Many people believe that making legitimate money online is a hoax, and that you cannot truly generate 6-7 figures per month with an online business. Even those who believe they can establish an online business will find it incredibly challenging. With this article, I’d want to provide some of the best legitimate online business ideas for making a lot of money as a side hustle. Here are some ideas about online business ideas that pay on a daily basis.
If you look at Google’s search trends over the last year, you’ll see a significant increase in the amount of people looking for the most profitable online business chances and the most legitimate online business ideas that pay. Others are looking for online business ideas that they may start with very little money. Although this post is aimed at Nigerians, the concepts presented can be successfully implemented worldwide and yield similar results. It will respond to the majority of frequently asked questions about internet business ideas.
According to a recent report by the Nigerian Communication Commission (NCC), about 300 million mobile phones in Nigeria have internet connectivity, serving a population of around 200 million people. According to the report, approximately 10 million new mobile devices are added to this number practically every month.
Following the NCC’s research, it is safe to assume that Nigerians are moving their daily operations and activities online, which provides excellent business chances for entrepreneurs and dedicated Nigerians.
Furthermore, in light of the recent Coronavirus pandemic, some Nigerian corporations, organisations, companies, and even small-scale businesses are closing their offices and moving their operations online to take advantage of the country’s growing internet user base.
Online transactions in the Nigerian internet area currently total well over N2 billion each day. Individuals, businesses, and government agencies are all increasing their investments in internet ventures. Why sit around reading about these stats when you can immediately establish an internet business and take a piece of the pie for yourself? In the online world, practically everyone with any ability or service may find a home.
What exactly is an online company?
An online business is one whose transactions are nearly entirely conducted via the internet. It entails using the internet to market goods or services to a specific audience. The fundamental goal is to make money, just like any other ground or physical business. The implementation and techniques, on the other hand, are considerably different.
Although an online business may not be technically registered, it is highly suggested that you register it in your resident nation for legal purposes, as internet enterprises are not exempt from regulatory requirements.
Why Should You Start an Online Business?
There has never been a better time in history to start a personal business than now, when we have access to many business options, some of which require no capital at all.
Everyone is connected now, regardless of their financial status, demographic, or geography, thanks to the development and advancement of social media and microblogging website tools.
It is extremely simple and affordable to start an online business. All you need for most online businesses is a smartphone or a laptop with a fast internet connection. Others, on the other hand, require a domain to host the company’s website, official emails, and other services.
Another compelling incentive to establish an online business is the independence and flexibility it provides. You are not bound by office space when you run an online business; you may operate from anywhere in the world. You can go on vacation for six months twice a year as long as you have access to the internet on your phone or laptop.
Running an internet business, like any other enterprise, has advantages and disadvantages, but millions of individuals around the world are drawn to the concept of being in control of their life by doing so.
Let me also point out that online businesses are extremely profitable – just ask Jeff Bezos, the founder of both Amazon and Netflix.
Finally, I’d want to remind you that because unemployment in Nigeria has surged, owning an online business may be the only route forward for young people, particularly recent graduates.
What you will require to begin an online business
Let me briefly go through some of the essential needs for starting an online business in Nigeria:
- A laptop or a smartphone
- High-speed internet access
- CAC/FIRS business registration
- A Corporate Identity (Logo, Letterhead, Invoices, etc)
- Your website’s domain and official email addresses
- A Debit or Credit Card a Bank Account
Some other online businesses may require a few additional items than those listed above, but for the most part, those are sufficient.
Now, let’s get to the crux of this article: whether you need money to pay your fees, a passive income, or money to start or build other enterprises, these are my top 10 legitimate internet business ideas that pay daily in Nigeria and elsewhere.
Top 10 Most Profitable Online Business Ideas for 2022
Affiliate marketing is one of the most established, dependable, and legitimate ways to earn money online. It’s a commission-based business strategy in which you receive money from merchants for sales and leads to their products and services.
To explain further, you will sign up with a merchant who is offering an affiliate marketing opportunity, and the merchant will issue you with a unique referral link.
You must then share and advertise that unique referral link with your friends, family, and other potential consumers on social networking pages, websites, and wherever else. Customers will be sent to the merchant’s website or goods, and you will receive a referral commission if they make a purchase; some platforms provide up to an 80% commission ratio. It’s worth noting that most retailers won’t pay you a commission unless someone buys something through your referral.
The majority of merchants will provide you with a dedicated dashboard on their website to track your traffic, leads, sales, and commission.
Web hosting providers provide the most popular affiliate marketing options. Affiliate marketers make money by introducing customers to purchase domain names, SSL certificates, and hosting plans.
Online businesses such as Amazon, Jumia, Alibaba, Aliexpress, ClickBank, and others provide affiliate marketing opportunities. Unfortunately, Nigerians are unable to access ClickBank, the world’s largest affiliate marketplace.
The good news is that in Nigeria, we now have a comparable network called expertnaire that has grown to become the biggest affiliate marketplace, allowing affiliate marketers to earn over N500,000 per month in commissions from purchases. Expertnaire was formed by Toyin Omotayo, a highly successful affiliate marketer in Nigeria, and gives up to 80% commission on digital product sales.
Dropshipping is the newest addition to the list of online business ideas used by Nigerians to earn a monthly income of 6-7 figures. The company requires no initial investment.
Dropshipping, as the name implies, streamlines the process of purchasing and delivering items to clients. This is how it works: instead of purchasing things and holding them in your store or warehouse, you partner with a vendor or manufacturer, then list and advertise their products for sale online via your website, Facebook, Instagram, Whatsapp, or any other online platform.
When a consumer places an order with you, you forward it to the vendor, who subsequently delivers the good/product to the customer.
You will have to pay the wholesale price of the item as well as the shipping costs. In most circumstances, the vendor is responsible for the packaging, return, and replacement of the item in the event of a miscommunication.
Freelancing is one of the simplest ways to make money online, and it’s completely free to get started. To begin freelancing in Nigeria, you will not need any money or tools. Experience, a phone, and maybe a laptop are all that is required.
Experience is the most significant need for freelancing. Advanced experience in any of the following industries is a great plus: web design, programming, SEO, copywriting, transcription, video editing, article writing, editing audio, translating papers, translating books, and so on.
The first step in starting freelancing is to figure out what you’re good at.
Do you know how to use CorelDraw or Photoshop? Can you create iOS and Android apps? Are you an expert in web design? Are you an expert at marketing? Are you familiar with search engines? Are you a skilled copywriter? Are you an expert proofreader? Are you a pro at video editing? etc.
When it comes to freelancing, you rely on your ability to perform what you’re good at and enjoy.
Advertising yourself and what you do is one of the stumbling hurdles for individuals new to freelancing… However, as you put in more effort and attention, finding clients and getting employment becomes easier.
Creating electronic books
This is one of the most widely used online business concepts. If creative writing is your passion, you deserve to be able to earn money while doing something you genuinely like. Many young people I know are taking advantage of this concept and profiting handsomely from it.
All you have to do is put down what you know about any part of life or your experience in any field. A children’s book, a fiction novel, or a marketing handbook could all be examples. I’m talking about everything you can wrap your head around.
There are a plethora of internet platforms that enable and provide resources to help you successfully publish your authored books for your target audience. This includes everything from Amazon’s Digital Download app to CreateSpace and Blurb’s on-demand printing services.
When you publish your book on Amazon, whenever a customer makes a purchase, your ebook will be sent to them via direct download link or email, and if they require a hard copy, you’ll place an order with CreateSpace or Blurb, who will customise and print your book, as well as handle storage, packaging, and delivery to the customer.
Create a blog of your own
Blogging is a wonderful way to generate 6-7 figures as a passive income for everyone. Blogging has evolved from a virtual journal to a digital marketing and monetization channel, making it one of the most lucrative online business ideas for entrepreneurs in the twenty-first century. Linda Ikeji of lindaikejiblog, Omojuwa of 360nobs, Makinde Azeez of Naijaloaded, and others can attest to this.
Publishing sponsored posts, hosting third-party ads (the most popular being Google Ads), hosting direct paid ads, selling your own items, affiliate marketing, subscription-based models, and so on are some of the most common methods for monetizing your site
Focusing on creating and engaging with your audience is the key to maintaining a successful blog. The goal should be to establish an audience that trusts and believes in what you’re blogging about, which is simple to do if you start with an audience-centric approach.
The benefit of blogging is that it provides you with an important opportunity to practise your writing skills. Additionally, blogging is a long-term investment that helps to sustain your business and can be found on the internet indefinitely unless you decide to delete it or stop renewing your hosting. Wix, Blogger, or WordPress are all free content management solutions that you can use to start your own blog.
Become an Influencer on Social Media
On the internet, social media influencing is now a thing. It’s usually employed in the marketing of new products, services, and items. Young people with talent and entrepreneurs who use practise to acquire huge quantities of money. It’s simple to become an influencer, especially if you already have a significant following.
To be an influencer, you don’t need millions of followers; you do, however, require active and engaged followers. With your personal Instagram, Facebook, or Twitter account, you may begin your social media influencing business. Due to recent dishonest activities by certain huge influencers with enormous followings, company owners are increasingly turning to micro-influencers with smaller but active and engaged followings. That is, as long as your Twitter or Instagram followers are active in liking and commenting on your posts, you can earn money with your 5k, 10k, or more followers.
If you enjoy spending time on social media, this is arguably the best way to turn your hobby or interest into money. What could be more enjoyable than earning money while having a good time?
Domains for Sale and Purchase
In this list of online company ideas, domain flipping is without a doubt one of the most simple and low-cost start-up ideas. You may make money online by buying and selling domain names as an entrepreneur because it takes very little time and money.
You can buy a domain at its registration price, which is usually less than $15, and resell it for a profit. However, in order to obtain desirable domain names, it is highly recommended that you conduct your study first using websites such as Afternic.com, domainlore.uk, Sedo.co.uk, or other domain auction websites.
Checking out terminated lists, which give numerous expired names that have made their way back into the pool for individuals to acquire, is the most suggested way to find extremely good names. Expireddomains.net is one of the most popular sites for this, where you can see names that have just expired as well as those that will expire in the next few days.
Online Photo Auctions
For those of you who are hooked to shooting images or have a passion for photography, this is unquestionably one of the top internet business ideas you can investigate and pursue in order to make a living. It entails selling your photographs to other individuals or businesses.
Thousands of individuals and corporations are eager to give you substantial money for the collection of all the unique photographs in your gallery. Today, more than ever, it’s incredibly simple to post and share your photo with a hungry audience, which might present you with a simple way to generate a steady stream of passive cash.
Several stock picture sites, such as GettyImages, Shutterstock, and Adobe Stock (formerly Fotolia), provide enticing incentives for Nigerian entrepreneurs to profit passively from their photographs.
Make Online Tutorials and Courses
Another excellent way to generate passive money as an entrepreneur is to tutor online courses. Create films that offer a step-by-step explanation of topics you’re familiar with and post them on your personal website or on platforms like Udemy, Skillshare, Coursera, and others. As a woman, for example, you can make films teaching make-up for various occasions.
To begin designing your first online course, you’ll need to conduct research on a topic that people frequently Google. It should be a topic about which you are knowledgeable and can teach someone in a step-by-step manner. This might be anything from cooking to furniture manufacturing to site design to social media marketing to affiliate marketing to forex trading to phone repairs, and so on.
After you’ve decided on a topic, you’ll need to download screencasting software to capture your screen while you record your voice over it. You can use a variety of tools for this purpose, including Loom, Camtasia, Screenflow, and others. Some of this software includes video editing tools that allow you to tweak your video and audio. While some are free, others will require payment in order to gain full access to certain services.
Forex and Cryptocurrency Trading
In 2021, the cryptocurrency industry swept the globe, particularly in emerging economies. Nigeria was formerly the most cryptocurrency-adopting country in Africa, but according to the survey, Kenya now leads the continent, with an index score of 0.28. Nigerians, particularly young people, are turning to the bitcoin market to make money.
For most people, trading cryptocurrencies is purchasing and keeping a currency for a short, medium, or long period of time in the hopes of seeing the price rise. When the price of Bitcoin climbed to around N45 million last year, many Nigerians who bought it when it was around N600k were instant millionaires.
However, please understand that this is not investment advise; investing in bitcoin enterprises in Nigeria is currently illegal and extremely dangerous.