Learn ⇒ How to Start an Online Business in Nigeria (step by step) or how to move your business online.
Online business in Nigeria are online business startup by Nigerians. Many Nigerians want to set up an online business but finds it difficult getting started. This article is a complete guide on how to start an online business in Nigeria.
With an increasing unemployment rate, and people in dire need to possess different source of income; online business is gaining a lot of attention now than ever.
There are so many reasons to start an online business but whatever that might be your own reason of starting an online business, know that online business is not necessarily a magical tree that offers limitless cash out.
The ease of growing a business online without a physical workplace has made it cheaper and profitable to new and existing entrepreneurs who want to start an online business.
What then does it take to start an online business? How are the booming few online businesses doing it? What does it take to play a big part in the internet space?
If you’re thinking of how you can start an online business or attempting to know what it takes, this article you’ll learn;
- 11 steps to start an online business in Nigeria.
- Why online business fail
- How profitable is an online business?
- What online business can I start?
- What online business can I start with no money?
- 10 Helpful tips for starting an online business
- Requirement for successful online business in Nigeria
Steps to Start an Online Business in Nigeria
Without wasting much of your time, these are the steps to start an online business in Nigeria free or with little capital;
Find a Problem to Solve
The first step to start an online business is to spot a problem people encounter every day, and find innovate ways to the problems. It might be that people are finding it difficult discovery hospitals and comparing thousands of medical services, purchasing products from online in the comfort of their home rather than the troubles of a physical market, checking out information on the web using plans like HughesNet plan, HughesNet Gen5 plans.
When you identify a need or problem people encounter on daily basis offline and you discovered the most cost-effective solutions, you’ll proceed to create an idea (solutions) around it online to bring it to fruition.
Write A Business Plan
After recognizing an obvious problem, you need to structure a plan on how you’re going to execute it. Genius is 1% inspiration, and 99% perspiration. Planning and execution is everything once it comes to ensuring the success of any new business.
The first solution for a successful online business is to jot down a business plan. This is especially necessary if you’re going to look for a loan or meet with investors. While some might need a business plan, others might need a business model canvas. Irrespective of what criteria investors, banks, otherwise you need to start your business, having and working with a plan is crucial to your success. Read more on…How to write a business plan that wins investors for your
Register Your Domain Name
After you’ve known a good online business plan and have an idea to back it up, you should proceed to select an excellent name for your new startup. Picking the right name is a very important step. It must be one that is preferably short, can be easily spelt, and has some relatable meaning. All these are important; especially when you’re bootstrapping. When you have plenty of money to run an online business, an aggressive promotion may stamp any name you select on the minds of people who may see your brand’s advert, however when you have a bit to no startup capital, the name you choose must be carefully selected.
Examples of online business with nice domain names are www.apple.com, www.microsoft.com, www.facebook.com, and several others.
Register Your Business
After registering a website name, you must proceed to register your business within the country you plan to run it from. Doing this ensure you have all the required licences to run such an online venture, and are not breaking any local laws; especially trying to covertly evade tax payments. In Nigeria, you will need to register your business name with Corporate Affairs Commission (CAC) branch close to you.
Build A Functional Website
After your business registration, you should employ the services of a professional web developer to bring your ideas to life. If it’s an e-commerce startup, you’ll use WordPress, BigCommerce, or Shopify to simply set it up yourself. For a lot of complex online business idea, a web developer that fully understands what you want to achieve should be commissioned to handle the project.
Although skilled web development costs vary, you must decide a developer with some professional web development expertise, particularly in custom web application development, which offers you the cheapest pricing for good results.
Pay for Web Hosting
The next step is to host your website online. A great place to do this is Siteground, Bluehost or Godaddy. They provide a highly robust environment for web developers to upload the contents of any website. By hosting your web site online, your domain name would be accessible from anywhere in the world. Sign up for Siteground web hosting plan, their uptime is 99.99%.
Register A Merchant or business Account
After paying for a hosting service, proceed to setup an online merchant account. By doing this, you’d be able to integrate online payment services on your website. Some nice platforms to setup a business account on are Interswitch, Paga, Paystack and a host of others.
When the account is setup, your web developer can integrate the payment gateway on your platform and have you receiving payments as soon as your startup launches.
Setup Your Social Media Channels
After registering your business or merchant account and developing a functional website, the next thing is to setup a social media accounts for your social media presence. This involves creating your brand profiles on facebook, twitter, instagram, and a couple of others. Doing this brings you closer to your fans and helps you build a better relationship when you’re not trying to sell anything to them.
Social media will aid you in marketing your products, services, content and so on.
Add Valuable Content
If you’re going to start an online store, a blog, or any online startup, you’ll need to publish quality articles people would find valuable. If it’s an eCommerce store, you need to have great looking products at good prices in all the right categories, so people don’t think your website is empty or a scam. Same with the other startup; make sure you have the correct items in the right places throughout the entire website.
Promote your Online business
You may have the best product in world but if it does get to the right people, the product is as good as not existing. So, marketing your product or service will help in spreading to the right people. Promotion is important part of building a successful internet or online business. After from marketing your product(s) on social media; another way of marketing your product(s) online in Nigeria is the use of advertising platform such as; Google Adwords, etc.
Let people to know what you offer and how it can help them. Build audience to deliver your goods and services to them.
Monetize Your Online Business
This is where you establish the ways to make money from the online business. It can be through marketing services or products online, product reviews, media.net native ads affiliate promoting, putting up ads, so on.
Many people have made it online already, so never be scared to try your idea online. According to successful online entrepreneur, Bill Gate, if your business is not on the Internet, then your business will be out of business.
Before you jump into starting an online business, it’s good you know why many online businesses fail so you won’t become a victim. So, let’s look at some reasons why online businesses fails.
Why online businesses fail
There are many reasons why online businesses fail; they include;
- Starting online business with no knowledge of internet.
- Not being prepared to face failure.
- Not having an online business plan.
- Hiring wrong person.
- Poor marketing.
- Working with inexperience team. Read more on…. why online businesses fail
Frequently Asked Question (FAQ) on online business in Nigeria
How profitable is an online business?
Online business is generally a profitable business that can bring more money, if manage very well. It can be a huge source of income, the more audience you reach, the more money you can make. With as little as $30 (N10,800), you can start an online business and make six figures in less than a year. There are thousand and one persons who had made it online. Typical example is like of Mark Zuckerberg, Dom Wells, Steve Rendell, Stuart Walker, Tung Tran, Alistair Gill, Melanie Duncan, etc.
However, online business is not necessarily a magical tree that produces money. You have patient and dedicated to succeed in online business.
What online business can I start?
There are so many internet or online businesses you can start today. You can start a blog, Online store or E-commerce store, online Consultation, Escrow online services, online financial services, Online tutorial, cryptocurrencies trading platform and a host of others. It all depends on how much you have as your capital. Read more on…Online Business Ideas to start in Nigeria.
How can I make money online in Nigeria?
You can make money online in Nigeria by starting any of the business mentioned above. This article talks about….how to make money online in Nigeria, so read it to get a more detailed ways to make online in Nigeria.
What online business can I start with no money?
Some of the internet business you can start with no money include;
- Freelance writing
- Graphic designing
- Business Coaching
- Social media consulting
- online tutoring
- App Developer
- Web Designing
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