The recent internet boom has given birth to a new generation of online entrepreneurs. Internet or e-business is the worldwide distribution of unique products and services via the internet using a laptop, mobile device, and internet connection.
It provides independence and the opportunity to earn money on your own terms. Starting an online business is time-consuming due to the abundance of competitors; it attracts stiff competition; it requires time, money, efforts, focus, and drive; but it provides true freedom, which is priceless to the entrepreneur.
With the current rise in unemployment rates in countries such as Nigeria, it is critical for young people to invest in the creative sector by starting their own businesses, particularly on the internet.
There are various types of internet business ideas that you might be interested in; this article will highlight them and reveal details on how to set up and run a new internet business.
The products and services you are willing to offer will determine the type of internet business you will establish, so you will be able to select your most suitable or preferable form from the list below:
E-commerce Store: A self-hosted direct form of internet business. You can sell your products and provide services directly to consumers without the need for an intermediary because you have complete control over your site, which will be tailored to your specific requirements.
All you have to do is create a user-friendly, accessible, and professional website or domain. E-commerce stores thrive in countries with a strong educational system, widespread internet access, and a populace willing to spend money online. Jumia, Konga, and Kaymu are examples of Nigerian e-commerce stores.
Etsy and Ebay Stores: While not common in Nigeria, these are legitimate internet business stores. An Etsy store is primarily for people who sell vintage items, and customers will need to go through an interface to purchase your goods.
On eBay, you have little or no control over the visual layout of your store, which can be advantageous or disadvantageous depending on your brand. Unlike Etsy, Ebay stores do not require vintage items, but some items are prohibited on the site.
Blogs: Blogs are domains that typically focus on audience growth through content marketing. You can make money from your blog by selling products and services.
If you have a skill such as photography, sculpture, make-up, or any other form of creativity, you can start a blog to showcase your work and build your portfolio online.
For a fee, you can share your knowledge with a specific audience via your blog. We also have entertainment blogs, and Linda Ikeji’s blog is a real-world example of blogging as a business in Nigeria.
Micro Sites: These are smaller than blogs, with limited content focusing on narrow or specific topics and selling affiliate products. They generate search engine traffic by using low competition key words that rank well in search engines, creating content around those keywords, and linking to the website via various links. On a microsite, referral commissions can be earned by referring people to sites or vendors that pay affiliate fees when a sale is made. Shopdirect.ng is an example of a Nigerian microsite.
Membership Sites: These are sites designed for a small audience with the goal of solving a specific problem by providing highly valuable information, tools, services, and resources to help their members succeed. They provide specialized mentoring programs through videos, podcasts, and audios.
You don’t have to wait for people to buy a product when you have a membership site because you’ll get money from your members every month.
The fact that you receive recurring monthly income should motivate you to provide high-quality content and services. The majority of fitness instructors and nutritionists in Nigeria have membership websites.
SETTING UP YOUR INTERNET BUSINESS
To set up an internet business from the scratch, you will need to:
1. CARRY OUT PROPER RESEARCH:
There is already an influx of people into the internet business, the probability that your brand will be diluted once you join is very high so in order to avoid this, you will have to carry out extensive research on the business you want to venture into.
Find out the extra mile you have to go to distinguish you from others in your line of business, what will set you apart from others? How do you make profit?
How do professionals in your line of business run their brands? These are pertinent questions you need to ask yourself; make inquiries, get vital information and apply it.
Write out your business plan and analyze it, detail it to essentials and stipulate your means of funding then implement an income generating plan.
2. BUILD YOUR BRAND:
Set up your brand by registering a well thought out domain name, if you can’t set it up yourself, contact a professional to get it done at an affordable rate.
Be sure it is easy to access, user friendly and professional with your goals and mission clearly communicated. Your content strategy must align with a promotion schedule that will build your business.
3. MAKE YOUR BUSINESS LEGAL:
Make your business a legal entity by checking for rules and tax obligations that apply to online business in your country and adhere to them. Create solid background laws that ensure the authenticity, reliability and legality of your transactions. Make use of the services of a good lawyer.
4. BUILD CONTENT:
Contents give life and colour to your brand, you must have something worthwhile to show people who will want to explore it.
Show off your products and services in a very attractive way; create a catalogue of your products if you need to. It is of utmost importance to keep your contents relevant and engaging to urge interactions with customers, let it reflect your brand in tone and style. Lastly, make your contents visible and credible.
5. BUILD YOUR AUDIENCE:
The first step to building your audience is to identify the demographic characteristics of consumers who will benefit from your goods and services and base your marketing strategies on them; you can also build your audience by being a guest post on a popular blog or podcast that will increase the traffic on your site.
6. TEST AND MODIFY:
After implementing and executing your plans, you must review and study them to find out what works and what fails, check for loop holes and work on weak areas; this is a very effective yardstick for measuring success in business and preventing reoccurring losses.
Now that you are equipped with this brief introduction to internet business, you can start up something on the internet and work consistently on it until it pays off.