Forbes has ranked the top 40 lucrative careers of 2021, and among them is cyber security. The demand for cybersecurity specialists in particular is forecasted to grow by 25% year from 2020 to 2025.
Security experts help companies secure their data from hackers, protect customers, and prevent damage to business. They also ensure that the company’s information is protected and confidential. Essentially, they provide a security blanket for businesses large and small alike.
Whether you want to become a cyber security specialist or just want to earn a passive income stream, here are three ways to make money online in Nigeria.
1. Start An Online Store
In Nigeria, like many other parts of the world, the internet is a widely used business tool and a great way to conduct research online. If you have a product that you think will be popular in Nigeria, you can launch an online store in minutes.
The most basic and popular method of online selling is via a website. The two biggest e-commerce platforms in Nigeria are Shopify and Storeyca. Most large retailers in Nigeria use these platforms to run their online stores, as they provide the basic functionalities that any online store needs.
E-commerce in Nigeria is a multi-billion dollar industry, and although it’s still in its early stages, it’s here to stay.
2. Start An Online Lifestyle Store
If you’re passionate about a particular topic, you can use your skills to help others by creating an online store focused on that niche. For example, if you have a flair for fashion, you can set up an online store selling accessories for women or clothing items for men. The beauty e-commerce niche is also an area that is growing, and many women are finding success creating online stores selling skincare and makeup products.
Since launching in 2018, Revolve’s beauty e-commerce store has gathered 10,000+ customers and generated $125,000+ in revenue. The benefits of a lifestyle store are that you can target a more specific audience and offer a more bespoke experience to customers. You can use technology like augmented reality (AR) to immerse customers in a virtual shopping environment where you can showcase your products and educate them on the benefits of your niche.
Revolve also offers an affiliate program, which allows creators to earn a commission from sales generated by their content.
3. Start An Online Real Estate Agency
Real estate is a lucrative industry, particularly in high-demand locations like London, and the trend towards online marketing and purchase decisions is clear to see. If you know the ins and outs of the real estate industry, you can set up a legal entity in a high-tax country like Nigeria and register for free on any major international real estate platform such as Zoopla and Trulia. Once you’re set up, you can list and market luxury houses, condominiums, and apartments in some of the most popular cities in the world.
To give you an idea of the potential for this channel, we have compiled a list of the top 10 most expensive cities to purchase a property in.
- New York
- Los Angeles
- Hong Kong
- This list is worth noting because it shows you the demand for luxury real estate in these locations, and indeed all around the world. People are willing to pay a premium for convenience and a luxurious experience.
With so much opportunity in these three sectors, you can start an online business that allows you to work remotely and maintain flexible working hours. If you want to learn more, here are five ways to make money online in Nigeria.
1. Start An Online Travel Agency
Tourism is a multi-billion dollar industry in both developed and developing countries. In 2019 alone, international tourism exceeded $17 billion USD in Nigeria. This is mainly down to increased connectivity and the opportunity to work remotely presented by the pandemic.
If you’re based in Nigeria and want to make extra cash, you can set up an agency and connect with travel agents in high-demand locations like Cairo and Nigeria’s busiest airports Kano and Enugu. You’ll then need to develop a plan to get these agents to travel to smaller towns and villages where you can provide an extraordinary local experience for your customers.
The internet has opened up opportunities for independent contractors and smaller businesses to provide services to individuals and larger companies. While it may first seem like a golden opportunity to make money online, competition is fierce, and you must operate efficiently and effectively if you want to survive and thrive.
2. Start A Mobile Phone Magazine
With so many people purchasing mobile phones worldwide, the market is lucrative and constantly growing. If you are a creative and know how to write intelligently, you can set up a magazine for mobile phones and attract mobile executives and enthusiasts to your publication. You’ll then need to find a way to make money online from advertising if you want to turn a profit.
If you’re looking for inspiration, consider The Mobile Magazine, a trade publication covering the mobile phone industry. It was launched in 2010 and is widely considered to be the bible of the industry. While it does offer some great tips on how to monetize a mobile phone publication, you must have a clear business concept in mind if you want to succeed as an entrepreneur.
3. Start A Health Magazine
Health is a trillion-dollar industry, and although much of the information we need is easily accessible online, many people still prefer to read about health issues in print. If you know how to write and have a genuine interest in health, you can start a magazine focused on all things medical. While the concept behind a health magazine is quite simple, the execution can be quite difficult. You’ll need to perform extensive research to ensure that you provide accurate and informative content that attracts and retains a readership.
One of the biggest problems that people have when it comes to reading online reviews about health care providers is that many of them are jaded by the nature of the industry. This makes it challenging for any new business to gain trust with potential patients. If you want to tackle this issue, you can use your medical knowledge to give advice on subjects relating to health.
This area of online business is quite varied, so you can really get creative with your ideas. If you want, you can use your medical knowledge to write about the latest trends in health or create a digital magazine designed to help people manage their medical conditions.
Remember, not all forms of online business will be lucrative. In fact, some will be downright dangerous. Unless you’re sure about what you’re getting into, consider the countless scams that exist online. Keep your eyes open for these and stay away from questionable offers. With some preparation and training, nearly any online business idea can become a money-making operation.