Today we start digging into the main meat of this mini-course and we shall be talking in more detail about some specific online businesses that can be done in Nigeria, what is needed to start them and how much to expect. But let us first take a general look at the possible revenues and profits that you can make from online business as a whole and how soon you should expect to start getting anything.
There are two main categories of online business: the ones that have the potential to generate cash within the first few weeks and the ones that take some time to build before you get to the point where you can be making up to 50,000 Naira or more monthly.
How Much Does it Cost to Start
Most of the internet businesses that can get you instant cash require you to invest a little amount in paid online advertising and the more advertising you are able to pay for, the greater the likelihood that you will begin to turn in profits within a short time. On the other hand, the types that don’t require any investment usually take some months to grow (9 to 18 months) before you can expect returns in the range of N50,000 to N200,000 (depending on how serious you are).
Although you can actually start some online businesses without any capital, the truth is that the profit you will make and how fast you can make it is impacted greatly by the number of people you can reach and capture. This number can be drastically increased through the use of paid online advertising on websites like Facebook, Google etc
In essence, although paid advertising is not mandatory for online business success, without it you should generally expect to wait much longer before your business will start turning in any reasonable profits.
The Three Main Businesses that we do
Today, my partners and I make most of our money from doing three main online businesses viz:
1. Amazon Affiliate marketing:
(Referring people to Amazon.com, the world’s largest online store. You get commissions when people buy products through your link). Minimum startup: N2500 naira. You start making N30,000 (or more) monthly profits 9 – 12 months after learning. What you make increases monthly.
2. Pay per Click (Google AdSense):
(You make money when people click on advertisement links or banners placed on your website when you register with Google) Minimum startup: 0 naira (zero capital). You start making up to N30,000 (or more) monthly profits 9 to 15 months after learning. What you make increases monthly.
3. Information marketing:
(Selling of e-books and digital products created by you or created by other people) Startup capital: Between N25, 000 and N47,000. You start making N40,000 to N100,000 monthly profits within 2 to 6 months after learning. It is also possible to start information marketing business without spending anything but it will take much much longer before you start getting regular profits. The more money you put in, the more money you will make.
Now let us take a closer look at the first one of these three businesses:
Amazon Affiliate Marketing
In Amazon affiliate marketing, you will be referring people (through links on your website) to Amazon.com the world’s largest online store and you get commissions when people buy products through your link.
In affiliate marketing, the focus is on selecting good, profitable products from Amazon.com, creating a review webpage for the product and driving traffic to that page by improving its search engine rankings. A review is a post or page that contains details about a product including its good and bad sides and also recommendations as to whether the product is good enough to buy or not.
The whole process can be broken down into three steps viz:
Step 1: Select a good quality, high commission product and generate your affiliate links for that product. This could take you 48 hours to a week to complete this step.
Step 2: Create a very high quality review post or page packed full of useful, valuable and unique information about the product. Sprinkled inside the review will be your affiliate links leading to where the product can be bought. It could take a week or two to complete this step.
Step 3: Build quality links from other websites to the review page to increase the rankings of the page and attract visitors. You may also need to write a handful of articles that are related to the product that you are promoting and link these articles to the product review page. This is the most challenging step and could take up to 6 months for you to complete.
How to Receive Payments from Amazon Associates in Nigeria
One small downside of doing affiliate marketing in Nigeria is that if you are just starting out, you sometimes have to wait for many months before you can receive your first payment in a form that you can actually withdraw and spend. This long delay is not always the case and is sometimes due to the nature in which some companies pay Nigerian affiliate marketers which is through cheque. One way to speed this up is to use Payoneer card if acceptable by the company.
By Cheque: This cheque, which is a foreign cheque is sent by post from the USA (or whichever country the merchant company is located). If you are lucky, this cheque could take only a short time to get to you but in many cases it takes about 2 to 4 months. When it finally gets to you, it will take an additional 21 days for it to be cleared and lodged in your domiciliary account for withdrawal.
By Payoneer Card: Payoneer card is a type of reloadable Mastercard debit card that you can obtain for free. When you register for a Payoneer card, it will be sent to you here in Nigeria. Using the Payoneer US Payment Service, you can receive your Amazon payment direct to your Payoneer card.
You can use the funds in your Payoneer card to pay for things online or withdraw it from any ATM that accepts the old magnetic stripe type of ATM card. At this time Payoneer is also testing a new service which will allow you to have the funds in your Payoneer card sent directly to your domiciliary account in Nigeria. To get your Payoneer card for free, visit the following link and click on Sign Up: www.richnigerian.com/payoneer
Things are easier for people living outside Nigeria as there are faster payment options available in many other countries but not available in Nigeria.
Because this is an introductory course, the step by step details of how to do affiliate marketing are beyond the scope of this mini-course. Detailed tutorials and guides on how to perform the above three steps and how to select the best payment method for affiliate marketing are taught in my Masters in Online Business (M.O.B) e-books package. You can learn more about the MOB here: www.ng44.com/mobs
Despite the delays in getting your first cheque, Amazon affiliate marketing still remains the one with the greatest long term prospects because once you are able to have everything set up, it only requires very little maintenance and it will continue to receive a continuous stream of free traffic and growing revenues from search engines like Google.
This is truly what is known as making money on autopilot. Whether you are asleep or awake or on holidays, the website will continue to generate cash for you without you taking any action or doing anything extra.
What we Make from Amazon Associates
We only started serious Amazon Affiliate marketing business in early 2013 and after roughly 12 months, we have created 9 affiliate websites and our company now regularly generates an average of $2,000 (N300,000) every month from our affiliate review websites on complete autopilot and this figure grows steadily as the months go by. We are now planning to build hundreds more of these websites so you can just imagine the possibilities.
As a beginner with affiliate marketing, it is wise to set your revenue goals on a low target like $70 or $100. Once you are able to hit $100 in commissions every month, you can be rest assured that your affiliate business is set to see steady growth.
A word of caution though, getting to $100 may take you many many months maybe even up to a year especially if it is your first time. The beginning of affiliate marketing is often very slow and full of uncertainty and anxiety from not knowing whether all your effort will pay off or whether you aren’t just wasting your time. Success is not something that happens overnight therefore you should not expect too much too soon. All you need is patience, perseverance, faith and prayers.
See you in the next Lecture.
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