26 Feb Making money online in Nigeria … Hunting for Ideas?
So we have been talking a lot about bringing your business online, doing it right and getting your business discovered. We even talked about managing your social media profiles properly for a bit. But here is what we forgot; some potential business owners and investors are actually only beginning to brainstorm on the idea for their online business. They literally have no clue what business they should start online or how to decide what the business should do. If you are at that stage where you are thinking about these things and you are looking for ideas, you have come to the right place.
Say you are looking to come online with a content based business, you want to run a news site or some type of content related site and you are inspired and ready to invest. You might be shocked to know your business may not do so well going up against other businesses that had the same idea you do 10 years before you did. It’s like playing catch up knowing you may never win. Nobody wants to invest without return; nobody wants to be filling up a basket with water. It doesn’t matter how deep your pockets are or how much crowd funding you are pulling – the goal of every business is get a return on capital investments and make profit. In fact if possible, have the business run on its own merit and still make profit.
So how do you find a viable online business that can thrive in a small space of time without driving you bankrupt? Having established the fact that you want content based business; the answer to your question is quite simple. Find a hole in the market and plug it. What is the online community currently looking for that they can’t find anywhere? How can you bring that content to them with ease? Figure this much out and you are half way to succeeding.
For example, checki.com.ng started selling cars online for everyone across Nigeria. You can search cars based on location and price and so on… What this did was make sure we as users did not have to go to a car dealer every time we needed to sell our used cars or wanted to search for new or used cars. It used to take such a long time to find the right car at the right price but Checki fixed that gap and boom, they are a big company now!
NO! I am not saying go and start your own car selling website as well! What I am saying is find something the people around you really need that no business is currently offering, be the first to provide that service and do it very well. You would be surprised how many people in the country/world actually need solutions to the exact same problem and how quickly a content based business providing a solution to a fundamental problem could catch on.
There is also the little problem of every idea you get having been implemented by someone else. In some certain industries, the industry leader is not necessarily the guy who started it first. Jobberman was not the first to start posting job listings in Nigeria but they are industry leaders; why? They did not sleep on the opportunity. Whoever started it first did not do it to own the market and definitely did not do it right. So Jobberman came and took charge… The lesson here is; if the industry is not competitive enough it can be treated as green pasture.
Nothing will ever be better than a new idea that solves people’s problems. Innovation is key! Start something new that people really need and you WILL have made an incredible business decision!