cassava and groundnut etc were selling physical products in the market square as food to eat
In this case, people came with physical cash to give traders in advance for goods collected or ones they would collect. Before the introduction of physical cash, there was trade by barter ( meaning you exchange your product with another individual for what you want)
In a case, there’s no money or you don’t find what you want. There’s no business transaction ( no exchange) Which means each party hold on his money or product for exchange while the other part hold the product
Others are the likes of teachers and lecturers in our university selling their experiences in classes, they document this as handouts, notes for student to copy or buy
Sunny Okosun, Ebenezer Obey, Ayinla, Fela amongst several others sold their creative skills in the form of cassettes, music shows for us to get entertained in parties, funerals, concert etc
The likes of Ronaldinho, Cafu, and Zidane who played football for Brazil, France respectively in the early 1990 through early 2000 sold their creative skills while playing football in their respective clubs and countries.
Our rulers from kings, governors and presidents, military soldiers and police officials sold their experience as service from consultancy to offer security against loss in homes and properties
Making Money in this present era ( 2000-2023)
Ever since the 19th through the 21st century, skills has overtaken jobs and academic certification.
This era rewards competent skilled workers, it enlarges whatever the hand finds doing leveraging the internet (it enlarges microscopic things without microscopes). A small-scale business can hit various continents of the world in little or no time
It has reduces/minimizes the size of a large company to a small office, it encourages efficiency and effectiveness of marketing campaigns unlike the traditional billboards or radio
Messi was a footballer like other who has over the years built a name around the game called “soccer”. Starting at a club with From a country like Argentina to Spain and then to France.
While doing all this, different sorts of merchandise such as endorsements, campaigns, advertisements, etc come with the soccer game. This is why Messi was preferred as the new tourism brand ambassador by the Tourism Ministry of Saudi Arabia on May 12 2022,
The main goal was to promote Saudi Arabia to the outside world rather than just a religious centre, This is why he schedule his routine visit on one of the free days before the next football match after the PSG match at the weekend.
Whilst he was en route, he got a notification that there was a scheduled training. As this was impromptu, he could not meet up. On coming back, he was suspended
Having understood the background information of the suspension of Messi by Psg, here is how it should influence you’re making money online
As an individual, with a job or a work be it skilled or unskilled.
Here is what you have to know, that skill or business can yield more business depending on your mindset and insights
In Messi’s case as a footballer, merchandise such as being a brand ambassador, influencer etc. were extra ways to make money online
There are many other examples I can use such as Macaroni, kiekie, and portable amongst the rest are various Nigerian celebrities who make money not just by their skills
For you to increase your income, make money online, and have the financial security you wish to have. Its important you see beyond that skills and job
There is no restriction to you making money online irrespective of the skillset. A roadside hairdresser can augment her income through diverse means such as
a. selling products such as hair creams, hair wigs, extensions etc. (selling physical products-ecommerce) b. reviewing different hair products (based on brands), discussing challenges in hair styling – (starting a vlog or podcast) c. selling services such as hairdressing, hairstyling etc- d. Training of prospective students e. Consulting and f. Selling your experience(what you know) as ebooks and videos. This is referred to as selling digital products
Doing this will not restrict your business within the four walls of a shop, it will enhance the scope of your business, and increase your income. From this, you can become an ambassador of one of the brands which can earn you royalties
Would you need further assistance on how to start, Feel free to comment below
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
If you are looking to start an online business, then you need to understand the importance of choosing a niche market.
By focusing on a specific audience, you establish credibility, create a more focused business, and make it easier for interested customers to find you. In this article, we will define what a niche market is and give you examples to help you get ideas.
What is an Online Business Niche Market?
An Online business niche market is a segment of a larger market which is defined by unique needs, preferences, or identity, this is a distinct and specialized market tailored to a particular set of customers who share common characteristics and requires products or services that are tailored to their specific needs, for example, instead of selling shoes to everyone, you might decide to shoes for plus-sized women, or palm sandals for men. By doing this, you narrow your market and make your message clearer.
Let’s take an example of a product “A,” which is targeted at everyone in the marketplace. Although everyone in the market may be interested in product A, interest is not enough to guarantee sales. Affordability, features, and other factors may influence their purchase decisions.
A subset of the market, such as the three individuals who want a smartphone with an excellent camera, may have different needs than the broader market. They represent a niche market, and they require a different product to satisfy their specific needs.
Why Do Online Business Niche Markets Exist?
Niche markets in an online business exist because customers’ needs are different. Although customers may be interested in a particular product category, their specific requirements may differ, necessitating a distinct and specialized product.
A good example of this is the car industry. Let’s say you are interested in purchasing a car, but you do not know what type of car you want.
A car magazine that caters to your particular subset of the market may provide a solution for you. Although it is a different product category, it is still a subset of the car market that you need to consider.
Sometimes, a company may build a completely different product that feeds a particular section or subset of the market.
Alternatively, they may build a product with different features, and pricing, or fit the targeted section of the market.
Why Are Online Business Niche Markets Important?
Online Business Niche markets are essential because they enable the online business to compete and succeed in a market dominated by large corporations.
Online businesses may not be able to afford to target large markets with significant competition. Instead, they can target a smaller subset of the market by providing unique solutions to their specific needs.
Niche markets also enable businesses to reduce marketing costs. There is less competition in a subset of the market, which means less money is required to market the product or service. This is a significant advantage for small businesses with limited budgets.
How Can Online Businesses Use Niche Markets to Their Advantage?
Online businesses can use niche markets to their advantage by identifying a particular subset of the market that is underserved or unserved at all (this means they are not currently being served or not properly served).
By providing a unique solution to that subset’s needs, they can differentiate themselves from their competitors and reduce marketing costs.
To successfully target a niche market, every online business must:
Conduct thorough market research
Identify the needs, behaviours, and preferences of the target market. This will help businesses develop a product or service that is tailored to the niche market’s specific needs.
Develop a unique value proposition
Create a value proposition that differentiates the business from its competitors. This will help the business stand out in a crowded marketplace.
Utilize targeted marketing strategies
Targeted marketing strategies such as content marketing, social media marketing, and email marketing can help businesses reach their target audience more effectively.
In conclusion, choosing & understanding a niche market is important as it helps to establish credibility and dominate that corner in a crowded market.
By targeting a specific subset of the market and providing unique solutions to their needs, online businesses can differentiate themselves and reduce marketing costs based on consumers’ needs and preferences.
The examples listed above are just a few ideas to get you started. Remember, the key is to find a niche that you’re passionate about and that has a market of people willing to spend money on your products or services.
What have you learnt so far in this article? Kindly share in the comments below
You’ve decided that you want to start an online business either as a side hustle or as a business that provides passive income. The very first foundation is choosing a niche so that you can be earmarked for success in little or no time in your online business. There are various ways to explore your journey into setting up and scaling a business online such as
a blog which explains various subjects in that niche of the online business
an online store that deals with sales of physical/digital products
a vlog or youtube channel discussing various concerns and recommended solutions
Online coaching/consulting service
Other complementary services providers such as database management, social media manager, logistics/courier agent, etc.
With these various services, the next is to consider the top 5 profitable niches for an online business.
5 Niches for an Online Business in 2023
Understand that niche is very crucial to the success of any online business. In recent years, the internet has become an integral part of our lives, offering immense opportunities for online business.
If you don’t take choosing the right niche seriously, the chances are high that you will struggle to succeed. Here are the top five most profitable niches that will make you money fast.
Health and Wellness
Personal Development
Personal Finance (Making and Managing Money)
Relationship
Security & Protection
Health and Wellness
With daily exposure to chemicals, harsh conditions and pandemics hitting the earth from what we eat and drink, Health and wellness remain key for every individual which in turn makes a very lucrative and developing market because a healthy mind ensures we are strong to compete and carry out day to day activities with no concerns.
Our primary role is to ensure and enforce healthy living by increasing awareness, of the need to stay fit, and the demand for health and wellness products and services in the market which also fall in line with the goal of every business. This makes health and wellness remain a pivotal niche for anyone trying to start an online business in 2023 as a result of the high density of challenges confronting our existence as human
Several businesses can be exploited under this niche, to mention just a few include:
reproductive concerns such as improving sex performance in males and females
Beauty, skin, and hair care
fitness and bodybuilding, gyms, health centres, nutritionists, dietitians,
health personnel such as doctors, medical examiners,
With the increasing loss of jobs after the pandemic and the variety of changes the internet has come with, the need to develop oneself is very important. Personal development is not restricted to age or gender, everyone needs to develop his or herself.
Several businesses can be exploited under this niche, to mention just a few include:
Coaching
Consulting
Educational centres
Training
Personal Finance
With increasing inflation and various economic imbalances by various government policies, personal finance is an important, hot and evergreen niche with increasing challenges on how to make, manage and invest money
This is a niche which cuts across various age groups, gender, race etc from the different continents of the world, it remains a highly competitive niche with so many scams and fraudulent schemes trying to lure people in various ways to make money
Starting and scaling a business in this niche is based on trust, you can begin with topics on
how to manage money via budgeting, planning and tracking monthly expenses, record keeping,
managing money like bookkeeping, cash flow management
investing money in cryptocurrency, real estate, stocks, and blockchain
With or without being an expert but with some good education/experience you can still cover topics on investing money, financial advice and saving for the future. These attributes make the personal finance niche one of the most lucrative and easiest to enter.
Several businesses can be exploited under this niche, to mention just a few include:
Making Money Online selling and buying via affiliate marketing, e-commerce, dropshipping, and arbitrage.
Trading money via Bitcoin, forex etc
Investing money via real estate, portfolio, stocks
Marketing a product and service in order to open and scale a business with little or no experience
Relationship
The subject of relationships is one of the biggest industries in the world and continues to grow because of its pivotal role in our day-to-day activities. We all need relationships in life be it, employees to employers, husbands to wives, business to customers, parents to children and vice versa
With so many evolutions in the world today, it’s imperative to be kept apprised of how to relate and communicate with one another, relationship advice is highly needed
Several businesses can be exploited under this niche, to mention just a few include:
Marriage counselling, parenting
Therapy session
Psychology counselling and consultation
Blogging and Vlogging on communication channels,
Dating advice and how to relate to the opposite sex etc.
Security & Protection
This is another important niche crucial to the management of resources we have physically or otherwise, in a world with increasing death and insecurities. Security & protection can’t be left unattended irrespective of the financial status we may belong to
If you make all the money with little or no security system to safeguard it, It is detrimental because you are open to robbers to take it at will
Several businesses can be exploited under this niche, to mention just a few include:
Surveillance system
Burglary Intrusion system
Access control, time attendance system
Personal protection system
Fire alarm system
Security System
Picking a profitable niche isn’t an easy task, especially when you are just getting started. However, these are the top 5 niches for every prospective online business in 2023
They are borne out of necessities, irrespective of the status, or financial report of any individual based on race, age, gender or colour. It’s difficult to do without them which coincides to satisfy the main goal of every business (i.e. maximising profit). Keep these top five most profitable niches in mind and you can be on your journey to finding success in online business
8 Mistakes to Avoid while Defining Your Online Business Niche In Nigeria
Defining your business niche is an essential step in the right direction (towards a successful strategy). It helps you focus on your target audience and create a unique selling proposition that sets you apart from your competitors.
Too many business owners enter the online world of blogging or business and choose a niche that they know nothing about because they are more focused on the money they could make, rather than on the knowledge they can share with their target audience. Here are some more common mistakes that you will want to avoid when defining your niche.
Choosing a broad niche
One of the most dangerous mistakes that individuals or brands make while setting out is trying to target a broad niche which includes all age groups, gender etc. While this may seem like a good idea, it’s dangerous as it might hurt your business in the long run. When you try to appeal to everyone, you dilute your message and make it harder to stand out in a crowded market.
Instead, focus on a specific group of people who have a common need or interest. This will make it easier to create a targeted marketing message that resonates with your audience and helps you stand out in the market.
Choosing a Popular Niche Because it Looks Lucrative
Selecting a niche based on how lucrative you think it will be can end up being a big mistake that stops your business before you can get it off the ground. For example, if you’ve never made money blogging, how can you try to teach others how to blog and make money from home? If you want to have a successful blog or online business, then you have to have a certain level of experience and knowledge in the niche you chose.
Choosing a Niche That is Too Specific
If you try to start a business around a single product or service, you will limit your ability to grow your traffic and revenue. When you choose your niche, you need to try and make sure that you can broaden your reach in the future.
Before you limit yourself to a single topic, perform a Google search with your keywords, and see what phrases Google suggests. Scroll to the bottom of the results page and take note of the “searches related to . . .” list.
On the other end is the niche markets that are oversaturated with the competition. If you’ve chosen a popular niche, it could be incredibly difficult to become known by your target audience.
If your expertise lies within one of these niches, then the solution is to break it down into sub-sections which can then be explored for example the fashion niche is very saturated but it can be broken down into traditional fashion, male fashion, fashion bags and jewellery etc
With this subsection, you can then write professional, information-packed content that solves your target audience’s issues if you want to become well-known in the niche.
Finding the right niche for your business doesn’t have to be hard. Keep these common mistakes in mind as you build a profitable online business in 2023.
Choosing a Niche with an Offline Target Audience
Believe it or not, not everyone is online. Before you pick a niche, you have to determine your target audience and find out if they are online and where they spend their time. If you discover that your target audience spends their time on Pinterest, then that is where you should market. Do this research before you choose a niche to ensure that you will be able to reach them online.
Not Researching Your Competition
Before you define your business niche, it’s important to research your competition. This will help you understand what they offer and how you can differentiate yourself in the market. If you don’t research your competition, you may end up creating a product or service that is too similar to what’s already available, making it harder to stand out.
Take the time to research your competition and identify what they offer, how they market themselves, and what makes them unique. This will help you create a unique selling proposition that sets you apart from your competition.
Not Considering Your Passion and Expertise
While it’s important to focus on your target audience, it’s also essential to consider your passion and expertise. Creating a business around something you’re passionate about and knowledgeable about can make it easier to create a unique selling proposition and stand out in the market.
When you’re passionate about what you do, it will show in your marketing and customer interactions, which can help you build a loyal customer base.
Not Refining Your Niche Over Time
Defining your business niche is not a one-time event. As your business grows and evolves, you may need to refine your niche to stay relevant and competitive. It’s essential to keep an eye on market trends and customer needs and adjust your niche accordingly.
In conclusion, defining your business niche is a crucial step towards creating a successful business strategy. By avoiding the common mistakes we discussed in this article, you can create a unique selling proposition that sets you apart from your competition and resonates with your target audience. Remember, defining your niche is not a one-time event, and you may need to refine it over time to stay relevant and competitive.
What have you learnt from this blog post? Feel free to share in the comments below
