ONLINE BUSSINESS FOR DEVELOPING COUNTRIES
As the rate of poverty is increasing in many developing countries particularly Africa South of the Sahara, and more pronounced in Nigeria due to bad governance, it's imperative for individuals to have sources of passive income.
The state of the economy does not permit any venture into small scale enteprises even in agriculture. Also there is no level playing ground for businesses to thrive.
No form of government support.
Opportunities are few especially where financial institutions discourage investment and innovation due to high interest rate. Online business therefore, offers alternative means of business otherwise known as passive income especially for the youth.
Anybody that has Android phone and can operate Facebook and other social media APP can make money online. There are many Online businesses that offer opportunities for the youths:
There are many Online businesses but I will mention and describe a few that are most suitable for developing countries particularly Nigeria:
Starting a YouTube channel is one of the easiest and surest way to make money online. It is all that simple as it follows the same procedure as opening an e -mail or Facebook account.
Requirements
Open a YouTube account
Monetize the account
Connect to Social Media
Take quality photos
Edit your photos
Attach catchy and interesting caption to it
Connect your friends to view and comment.
The more the number of viewers the more money you make.
This is a kind of affiliate marketing in which the user promotes and advertises produts on their Facebook page.
Requirements
The page should be used for this purpose.
Always write beautiful and attractive posts
Connect to many Social groups; the more the number of people the better.
Advertise products in your page
As people buy products from your page, you begin to make money
Is the process of sending bulk commercial messages to your e mail group. Messages inform of advertisements, business request, sales or donations are sent.
Requirements
Make sure you have large e mail collections and fill the opt - in form to monetize your mails.
This is the process of course creation in the area of your expertise using YouTube.
Like every teaching methods, you have to adopt your own methodology to be able to convincee your audience that you have something to offer.
Requirements
Register with YouTube
Choose your topic
Test the accepetability of your topic
Conduct research to find out the area and topics that will attract attention
Find out the areas you have challenges
Don't be discouraged if no one subscribed to your channel.
Selling photos online is a simple and easy way to make money online. There is hardly any person, old and young who does not like attractive images.
Maybe you have a collection of photos and some of them have been adjudged as award winning; you can make money out of it by monetizing it.
There are many Online sites where you can sell your photos.
Requirements
Digital Camera is preferable
Samsung Galaxy Note 2 is an alternative.
Install photo editor App for editing.
Have a large collection of photos.
Foward your collection to Online sites for scrutiny.
Be determined.
Don't give up easily.
If you have teaching skill or you are compassionate about teaching, you can start making money online. Although it needs a bit of eloquence and oratorical ability, it is not a difficult task provided you have the passion, desire, and determination.
Requirements
Teaching skill
Passion
University or College degree
Register with an Online Tutor site as a beginner. When you are perfect, you can start your own site.
Advertise your skill through different social media.
There is hardly any Youth that doesn't like and listen to music. You can start making money from the music you listen to every day. All you need is to understand what makes a good music and to critically rate music.
Requirements
Be passionate about music
Have time to listen to music
Have good command of English so that you will be able to communicate to others. Register with an Online sites that accept rating of music.
Crypto currency mining is the process of generating new coins and also validating new transactions in the blockchain. Mining is now a method of making money Online.
There are now three different methods of mining.
Proof of Work(PoW)
This is the process of mining in which miners solve complex mathemtival problems usig high tech computers to generate and validate new blockchain. These mathematical equations are generated for example, every 5 minutes. The persons that first supply the answer receive crypto coin as reward.
Proof of Stake(PoS)
This process of mining enables individuals to stake or hold part of or all their coin to validate new blockchain. This type of mining can be done with Smartphones.
Proof of Brain(PoB)
Is the process whereby individuals called content creators (usually authors and curators) get paid for creating content. It is the type of of social media platform operated by Steemit.
Requirements
You need to register with the crypto social media platform.
You need a kind of training to understand how the platform works.
You need to be very creative inorder to create interesting content.
You need to be determined and patient.
Cryptocurrency trading is the act of speulating on cryptocurrency price movement via CFD trading account, or buying and selling the underlying coin via an exchange
There are two ways to trade cryptocurrency:
Investment
Buy and hold the cryptocurrency.
You buy the currency coin when price is low, hold and sell when price goes high
Position Trading
Position traders are trend followers. They identify a trend and an investment that will benefit from it, then buy and hold investment until the trend peaks.
The successful position trader identifies the right entry exit prices in advance and controls riskusing a stop - loss orders
Requirements
Training and practice is very essential.
Combination of technical and fundamental analysis is very critical for successful trading.
The prospects of Online Business is very huge. As at today, there are more than 60 Online businesses including affiliate marketing, Freelance, Quora, re selling E bay, Instagram marketing, blogging, paid survey etc. The Scope is ever expanding. Many people have made fortunes in Online business and for some people online business is the only buisiness they have and some have become billionaires via Online business.
Challenges
They are a lot of challenges faced by many people who attempt to go into Online business in developing countries particularly Nigeria:
- Most mining processes need high Tech Computer
- Most Online business need high level of education and skill
- The mode of payment for some Online businesses like PayPal are not approved by the government of some countries,
- Every Online business needs data which is still very costly in Nigeria and some other developing countries.
- Power Supply is erratic and epileptic in Nigeria and you need regular power supply to do Online business
- Genuine trainers to train people who are interested in Online business are scarce and opportunists have cashed in on this gap and thus discouraging willing investors.
- Government policies on Online business and E commerce generally do not provide enabling platform for people who have the willingness to go into Online business.
The high level of unemployment among the Youth in Nigeria and some other developing countries can be maximally reduced through Online business. The Challenges are not insourmountable.
With desire and determination, any youth can make or even become a millionaire through Online business.
@nokas, I've always said this, if you don't use the right tags for your post, you stand not to be curated by the curation team. Hence your post goes unattended...