Beginning an online venture that earns money could be the way to get through the pits in the coming year. It doesn’t matter if you’re in the work force or not, anyone can make extra money during an era like this in Nigeria.
The value of the Nigerian naira has depreciated so much that if you had 200,000 in 2016, you would have been better off than someone who had 500,000 in the current year. The Tribune reported that in the year the year 2021 that the naira declined by 209% in just six years. Therefore, an online business that pays well can complement your current income, provided you have one already. The great thing is that some of these companies pay in foreign currencies.
There are a myriad of online business ideas, but they’re not all profitable. Many are a complete useless waste of time. So, how do you identify an online business that can pay?
The definition of an online company that is profitable?
An online business that earns is any business online that you are able to invest time and/or capital in that will yield a significant return on investment over the long term.
Here are a few online businesses with a pay rate that you can be thinking about in 2022.
Social media management for brands
Social media is an integral aspect of our lives. It’s the most popular place to find everything from educational to entertaining content. From professional platforms like Linkedin to the online photo album Instagram is where you’ll find everything you want in social media today. But how do all of these contribute to an online business that pays?
Because the majority of people today spend a significant amount of time on social media, it’s an essential marketing tool for companies. When you consider that more than five percent of world users social media, you understand the reason why businesses want to make use of it to market their products and services. And this is where you step in with your role as a Social Media administrator.
Medium, large and small enterprises require people to assist the management of their online pages to reach out to their followers and ultimately increase sales.
Roles of a social media manager
As a social media manager the responsibilities you will have include:
- Finding innovative and engaging strategies for engaging social media content
- Regularly posting on social media platforms, including Instagram, Twitter, Facebook and others.
- Establishing relationships with influential people in the business
- Engaging in comments and responses on social media posts to enhance engagement
- Sometimes, you’ll need to design fliers or posters to accompany your blog posts with tools like Canva, Crello among others.
- Analytic tools to monitor the performance of your content across all social media platforms and make adjustments when necessary
How to become a social media strategist
Making a beeline onto Instagram to laugh at the latest skit from your favourite skit maker is simple; anyone can do that. However, managing the presence of a company on Instagram is not a child’s play. It takes a lot of effort, dedication and continuous improvement. To join the club of people making money through an online company that pays, here are a few steps to get started:
Get a Digital Marketing course
Spend some time taking an online marketing course. Digital marketing covers all kinds of online marketing . So, start here to get an idea of how marketing online works.
It is recommended that you follow this with the social media marketing course. Also, think about the course in digital marketing for your BSc and the social media marketing as your masters.
Create your portfolio
Now that you’ve accumulated the know-how, you’re good to move on. However, there’s one small issue to consider: portfolio. Companies, especially large and medium-sized ones, won’t trust you with their business page except they can check what you’ve done before.
How do you create an portfolio when no one is willing to hire you? That’s where your neighbor or uncle, brother, or your relative’s company comes in.
You are aware of at least one person who makes use of social media to run their business. You could offer to help those individuals manage their businesses with a small fee to help build your portfolio.
But what happens if the company manager in your area doesn’t utilize social media to market their business? Then that’s even better. You could convince them to let you create the social media accounts. This lets you build from scratch and build greater exposure.
You can make yourself public
Tell everyone what you’re capable of or achieve. Using the same social media and announcing your own accomplishments by talking constantly about your industry and everything connected to it. Start with family members and acquaintances on WhatsApp before moving further by introducing Twitter, LinkedIn, Instagram and so on.
This means you’re an obvious choice to them when they see any opportunities on social media.
The social media algorithm changes rapidly, and you have to continue studying, relearning and learning to stay on top of the game. Also, keep improving your skills by following influential people in your area as well as reading articles and blogs or listening to podcasts, just continue to learn.
Podcasting
Having your podcast can be a great additional source of income, especially if you have a topic you are passionate about or have knowledge of it. And this activity is beginner friendly. All you need is a laptop, a microphone, a headset, and a quiet place to record.
Some companies can help you with podcast production, so you can just concentrate on talking about something you love and everything else can be taken care of.
Cryptocurrency
A word of caution: This is a high-risk business and should be handled with care. Nothing you read here is financial advice. DYOR, WAGMI!
High-risk, high reward, sure? Cryptocurrency is another online business which is profitable now and will be a good investment for a long time. A report from 2021 by Chainanalysis shows that Nigeria is the sixth nation with the most cryptocurrency use and an index value of 0.26 and is just behind Kenya and Kenya, with 0.28. 0.28 index. This suggests that Nigerians, and indeed Africans are taking to cryptocurrency at a fast pace, providing both commercial and investment opportunities to people who are smart and have the cash.
The best part about it is that there are many ways to make money from cryptocurrency.
How to make cash from cryptocurrency
Capital Appreciation
The easiest way to earn cash from crypto is to purchase a crypto currency you want at a time when you believe that the cost is low , and then sell it when the price goes up. This simple process turns complex when the price continues to fall rather than grow following your investment. Most of the time, however the price will rise again later in the future, if you’re patient.
Deciding which coin to invest in and when is the most appropriate time to buy the coin requires you to DYOR.
Staking
Another method to transform cryptocurrency into an online business that pays well is by staking. In order to do this, you have to first buy the right cryptocurrency that lets you the staking of that coin and then keep it in a live wallet . You can then make other coin (could be the same coin , or another coin) as a reward for participating in the particular crypto network.
Futures and options
Options and futures have been well-known in Nigeria even before cryptocurrency became widely known, just that it was known by another name – forex trading. This is one of the biggest risks of trading in crypto because it could earn you a lot of money within a short time, and then you could be liquidated (lose all your money) at the same time.
Yield farm
Also called liquidity harvesting, yield farming allows you to lend out crypto assets to yield cash rewards. This is a method to earn passive income from cryptocurrency assets.
Employment in the field of crypto
New crypto assets are being launched frequently. There is no doubt that a lot of them are scams that could eventually pull the rug. However, there are a whole lot of legit crypto projects that are launched frequently. There’s always a brand new venture in the crypto sector, from crypto-related services that let people store and transact with their crypto currencies to brand new protocols using new coins that customers can purchase.
These projects are not going to be able to run themselves. They’ll need every assistance they could get in various capacities, including development, design marketing, sales and support. This is why there was an 400% growth in crypto job ads in 2021. Also, as Nigeria is a major player in the cryptocurrency industry, there is an enormous demand for talent from this region of the world. This presents another opportunity to make money through cryptocurrency.
Some websites where you’ll be able to get crypto-related work include; Indeed Crypto.jobs, AngelList, Crypto Recruit among others.
ICOs and IDOs
Like what we’ve had in the past with IPO (Initial Public Offering), ICO (Initial Coin Offering) or IDO (Initial DEX Offering) enable crypto projects to raise money by selling their coins to early investors prior to when they are listed on exchanges. It’s a win-win situation as the project developers get money for their venture and the investors gain an immediate profit when the coin is listed on one of the centralised or decentralised exchanges.
Affiliate marketing
It is possible that some people have corrupted the term affiliate marketing with the way they try to force it upon people’s heads nowadays. But that doesn’t alter its factual nature that affiliate marketing is an online company that will be very profitable in 2022.
In essence, affiliate marketing is selling other people’s products in exchange in exchange for a fee. In other words, you can run an online shop without spending any money on products. All you have to do is communicate with the seller and advertise through social media or another digital channel. When the orders come in, you channel them over to the seller for the fulfillment, and you receive your credit alert. An easy method to earn money if you would like to know more.
Of course, you will still have to put in the work, particularly in the promotion of the product so the customers can purchase.
Affiliate programs are usually free to join, so you should stay away from those that demand you to contribute some cash to purchase affiliate products. You don’t even get to see or touch the product often So what exactly are you paying for?
How to join an affiliate-marketing company
Here are the various steps you should take for becoming an affiliate marketing professional, to be successful:
Select your preferred method and the platform
There are numerous options and platforms to make money as an affiliate marketing professional. You should know from the beginning what you would like to focus on.
Do you wish to advertise products by writing reviews or blog posts? Or perhaps you’d prefer to create an online store and sell to customers with a commission?
Learn how you can improve and where your weak points are from the beginning and let them guide your choice of strategy and platform.
Know your audience and niche
What is it that you are passionate about? Passion is a must. If you are a fashion lover so much, you shouldn’t concentrate your affiliate program around beverages.
In addition, who is your intended market? Which is the age range, gender, location and preferred social media platform? Find a way that you can combine your passion to the needs of your audience and you are on the right track to success.
Choose your products
Once you’ve identified your target market and niche, choosing the product they’re interested in is the next step. Fashion-related products are a thing of the past; you may want to consider that if your audience is young. Or you could consider selling digital goods. Each of these options will be contingent on your niche, audience and your choice of platform.
Vlogging
Vlogging is blogging in video form. The idea is to use video to communicate content and stories you are passionate about and build an audience.
To begin an TV show in Nigeria you’ll need to be a qualified broadcaster who has years of experience and may even need to be connected with someone that is familiar with someone. However, the advent of digital technology has democratised video content creation and distribution and rendered gatekeepers obsolete. Today, using a Youtube channel, you can host your own television show and make it an online company that is paid directly to your account every few months.
How do you become a Vlogger
- Choose a niche
- Know your audience
- Always create content that is valuable.
- Start with your phone camera and improve on video quality as you progress.
- Make an effort to stand out (be your own person you are unique, everyone else has it)
- Collaborate
Influencer marketing
The average consumer will purchase something because someone they admire is using the exact product. This is the reason influencer marketing is an online company that compensates all parties involved.
In the past, film musicians and movie stars were only individuals who were considered influencers , and in turn, they were able to get all the endorsement contracts. In the present age of social media, it is possible to be an influencer , and earn money from businesses if wish to.
However, does this make influencer marketing an easy endeavor? Absolutely not. Like every other online business that pays, it does require some work from you.
How to get an impact
- Choose your niche
- Optimise your social media page(s)
- Know your audience
- In a consistent manner, post relevant content
- Engage your audience
- Regularly leave a call to the brand to let them know you are open to collaborations
- Contact brands with suggestions when you need
In the conclusion
An online business that pays monthly is not the same as an online enterprise paying INSTANTLY. Like all businesses, you must devote time and other resources to these companies to pay for them. There are no shortcuts to success anywhere and not even on the internet.
