The world has long moved from being analog to digital. Online Business simply refers to a commercial website wherein one can sell one’s goods or services to others in exchange for the value of money. To this end, we’ll be looking at 8 profitable online business models that are thriving in Nigeria and the rest of Africa.
If you think the internet is just a fun place, think again. There are so many thriving business models that are open to everyone that desire to swim in this open ocean of wealth making opportunities.
Some of these Business Models include the following:
E-Commerce Business Models
Just like onsite shops where one can buy and sell from, so also there is what is called the online market/shop where people buy and sell their products and services online. E-commerce is an online retail store which can be promoted using any desired marketing strategies to fulfill its orders of delivering goods and services. You think of anything, there is an online market for it, a lot of entrepreneur are making millions from this business.
This is one business model that has continued to expand, every goods and services acquired online are expected to get through to its buyers who have purchased them. This is where drop shipping come in. Dropshipping is the funnel through which the goods, and services acquired online get through to its buyers, also rather than owe a physical shop where you buy and store things up, you can get products directly from the producers and then ship them directly to buyers. This model works well with e-commerce.
Affiliate Marketing Business Models
This is a lucrative passive stream of income, it is getting customers for other’s product/service. It involves earning a commission for selling product’s brand for others. There so many affiliate program to pick from, some of these program includes Amazon affiliate, maxbounty, flexoffers, Rakuten affiliate among others. But before choosing an affiliate program, it is important to carefully choose your niche (high interest and a high in demand), know how to target your audience by producing great content, your affiliate mode of payment and be known for great product recommendations.
Selling Digital Products
What do you do with that knowledge you possess? Most people who are search of answers or solutions, they no longer go to the library to search for answers, but they turn to google. One can sell one’s knowledge by producing great content using any of these mediums podcasting, eBook/ courses or blogs. One must ensure their product solves a problem, that he/she understand the subject very well and should have a website to sell that products.
Coaching and Consulting
This is a personal branding business wherein the consultant is the persona and the product which costumer will be patronizing. To be a consultant or a coach, then you must be an expert in selling your expertise to your customers. This is strictly based on a personal relationship, so, you must have the talent and ability to retain your costumers, as this work moves smoothly on the strength of referrals. So this is all about assisting others solve their problems with your expertise that means you must knowledgeable in your field of expertise.
Apps and Software Business Model
This is all about providing products that target an audience that can conveniently use this product and thereafter they are charged at the end of the month. With the growth of SaaS (software as a service) companies, the use of apps and.software is inevitable. There are various Payment models for different apps and software, there is the freemium model that allows unlimited access but requires an upgrade to access more features, there’s the free trial model that allow free customers access for a periodic time before charging them and lastly there is the free software model that unlimited access but get its revenue from advertising.
This requires to have a blog, and build traffic. You can start a WordPress blog on a particular niche that you love or have detailed knowledge about, you will need a lot of traffic to build up your credibility and begin to generate income from advert sponsors.
Blockchain Business Model
Blockchain is a decentralized, digital Ledger. It is a digital database that its own by no one but anyone can actually contribute into it. A blockchain business model allows peer-to-peer transaction which in turn creates a trusted network. This work when a person assists blockchain reach a consensus and in return a token is given to such person, and this value of this token all depends on the market conditions. Example of this token are Bitcoin and Ether.
In summary, a good business ideal plus a good traffic source will always equate online success. Online business are lucrative as you gain more skills. The internet has something for everyone who dares to get involve.
That’s it on our Online Business Models thriving in Nigeria and the rest of Africa in 2020. Please leave us a comment of your thoughts below
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