One of the questions I often get asked especially during this Coronavirus season was ‘how can I make money online in Nigeria?’
Making money online in Nigeria isn’t different from how you do so in other parts of the world.
You basically have to follow the same principles although with a little twist at times.
It’s important you understand the peculiarity of the Nigerian market or audience when launching your online business.
Other than that, everything is pretty much the same.
Firstly, you need to understand that making money online isn’t rocket science.
It is possible to make money online in Nigeria on a full time or part-time basis but to do that, you need to put in a lot of work upfront.
Making money online is not for people who do not have any monetizable skills, people who are complete tech novices, people who can’t invest time and money in learning new skills, those who cannot burn data, and people who want to make money fast.
In addition, it is 10 times more difficult to make money online than offline because it has to do with building trust – and building trust takes time; it doesn’t’ happen overnight.
As you know, there are lots of scam programs out there and they make it difficult for people to do business with someone they’ve not seen before. That’s why people will not give you their money if they do not know you or do not see you as someone they can trust.
But is it possible to make money online?
And I will show you how in a minute.
In the past few months, a lot of people have suddenly become interested in making money online.
Because Coronavirus has limited their income as they can’t go about their normal businesses.
This is why I have taken the time to create this detailed guide to help you.
How to Really Make Money Online In Nigeria
The truth is that making money online takes time. If you want to start making money today, you need to have started putting in work 3 months ago, at least. I’m being realistic here.
Although some businesses yield profits faster than the others, you still need to invest time to learn the basics before launching.
I Want To Make Money Online, But Where Do I Start?
There are 5 basic steps to take if you want to make money online. They are:
- Learn a high-income skill
- Establish an online presence/build authority
- Create a medium/build an asset
- Sell your products/services
- Rinse and repeat
Let’s take them one after the other.
1. Learn a High-Income Skill
The only way to make money is through the exchange of value. As a matter of fact, no one will give you money if you are not solving any problem or filling a void. The only way to create value is through education. You need to learn in-demand skills that people will pay for.
Examples of high-income skills are writing (sales copywriting, email copywriting, article writing, technical writing – white papers, case studies, reports, etc), salesmanship, marketing, customer relationship, graphic design, web design, coding, publishing, teaching/coaching, consulting, etc.
These are high-income skills and they are in high demand.
Remember, the more loaded you are, the more your services will be in demand. In other words, the more expertise you have in a particular field, the more your perceived value is and the more money you can make.
How And Where Can You Learn These Skills?
The problem many people have is information. They do not know where to get the right information from. This is very simple.
- Use The Search Engines
The easiest way to search for information is through search engines. Google and YouTube are the 2 biggest search engines. All you need to do is to type in the relevant keywords.
With the help of a few tricks, you will be able to get access to virtually anything online. The easiest keyword to use is “how to…”
Examples: “how to make money online”, “how to generate passive income online”, “how to become a good writer” etc.
If you need more search tricks, please check this link (later).
Also, you need to open your mind to see possibilities. For you to think of something, a million other people must have also done so and provided answers to your questions.
- Create An Account With Online Learning Platforms
Examples are Udemy, Coursera, HubSpot, Udacity, Khan Academy, Edx and a host of others. The good thing is that many of these platforms are free to join. Some of them have free and paid certification courses.
Take Udemy for example, you will get lots of affordable courses starting from $10 upwards. There are also lots of free courses on Udemy. I shared how to access free Udemy courses in this Twitter post.
Make sure you follow me, though :))
One good thing is that many of these platforms are offering courses for free because of COVID-19. I am sure of Udemy and Coursera.
- Search on Social Media
If you go to Twitter and search for ‘free Udemy courses’, you will get more than enough suggestions.
Other ways to learn are books from Amazon or from bookshops, private coaching and masterminds, in-person training, and webinars, etc.
2. Establish An Online Presence/Build Authority
It is easy to make money online if you have an online presence. Note that you’re not just showing up online commenting on people’s statuses and sharing their posts. You actually want to build authority and influence.
It is easier to give money to someone who is seen as an expert than an unknown name.
The question is: ‘how do you build authority and influence?’
By simply providing value.
Basically, you need to share your knowledge with people, talk about topics you know, join intellectual conversations online, solve problems for people, and share your personal experiences.
Doing this will help you create a tribe of loyal followers. If you do this for some time, selling your products or services becomes easy.
Because people already know and believe in your abilities. You have added some value to their lives and so they have no problems trusting you.
Hope this makes sense.
It is also important to let people know what you’re doing. If you keep quiet, no one will ever patronize your business or even hire you.
3. Create a Medium/Build An Asset
The medium is the platform through which you want to establish your craft or build a following. Basically, you need to make yourself visible where your target audience hangs out.
For some people, their primary means of communication is their website, for some people, it is through their social media handles.
What does that tell you?
You need to build your online assets. Assets such as websites, social media accounts (LinkedIn, Facebook (group and page), Twitter, Instagram, WhatsApp), email lists, web & phone applications, etc.
Without these assets, you really can’t reach out to people and you won’t be able to make any money. Again, these assets make it easy to go back to your prospects again and again and sell them whatever you have in stock.
4. Sell Your Products/Services
Once you have done the above, then you can conveniently advance to sell your product or service. Because now you have set the tone for doing business with people and creating a path for online wealth.
Here, you need to know a little bit about marketing, advertising, and sales. This is what helps you convince people to buy from you or convert sceptics to customers. Not to worry, these can be learned as well. Refer to step 1 above on how to learn a skill.
One important aspect of selling online is determining the medium of payment. You may decide to take direct payments by giving out your account number or using a payment processor like Paystack, Simplepay, Voguepay or the likes.
5. Rinse and Repeat
You can do this over and over again if you want to diversify and explore other areas or opportunities.
How Much Can You Really Make Online In Nigeria?
To be honest, the opportunities t make money online in Nigeria are endless.
You can make as much as you possibly could think of based on your expertise, the amount of energy you put in, the kind of products you sell, how lucrative the business is and your reach/network.
Personally, I have been an online entrepreneur for the past 5 years and to the glory of God, I have never been in lack. I am not that rich but I am comfortable enough to live a modest life and support a family.
Ok, that is just being modest.
You can make millions or several hundred thousands of Naira depending on the factors I mentioned above.
A friend of mine is a content marketer and makes at least $5,000 per month. Another one sells software and web applications and makes around $3000 online.
They are people I know and have worked with personally. So this is not a cock and bull story.
I took my time to go through the basics because I want you to understand how it works.
There’s more to it but these are just the fundamentals.
10 Ways To Make Money Online In Nigeria
Having said all of these, what online businesses can you do right here in Nigeria based on the skills you have acquired?
There’s quite a lot but I have selected the top 10 methods that are suitable for beginners.
1. Affiliate Marketing
Affiliate marketing is the process of earning a commission by promoting other people’s (or company’s) products. You find a product you like, promote it to your audience and earn a piece of the profit from each sale that you make.
2. Create an Online Course
Sharing knowledge is one of the best ways to make money online. If you’re an expert on a subject you can monetize your knowledge by creating courses online. You can sell your course on Udemy or, if you already have your own audience, on your own website.
3. Publish an Ebook
Ebooks are a quick and easy way for anyone with ambitions of becoming a self-published author to get their work out into the world. With platforms such as Amazon KDP, it’s never been easier to publish an ebook. All you need to do is write the ebook, format it, create an ebook cover, publish, and promote it.
4. Start a Blog
Blogging is one of the oldest methods for making money online. People who love writing tend to start blogs with a niche focus. For example, a blog about procrastination, cars, dropshipping, toys, etc., is often a narrow enough focus so you can build a loyal following, but big enough that you can cover a lot of ground.
5. Start A Freelancing Business
The easiest way to make money online is to take your current job at your 9 to 5 job and do it online instead. For example, if you’re a writer, administrative assistant, graphic designer, teacher, developer, etc., you can take those same skills and find clients online who are looking for it.
6. Become an Online Tutor
You can make a lot of money online, and choose your own hours, by being an online tutor. Sciences and maths often have a high demand for tutoring positions, but you’ll also find English to be popular among international audiences. If you’re an expert on a topic, tutoring may be the right platform for you to make money fast.
7. Sell Website Domains
If you regularly buy domain names but fail to use them, you can always try to sell them for a profit. Selling domains is ultra competitive though. If you own one .com domain you’ll have a better chance of selling. Words that have high search volume sell well too. Also, domains that are on trend at that moment have a better chance of selling.
8. Start an eCommerce Business
This is one of the oldest and most time-tested ways of making money online. You can do this by either:
- Locally sourcing for physical products that are already in demand.
- Purchasing low-cost goods manufactured from foreign countries, ship them down here and sell. You could also repackage or combine these products with other products, and sell them at a (slightly) higher prices on domestic online marketplaces.
9. Start A Coaching Business
Similar to selling your freelance services, you can also start packaging your knowledge and experience and offer them as a coaching service. If you can establish yourself as an expert in any given field, there are tons of people out there willing to pay for your time especially if you’re so good and you create a good business brand.
10. Get a Remote Job (Part-Time or Full-Time)
If you’re looking to completely change your career and start working online there are thousands of companies looking to hire who don’t care where you are. More and more companies and startups especially are embracing remote work—where you use online collaboration and communication tools to do your work from wherever you want.
Sounds like a lot of work, right?
It really is but the secret to making it work is to pick an idea, develop yourself to an expert level, build your assets, and then launch yourself to the world.
It’s as simple as that!