It is not always easy to find a business idea that will work in a Nigerian context. The talk-of-the-town business ideas are either too expensive or require extra capital to build and market.
The internet has not only changed the way our world is, but it has also brought in new opportunities for people to build their own business online. Building an online business can be empowering and lucrative, providing job opportunities for those who find it difficult to get a job
In Africa, the internet penetration rate is at an estimated 34%, which leaves a huge market opportunity still untouched. This article will explore 10 different options for businesses that can help Africans make money without spending huge amounts of capital or dealing with difficult terrain.
Smart entrepreneurs are everywhere. And no matter where you are in the world, if you have an idea and internet connection, there’s likely a way to turn your idea into a business to create wealth and impact your community.
What are the Best Low Cost Online Business Ideas?
There are many different ways to make money online, and blogging is ne of the most popular options. Blogging is a great way to share your thoughts and ideas with the world, and if you do it well, you can generate a good income from it.
There are a few considerations to make if you wish to create a blog.
1. Choose a Niche
Choosing a niche is the first step in launching a profitable blogging business. Your blog will be focused on this, and it will help you draw visitors who are curious about what you have to say. Focusing more narrowly will make it easier to promote your site and provide material.
2. Get a Website Name and a Hosting Plan
Once you’ve decided on a niche, you need to Get your blog a domain name and a reliable hosting package. Some hosting companies, including HostGator and Bluehost, provide a free domain name. Just the hosting package must be paid for.
3. Find Your Voice
Finding your voice before you start writing is crucial since your blog should reflect your personality. By doing so, you’ll be able to engage readers and produce material that’s real and interesting. Spend some time experimenting with various writing formats until you discover one that comes naturally to you.
- Create Content Regularly
Regularly adding new content to your blog will encourage people to return. Aim to consistently post fresh articles or videos at least once every week.
In a Nutshell
After selecting your niche, you need to find a reliable hosting platform. Although WordPress is a widely-liked option, there are other choices as well. Once your blog is up and running, begin promoting it on social media and other platforms.
If you can consistently create high-quality content, your blog will soon begin to receive a steady stream of visitors and make money.
Refer to our post on how to start blogging business to get started
2. Affiliate Marketing
Affiliate marketing is a type of online marketing where you promote other people’s products and receive a commission for each sale that you generate.
It is a great way to start an online business with low startup costs and it can be done from anywhere in the world.
The best part about affiliate marketing is that you choose from a vast range of companies to partner with, including AliDropship, Shopify, Amazon, Uber, and FabFitFun.
To be successful at affiliate marketing, you need to have a good understanding of how online marketing works and be able to drive traffic to your affiliate links.
If you are new to online marketing, there are many resources available that can teach you the basics. Once you have a good understanding of how it works, you can start generating sales and earning commissions.
3. Dropshipping Business
Dropshipping is a business model in which e-commerce entrepreneurs sell products without having to carry any inventory.
Instead, when a customer places an order on their website, the entrepreneur contacts the supplier, who then ships the product directly to the customer’s doorsteps.
Dropshipping is a great business model for entrepreneurs who are looking to set up an online business with minimal start-up costs.
It is also a flexible business model as it can be run from anywhere in the world as long as you have an internet connection.
If you are looking to start a dropshipping business, here are some tips:
- Choose a niche: When starting a dropshipping business, it is important to choose a niche that you are passionate about. This will make it easier for you to market your products and build a brand around your niche.
- Create an online store: Once you have chosen your niche, you need to create your store. You can use platforms like Shopify, Wix or WooCommerce to create your own store. You can also create your own website for your dropshipping business
- Find a supplier: Once you have created your store, you will need to add products from a dropshipping supplier. You need to find suppliers who are willing to dropship their products.. You can find dropshipping suppliers on Shopify, AliDropship
The great thing about dropshipping is that it’s a very hands-off business model. Once you have set up your store and added products, you can pretty much let the business run itself. Of course, you will still need to promote your store and drive traffic to it, but the day-to-day operations are very minimal.
4. Start an E-Commerce Business
E-commerce stores can be very successful in Africa, as there is a growing number of people who are shopping online for items such as clothes, electronics, and books. Unlike dropshipping, these are your own products.
There are many great ecommerce business ideas that you can start with little to no money. You can sell products online through a number of different platforms, including Shopify, AliDropship, WooCommerce or Wix. You may also choose to create your own website
Some of the best products to sell online include African-themed items, handmade goods, natural health products, and unique jewelry. If you have a passion for a particular product or topic, you can start an online business around it.
You will need to invest some time and effort into promoting your online store, but the rewards can be great. With a little hard work, you can build a successful online business that will provide you with a steady income.
5. Buy and Sell Domain Names
Buying and selling domain names is one of the original online business ideas, and there are customers who are still looking to buy.
The key is to identify interesting blog names that have the potential to sell later. Buy them with cheap hosting plans like HostGator, Bluehost or Namecheap and place them in an auction.
6. Create Online Courses
No matter what your expertise is, you can create an online course and share your knowledge with the world. All you need is a computer and an internet connection. If you have expertise in a particular area, you can create and sell online courses to help others learn more about it.
Starting your own online course can be a great way to earn income in Africa. The first step is to choose a topic that you are passionate about and have some expertise in. Once you have chosen your topic, you will need to create your course content. This can include videos, PDFs, and other materials. Once your course is created, you will need to promote it online. You can create and market your online courses through several online platforms, including Thinkific, Udemy and Teachable, to help you get started quickly. You can register on these platforms and start coaching right away.
7. Create a YouTube Channel
YouTube is a great platform for Africans to share their stories and talents with the world. You can monetize your channel through ads or sponsorships.
Your YouTube channel should focus on a single niche so you can build a strong, loyal audience. Also, invest in a good camera and microphone to make quality videos for greater earning potential.
The secret to making money on YouTube is to create content that people want. Create witty headlines to entice people to watch your videos and use keywords in your description to optimize for YouTube search. Once you’ve reached the 1,000-subscriber milestone, you can officially monetize your channel with YouTube ads.
8. Freelance Content Writing
Content writers are in huge demand. If you have a knack for crafting engaging stories and writing articles, then you can turn your skills into a lucrative freelance writing business.
There’s a never-ending list of job platforms for each type of freelancer too. For example, freelance writers can apply for jobs on specific online writing job boards, but also on general freelance websites like Fiverr, Freelancer, Upwork, and many others.
9. Publish an e-Book
This is a great way to share your expertise on a particular topic and earn income from it. You can sell your e-book on your own website or on popular online marketplaces like Amazon Kindle Direct Publishing.
All you need to do is write the ebook, format it, create an ebook cover, publish it, and promote it.
You can choose to hire a writer, a graphic designer to design the cover, and a manuscript editor to eliminate errors from the content.
10. Start a Podcast
A podcast is a collection or series of digital audio files that are made available for downloading or listening via the Internet.
Podcasting is one of those great business ideas that is witnessing a meteoric rise. You can make big money too.
Podcasting has a lot of benefits for brands and businesses, but it’s important to be realistic about your goals.
Some good reasons for starting a podcast are:
- To generate leads for a business
- To be recognized as an industry leader
- Share an important message
So how do you start your business?
The first step is to plan your podcast episodes and get your podcast software and equipment.
Next, you need to sign up for podcast hosting. A podcast host is a service that stores your audio files and distributes them to the major podcast networks like iTunes, Stitcher, TuneIn, Spotify, etc.