Don’t just sit There! start Making Money Online

Making money online is one of the topics I like discussing on the internet; in fact, I can dedicate a whole website for the topic. Why do I like the topic so much?

Can you truly make money online? This is a good question that many people always asked. With that important question, I will say that – YES you can certainly make money online.

You see, making money online generally is all about self believe, commitment and creating time to learn. For example, if you commit time and energy into your online business, you are on the right part to making money online.

How to make money, How to make money online in Nigeria, Ways to make money online

Now let us get into what it take to start generating income from the internet. Before then, I will like you to remember that you can actually use any of the model describe below in Nigeria.

Ways of Making Money Online

As you may have read through many media online today, there are several ways of making money online; either directly or indirectly. My four favorite four ways are –

  1. Affiliate Marketing;
  2. Freelancing;
  3. Blogging; and
  4. Product Creation.

Let us take them one after the other.

1. Affiliate Marketing

Making money as an affiliate is one of the easiest way of making money online. Why? As an affiliate, you will have access to promoting other people’s product; apart from that, you do not have the headache of thinking about how these products are delivered.

Being an affiliate, all what is required of you is to find the best possible ways to promote the products you are trying to sell. After the promotion, you just sit there and let the money flow in.

There are lots of affiliate programs around, you can start making money within an hour of joining the program. In addition to that, you can start it without even having a website of your own.

Although, I will always recommend you have your own website to make as much residual income from this program as possible.

How does affiliate program works?

For most affiliate programs, there are mainly three parties involved – Yourself (the affiliate), Product Owner and Consumers (customers). You will be the one promoting products for the owner to the clients. To be successful as an affiliate, you will need to make sales.

Step #1: You will have to join any of the affiliate product in your niche market (or general affiliate). You can find affiliate programs online, just use any of the search engine to find a suitable one.

It is advisable to join affiliate companies selling products within your niche market or according to your business model. If you do that, you are given yourself a better chance of been accepted for the program

For example, if you have a blog whereby your niche market relate to health, it is better for you to join affiliate program where you will be selling beauty and health products.

After joining any of the program, you will have your own dashboard where you will have access to many of the products that you want to promote.

Step #2: Log into your dashboard. Within that dashboard, you should see all the necessary instructions require to promote your desired product.

For the purpose of this article, I will not be able to take you through the step-by-step process guide. Apart from that, each affiliate product members’ area differ from each other.

With my experience on online business, affiliate marketing is one of the fastest way of making money online. You just need to join a good program.

You can join any of the companies showcasing there products on Cokodeal.

2. Freelancing:

Generally speaking, freelance jobs are becoming more popular nowadays. As a freelancer, you have a chance of making money with your skills; not only that, but also have the freedom of working at your own time.

You know what, to make money online as a freelancer requires you to be a specialist on what is in demand of you. In the freelancing world, you are classified as a self-employed individual providing solutions to your clients.

There are various freelance website that have job availability at any given time. All that is required of you is to register on those sites and go for any of the open jobs. Although, you may have to bid to take up jobs on site; while on other freelance sites, you may just have to contact job owners.

To make money as a freelancer, you must be dedicated and be good with what you do. In addition to that, you must have good reviews on those sites. If you do have good reviews, you are bound to have repeat jobs; and having repeat jobs interprets to making more money.

Making Money Online, Freelancing, Make Money Online

3. Blogging or create your own website:

I tell you what, the best of it all is to have your own website. Having your own site gives you a better chance of making as much money as you want. You will be able to promote and sell your own services (or products); and at the same time, you can sell for others as an affiliate.

From that moment I read the post of how an individual in Nigeria was making over N200,000.00 a month from selling the El-glittas Hair wonders, I have always use it as a good example of how you can make money online with your own website.

With your website, you can combine various income revenue generating models under one umbrella. These models may include:

  1. Google Adsense: Google (The Big G) has provided a great platform for everyone looking to make money online. The program is available to join as far as you have a website. Inasmuch as you can publish good content and promote your site, you will make good residual income from it.
    This is a program that reward website owners every time Google adverts are shown or clicked on your website. Although, the financial rewards may be small, it is worth going for; at the end of the day, it all add up.
    Another thing you should realize is, the more traffic you have on your website, the more money you will receive from the Google Adsense Program.
  2. Selling of other people’s product for commission (affiliate): Remember, we spoke about affiliate marketing above, this is exactly the program we were referring to. The beauty of it is that you can earn as much as you want; all depend on your ability to market and also, your marketing skills to make sales.
    The beauty of this is that you can join as many programs as you want and bring them all under one roof (that is, on your website).
    To be a more successful affiliate, you will need to promote your own site. By doing so, you are given yourself a better chance of selling your affiliate product.
  3. Your own affiliate program (other site owners sell for you): You looking to sell more products online, you should look to creating your own affiliate products or program. By doing so, you will be setting yourself up for online success.
    With your own affiliate program, you are recruiting other website owners who are willing to sell your products and services for a commission. This is a good marketing strategy use by many of the great website owners you see around.

    What is good about you having your own affiliate program? Your own affiliate program will always produce a multiplier effect; meaning, you will have more popularity.
    Apart from that, your own affiliate program will also help you with your site ranking; you will benefit from the links to your website from all registered affiliate members. This is good when it come to Search Engine Optimization.
  4. Create membership section (members pay to join): Membership site is great if your making money online business model is to benefit from membership subscriptions.
    Having a membership website is good when it comes to reoccurring income. Your members will pay to become a member and at the same time, pay for monthly, quarterly, or yearly subscription. All these depend on your business model.

    It is important to realize that, with this model, you will need to be updating your site with fresh contents and all other useful information required to benefit your site members.

To achieve your desired result with your website, you will need to increase your website visibility through any or all of the available online marketing strategy that you know. Such marketing strategy should include – Social Media Marketing, Search Engine Optimization, Email Marketing and others.

4. Product Creation:

Many of the people that are into online business always say that creating your own products to sell online is one of the most profitable online business they have done.

In fact, it is also one of the online money making system that I like. I have been involve with the creation of different products that make regular income on the internet. As long as the product is good, you will surely sell it; apart from you selling it by yourself, there are more that enough affiliate marketers out there looking to sell it for you.

To make this a success for yourself, I will advice that you create products that you are very good at. This is just for the simple reason of you domination your niche. If you can dominate your niche, you are most likely to make money on that product.

Similar to you having your own website, you can invite affiliate to sell your created products for you. this is a fantastic money making system that brings repeated sales.

As can be seen, there are various ways of may of making money online, it all just depend on the route you want to take. One thing that is most important is, to be able to generate a substantial amount of regular income online, you will need to be dedicated to what you are doing.

In addition to that, I will recommend you carve out your own niche and dominate it.

In conclusion:

I believe that each one of us can take advance of the internet to start making money online. This is a great opportunity that we can tap into. There are more demands for different goods and services that we can take advantage of, all we need to do is to get the right business model to use.

All in all, we all look to make money in every business we do. With little effort and dedication, you can achieve you online money making goal. Even if you are just starting out on the internet business, this article has provided you with the necessary information to start with.

Wishing you good luck.

Case Study: How i made over N200,000 in two months selling El-glittas Hair Wonder and 4 reasons I like selling Nigerian locally-made products in my online business

Case study:

Elglitas Hair Wonder cream and Oil

The first time I saw this product I had my doubts – will it be good enough? will it fly? Until I started selling and made over N200,000 in two weeks.

How it started

One day I saw a merchant ship about 20 units of the item- that moment I said to myself I have start selling this product on my online store too. The next day, I got one for myself to feel how the product works; and right there and then, I thought to myself: this is a unique product I can sell; The product is in line with the kind of products I like to sell online: Elglittas Hair Wonder provides good solution(hair growth solution and hair loss prevention), had a profit margin of over 300% as it was hot selling at the time, and it is easy to source (as it was made in Nigeria)- so I jumped in.

I quickly inquired how much I could get it from supplier. It happened I could get at a very good price of N1000 (all costs inclusive) each.

I then sold online for N3500-N4000.

As it is with selling things online, you can place very good mark-up on newly introduced products online and quickly make huge profit (before other online merchants discover what you sell and start competing with price) – and by the way, as I write this, you can get this online for as low as N1,200 on most online marketplaces in Nigeria.

In all, I racked up sales of over 150pcs in two weeks, which resulted in over N300, 000 in revenue.

5 reasons I like selling Made in Nigeria locally made products

Looking back on my experience with elglittas Hair Wonder, I would like to draw some key points about selling products locally made in Nigeria, here goes:

  1. You can get better bargain from suppliers in Nigeria because you won’t have to take so much time to connect well with them.

Nothing can take the place of doing business face to face.

Most times you may not get the best bargain from your supplier until you meet with them face to face. Communicating face to face help build meaningful and stronger business relationships.

See this article on body language and how it can help you in bargaining with your suppliers for good deals that would benefit your business

In my case with Hair Wonder, the arrangement was pay-before-supply (I had no problem with that as it was quite cheap to get the supplies I wanted per time), but I’ve had lots of my suppliers supply me and I pay later because they know me one on one. They have assessed my personality and feel they can trust me- such bonds can be achieved when you meet suppliers face to face.

So except you have enough money for flight and other expenses to go to other countries to meet supplier, you might want to do a research on good Made in Nigeria products you can source online and start selling

  1. You can find it easy to transact business and communicate well with a Nigerian supplier

You have to communicate with your supplier one way or another. You have to tell them what you want, how many quantity, what quality and at what price. There are some of my suppliers in China who I wished they understood English; Most times I use translators online to communicate what I want (and that is not sufficient in all cases).

You might have problem getting good deals if you can’t communicate effectively in the language they understand. It can be stressful and also increases transaction time.

My transactions with Nigerian suppliers take me 1-2days to wrap up; and I communicate perfectly with them to get the best deals I want.

  1. You don’t have to deal with clearing and other freight logistics issues:

Your supplier residing in Aba or any other place in Nigeria means you do not have to worry about freight and other importing logistics headache that encroach into your profit. You want to as much as possible reduce your cost of getting your products so you can have a flexible pricing strategy. Often times, while I get the unit cost of an item very cheap from China; I pay a lot in clearing and handling before the item gets to me.

Your item cost price + shipping and handling cost helps determine your cost of getting your product to you. In the case of my Nigerian suppliers, cost per unit cost might be high but I do not spend much getting my item to me. I do not worry about shipping cost or other clearing issues.

  1. It gives me sense of contributing my quota to the development of our great Nation Nigeria.

Selling these products help me have a sense of belonging.

It shows I’m in tune with the tides of change coming in Africa. I believe there’s so much Africa can offer this world. My online business keeps confirming to me that Africa can compete on the global market. We just need more exposure. The more Nigerians patronize made-in-Nigeria products, we can begin to appreciate ourselves and believe we can do it. We can sustain ourselves… we can feed the world.

Recommendations

With internet, we see so many new products every day, and we see locally made products paraded more often now online. I would like to see more, and we can do that by having more products from manufacturers and suppliers. Having a place where one can easily source online for suppliers of locally made products in Nigeria.

Online merchants can easily scroll through list of suppliers to contact them, inquire and place order.

Manufacturers and suppliers can have a stronger presence online so as to be located easily. And they have a medium to unleash their new products into the market for customers to see.

In conclusion, doing trade international can be very hectic. As much as possible, you can avoid them. Although I sell imported products, I also make sure my eyes are open out there to locate locally made products to pounce on and make good money.

What about you? What other made in Nigerian products have you sold very well online? What have you learnt selling them? You can add in the comments below.

Revenue methods to earn good stream of money online Or a mini business with money making techniques.

I first heard this saying from Mark Ostrovsky and he said;

“WHERE THERE IS SPENDING POTENTIAL THERE IS INCOME POTENTIAL”

Hence it has ever stock with me when am searching for new opportunities to earn either online or offline in my day to day dealings. That is why we took time to break down technique hundreds of individuals use to make a living on cokodeal marketplace. Let’s get straight to the points.

  1. Go to your own version of “Alaba street” that is a location in Lagos where large traders and SMEs that offer products in wholesale quantities. If your city doesn’t have a concentrated location for big traders, check out an area of your city that has shipping port (e.g in Lagos Apapa Tin Can), where large traders come to export their goods.

First step to get your first client

  1. Contact the business owner and describe a method of online marketplace to them that you can use to help them bring in large buyers for their goods at no extra cost from them. When they accept, take some digital photos of 20, 30 or 50 products you think might sell well online. These could be raw materials, to cosmetics, to locally produced goods or clothing and textiles materials. However, remember all have to be locally produced.

  2. Make sure to note the costs price, wholesale price and variation in quantity prices of each goods to be sold. Check out how much inventory the business wholesaler has available or quantity that can be produced within a period.

  3. Post them on cokodeal.com and list them in an organised way to make your store neat and attractive. Write full product description, specification and advertising copy to accompany your product photos to try and sell.

  4. See which products gets clicked in your account using “product performance tool”, which products are selling, that have more demands and which are not.

Income sharing deals with outside vendors

  1. When there is an order, follow up on the transaction, as you will be contacted directly on your store phone number or via message inbox on your store account and get orders closed.

  2. Fulfil the sale by following through with the wholesaler to send goods directly to the buyer. Get your own mark up sales (i.e how much you placed as the price on the website) or commission on the deal as you may have agreed with the business owner.

Final thoughts

  1. Final step repeat steps 2 – 7 with different other business owner

  2. Watch your profit rise monthly without having the cost of owning all the problems that come with running a personal business.

Remember the most successful sellers sell and resell and resell again. As long as there is inventory to sell, why not keep selling if your customers keep buying.

You can take pictures from business owners producing locally who wants to sell more of what he’s already selling. The ideas are endless.

You just need to start with one. Follow this registration link to get your Free store in place. CREATE A FREE STORE

ALL THE BEST!!!, drop any question in comment box below.

5 hacks on how to stay profitable in your online business in Nigeria

The bread and butter of any business is to make profit- what then is it if not to be profitable? As a typical small business owner in Nigeria, selling online is another avenue to further get more customers for what you sell. However selling online is quite different from the usual way you run your brick ‘n’ mortal store. To stay profitable in your online business, you have to master these 5 hacks to stay profitable. Well let’s get to it right away.

Master your pricing mechanism

Whenever you talk profitability, you must talk pricing. They go hand in hand. The price you slam on an item should cover for the cost plus your gain- if not, what else are you in the business for? Your price keep you up there competing with your competitors. This is key especially in the online marketplace world. It is important for you to master the several types of pricing mechanisms. This would help you have a pricing strategy that can always make you win in your business transactions.

Deal with two to three suppliers

In this game, you want to have options. Depending too much on one supplier can affect the profitability of your business. Having two to three suppliers gives you flexibility to source products for your utmost benefit. Part of what you’re looking for is how prompt is your suppliers to meet your orders? Are they giving you best price? All these affect the profitability of your business.

One very important point why you’re better off having more than one supplier is you can have better chance of always having products in stock as opposed to depending solely one which can fail you a times; if one runs out of stock, you can always fall back on another.

Always reinvent your online marketing strategy

More sales lead to more profit. To keep the sales coming regularly, you need to be abreast with trends and new internet marketing practices to help you get in more sales.

Investigate what others are doing now to get in more customers, how can you copy or do better. Always keep your ears and eyes open for the slightest information that can help your business. Visit blogs and forums to see what other people are doing or saying. Be smart and creative in your execution.

Always have budget for publicity

Most merchants In Nigeria are so blindly looking for free things. Yea I know in the world of internet there are a lot of free things. But if you base your business only on things that cost you nothing, you most likely would only remain on the average. Spending money to get money is the way to make more money in the online business. Get your books and calculate it out.

Sell across several online marketplace

Today, there are quite a number of online ecommerce and marketplace in Nigeria. Aside from the top guys like Jumia.com, Konga.com and olx.com, dealdey.com, a lot more online marketplaces are fast growing too like jiji.ng, cokodeal.com,  vconnect.com etc. What this means is a lot more opportunity for you to expose your products to thousands of customers, depending on your offerings. The more you sell at the right price, the more you make more money and the more profit increases.

Business is mostly about rolling your sleeves and getting down to work hard to get results. Ecommerce in Nigeria is fast growing, new concepts springing up every day. Get your pen and paper and calculate out what moves you need to make to get your business regularly profitable. Get your strategy right and always socialize.

That’s it for now guys.

If you have any question, leave a comment.

Cheers!

 

 

 

 

How should I start my ecommerce business? Pitfalls and guides.

The internet has played a huge role in the revolution of business in this era. Old ways of reaching customers and conducting business operations has evolved over the years. Things have become more automated. Businesses have had to drastically adjust to the new system of running their business, they’ve embraced the fact that it would be a loss to their business to be against this revolution. So while others have successfully adjusted or plunged in to this technology with their business, some have not had that much success. There are also those who are on the brink of joining the train however not so sure what to expect and how to get started. This post would help put this confusion into perspective.

Is going online for my business?

That’s the question some business people ask themselves. Some in this same line include: how can I tap into the resources of the internet? What do I need to get my business online? What can getting my business online bring to my business bottom-line? Before you even start, you should understand the usefulness of the internet and how it can boost your sales. The internet gives everybody a level playing ground. This means you can compete on same level with big giants like Samsung, Sony etc so long as you have your products to sell. If you can convince your customers enough that what you sell is good deal, you can make good sales for yourself. The internet breaks the walls of separation amongst geographical regions- making the world a one global unit. It’s so easy to locate a seller somewhere in China and you have your products shipped to your doorsteps in Nigeria or anywhere in the world. What this means to your business is; whatever you sell can be viewed by anybody in the world wherever they are so long as they have internet connection. Whatever you sell, there are technological applications that help make it easy for you to meet customers online. So to help put this into proper perspective. You want to ask yourself; what do you sell? Who do you intend to sell to? Who are your customers? Are these set of people the kind you can find online? If so, how do you find them online? These questions would help you a lot in deciding if selling online is right for your business and also how best to get your products in front of them.

This leads to the next question:

How much would it Cost to sell online?

To consider online as a medium to expand sales comes with cost. So are you ready for the cost it can bring? There are a lot of things to think about like the skill set needed to managing and running your online store for example. Do you need to get someone else to do this for you? How much would internet connection cost? How much for publicity and promotion of your offers? All these must be factored in when you’re planning your business to go online. Let it be clear to you how much you would spend as fixed and variable costs and see if it is something you can do.  There’s the dilemma of running your own ecommerce store where you put in a lot of resources (Which requires large resources) vs creating an ecommerce store with a store provider where you can promote your products on their marketplace in which some of these online store providers like cokodeal.com, konga.com, vconnect.com etc charge little for uploading items on their platforms but they do huge publicity for their subscribers which help the subscribers make more sales.

Are there other hidden costs? Issues like returns, order cancellations in transactions disputes can be a torn in the flesh for sellers. How prepared is your business to handle and withstand unforeseen situations like these ones? Given it’s your responsibility to satisfy your customers, How far can you go to do that? These are some of the questions to help give you birds’-eye view of how to setup for doing business online.

There are loads of benefits with leveraging ecommerce for your business, however focusing majorly on the benefits without actually having a clear picture on how much it can cost you can lead to serious mistake on the long run. This understanding would help anyone who wants to get their business online to know what they’re getting into.