3 Powerful Ways to Build an Online Business Regardless of the Current Economic Meltdown
There’s quite a handful of ways to build an online business, but before I go into that, let’s talk about our current reality.
If you are Nigerian, it’s not uncommon to see people rant on social media websites about how badly the current Government is performing; they make all sorts of memes and videos to vent their anger on the Buhari administration.
With the prices of almost everything skyrocketing, it’s now difficult for most families to meet up with their basic daily needs; people are now seeking every means necessary to meet up!
Do a short survey and ask 100 Nigerians the question, “How is life treating you?” I bet that ninety-nine if not hundreds of them will respond with complaints and heap curses on the President.
I greeted a cobbler who came to mend my shoe with the salutation “Sai Baba” a few days ago and the guy angrily told me to shut up! It’s that bad, even the Abokis are feeling the pinch!
Despite all the looming problems in the country, do you know that while the majority of the populace is complaining, a few others have found a way to take advantage of the internet to build an online business and make money in US Dollars?
The current exchange rate stands at about N400 per Dollar. If you earn just $400 in 4 weeks from a freelance website, that’s about N160,000 right?
Apart from making money in Dollars, people are actually spending money for the things that matter a lot to them or solve their immediate problems. Stuffs like make-up can never stop selling, other stuffs like weight loss program, skin beauty, food, champagnes, recharge cards etc.
If you desire to make money online, you need to figure out what people are already spending money on online. There’s only one way I know of that will guarantee you make money online, “you need to be able to sell stuffs in exchange for money”.
Your ability to convince them to part with their hard earned cash should come in handy. When you give someone a good reason to part with his money, it’s likely you will make a sale.
I’m telling you, people are spending money on things you think they wouldn’t spend money on owing to what’s happening in the country. Let me show you this ad I found on Facebook:
I have seen this Ad consecutively for 3 days now. Do you know what that means? They are making enough money to keep the Ad running. Look carefully at the image above, you will see over 384 comments, 89 shares and about 3,800 reactions.
I opened the comment section of that post and 98% of everyone who commented on that Ad requested for the product.
Now that advert sells two hair growth products at the rate of N9,000, but do you know that both products combined actually costs less than N1,500 if you know where and how to get them?
In this article, you will learn about the 3 powerful ways to make money online regardless of the deteriorating state of the economy:
1. e-Commerce Business: I wouldn’t go deep on long definitions here, I am sure you already know what e-commerce is. If you don’t, it’s simply a process of buying and selling physical products via the internet.
Basically, here’s how it works:
- Merchant sources for products
- Merchant lists the products on e-Commerce website (specifically designed to sell products)
- Customer sees the products and places an order (Immediately or Pay on Delivery)
- Merchant packages the products and hands over to dispatch
- Customer receives products and makes payment (in the case of Pay on Delivery)
How Do You Source for Products?
You can get your products both locally and internationally. You can decide to import your products directly from China through importation websites like AliExpress, AliBaba, DH Gate and the rest of them.
You need to be able to negotiate with the merchants on there to get the best price; you should also factor in the cost of shipping the product to you.
You can import on a small scale (mini-importation) or on a large scale. Before you import any product, it’s wise to ascertain if the product is high in demand (you can take a clue from the Ad I posted earlier).
You can source for products locally if you don’t want to go through the route of importing by yourself. There are several markets especially in Lagos state where you can get products from big importers at a good price.
The majority of the products I have sold and still selling online are locally sourced. Based on my calculation, it’s almost the same price or even cheaper getting the products from big importers than importing yourself. If you need great products like shoes, stretch removal oil and cream, makeup, makeup brush, jewelries, customized shoe perfume etc. You can chat me on WhatsApp 08037193840
You can also get products from a reliable Network Marketing company to sell. In time past, I sold Forever Living Clean9 for weight loss, Vital 5 for Diabetes, etc. There are a few MLM companies with great products you can sign up with to get their products to sell at your own price.
How Do You Sell The Products?
There are basically two ways to sell your products online. You can sell by leveraging on existing traffic on e-commerce platforms like Jumia, Konga, Kaymu, DealDey etc. Or you can sell by creating your own website and driving traffic to it.
The afore-listed e-commerce websites allow you to create an account and list your products on their platform for free. However, they charge you a certain percentage when you make a successful sale off their platform.
To get started on Jumia, visit sellercenter.jumia.com.ng and on Konga, visit shq.konga.com to create an account for free. Follow the instructions and complete the application process. After you have been approved, you can then list your product.
If you get irked by the fact that you have to pay commission for each of your product sold on the e-commerce websites, you can design your own platform to sell your products and/services without anybody charging you any fee.
If You Want to Sell Off The e-Commerce Websites, Here’s What to Do:
- Decide on the product you want to sell
- Get a domain name and hosting account
- Get an auto-responder
- Write a sales copy for your sales page and squeeze page
- Advertise on Facebook
If this sounds like rocket science, I can help you set up everything and suggest a product to promote for a fee. Plus you will learn how to send targeted traffic to your squeeze page from Facebook.
That’s all for e-Commerce business. If you have questions, please drop a comment in the comment box below.
2. Network Marketing: It’s likely you hate to hear about this one but just before you completely frown your face; Network Marketing is great way to build a lifelong income if you know how to go about it.
With a good MLM company with great products/services, you don’t have to bother about importing products.
The good thing I love about this business is that it can make you money even in old age when your bones have become weary, but you have to work hard at the initial stages to get to that point.
Depending on the Network Marketing Company you subscribe to, you need to learn how to sell product/service and/or recruit people to soar in the business. One of the major problems people face in MLM is that they don’t know how to sell or recruit.
I joined Omegapro in May 2022 and I was able to sign up 10 downlines in 5 days or thereabout. Plus I signed up someone that invested N8,000,000 into the business without even meeting him. How did I pull the stunt?
I developed a powerful recruiting system that enabled me recruit people without going out on the streets! You won’t believe if I tell you no member of my family or close buddies have signed up under me.
Do you want to join OMEGAPRO and learn how I recruit downlines through Facebook advertising? Send an email to firstname.lastname@example.org with the title “I Want to Join OMEGAPRO”
3. Freelancing: Do you know as a freelancer on Fiverr you can earn up to $500 a month? I’m not trying to Hype and all that but this result is achievable. One of my blog readers swung into action after reading an article on my blog and he made good money. Click here to read his story.
If you can write articles, post on Facebook, do graphics, animation videos, design a website, then you can make money from Freelance websites. I jumped into Freelancing on Fiverr when I had a paid job; after I got out of paid employment I continued working on Fiverr.
Fiverr is a freelance website where people get paid $5 after the completion of a gig. By gig I mean “your service”, any service listed on Fiverr is referred to as a gig.
Even though Fiverr takes $1 service charge for every successful sale, you can still make good money off it. If you make 100 sales in a month, multiply by $4, that’s $400 for you! Multiply that by the current Dollar to Naira exchange so you know how much you earned.
You can play around the Fiverr website to check for gigs that are already selling, then create your account, list your own gig and wait for the sales to come in. As a newbie, there are a few things you need to do in order to get sales. To get started on Fiverr, click here to read my article on account creation.
If this Fiverr thing is too hard for you to comprehend, you want to save time instead of doing trial and error, I designed a course on freelancing on Fiverr specifically for you. This course takes you the whole process and shows you a simple but powerful gig you can create and start making money in the next 48 hours. Click here to access the course
I know times are hard and all that, but you can do something about your own “CHANGE”, you can live a comfortable or even more than comfortable life only if you decide to change things for yourself. These are just a few ways you can make money online. There are other ways, but I would advise that you stick to any of these.
If you have any questions, comments or suggestions you would like to add to the list, please drop a comment in the box below.
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Until next time.