Nigeria should not be a poor country, but for some reason, many Nigerians are becoming poorer every day.
According to National Bureau of Statistics, 63% of Nigerians (133 million people) are multidimensionally poor.
Based on how things are going in the country, I think waiting for the government to get better and eradicate poverty is not a very good plan.
So, all things considered, what is the way forward? What should you do to help yourself and your family out of poverty? That is what we are going to talk about in this article.
There are a few ways to get out of poverty in Nigeria, some of the more common ways are:
- Get a high-paying job
- Finding funds to start a business (family, friends, bank loans)
- Online Entrepreneurship
Get a High-Paying Job
Let’s begin with finding a high-paying job. However, for most Nigerians, this isn’t a feasible option due to the intense competition for available job openings. Waiting for a high-paying job might not be a wise choice.
Also, if you decide to pursue this path, you’ll require a job that pays exceptionally well to keep up with inflation.
Finding Funds to Start a Business
Starting a business can be a much better way to escape poverty than simply waiting for a high-paying job to come along. However, it’s not a viable option for everyone, as there are certain challenges to consider.
Most people don’t have access to funds and have no way of raising money to start a business.
And considering the risks involved in starting a business, getting a loan to start a business might be too risky if you don’t have experience in business.
But, if you have experience in a specific business and you have access to funds, this could be a great way to get out of poverty.
Now let’s talk about the best option…
Online Entrepreneurship
Online Entrepreneurship is the best way to get out of poverty for most Nigerians. It carries little to no risk, doesn’t require a specific level of education, doesn’t require an extensive level of skills in anything, and often doesn’t require any upfront money investment.
This means you can start online entrepreneurship even if you don’t have any money to invest, regardless of your education level, and you don’t need anyone to do you any favors.
My life changed when I discovered online entrepreneurship, it helped me get out of poverty and make more money than I thought was possible.
What is Online Entrepreneurship?
Online entrepreneurship is when you start and run your own businesses using the internet as your main platform.
You use websites, social media, and online tools to sell products or services, connect with customers, and make money.
It’s like having a store or offering a service, but everything happens online instead of in a physical location.
Online entrepreneurs often have the freedom to work from anywhere and reach customers and audiences from all around the world.
10 Online Entrepreneurship Ideas for Nigerians
There are countless online entrepreneurship ideas. You can always use your creativity to start something new, and there are no restrictions on what you can do in the world of online entrepreneurship.
Here are some of the best ideas that can be perfect for Nigerians who are complete beginners to online business.
- Freelancing
- Print on Demand
- Blogging
- Affiliate Marketing
- YouTube Content Creation
- Dropshipping
- Online Coaching or Consulting
- Stock Photography
- Language Lessons
- Create & Sell Digital Products
Each of the ideas mentioned above has the potential to earn you more money than many full-time jobs. What’s even better is that you can turn them into sustainable businesses that can continue for as long as you want.
But now the question is how can you choose the best online business idea?
Tips for Choosing the Best Online Business Idea
The best online business idea is going to depend on your current circumstances. Before committing your time and effort to a business idea, it’s crucial to take the following factors into account:
Your availability: Some online business ideas require more time investment than others. For instance, freelancing typically requires you to dedicate more hours each day compared to businesses like print-on-demand or blogging.
So before choosing a business idea make sure you have the time needed to get started and make it work.
Naturally, if you don’t have a full-time job and aren’t currently attending school, you’ll likely have more free time compared to someone who wants to start an online business as a side hustle.
What the business requires: Businesses like freelancing don’t require any upfront money investment, but you need a working computer and access to the internet.
Online Coaching or Consulting requires skills in a specific area, dropshipping requires upfront money investment on paid advertisements.
Before you decide on a business idea, ensure you have the necessary resources to kickstart it and make it successful.
Your learning capability: Regardless of the business idea you pick, it’s essential to understand how it operates and how to make it successful for yourself. Therefore, is important to consider your learning capability when choosing a business idea.
For instance, if you decide to become a freelance software developer without any prior experience in software development, it may be very challenging for you to learn and begin earning money compared to choosing something like freelance content writing.
How quickly do you need cash?: Some businesses you can start today and start making money within the next 7 days, but some businesses will take anywhere between 6 – 12 months before you can start making money.
Therefore, if you need to start making money fast consider choosing something that has the potential of making money fast, and be aggressive in implementation.
The Bottom Line
Starting an online business is a great way to escape poverty in Nigeria, especially when you don’t have access to financial help.
My life took a positive turn when I began freelancing. It enabled me to leave my full-time job, which paid only #45,000 per month, and become a full-time freelancer. In just a few months of starting my freelancing journey, I was making more money than I had ever imagined.
But online business is not the easiest thing to do, it takes patience, extreme dedication to doing whatever it takes, willingness to learn what you don’t know, and willingness to accept failure as part of the process and get back up and continue going after you get knocked down by failure.
The important thing to remember: Is not going to be easy but it’s possible! And when you succeed you will find that it’s worth all the struggles.
Here is to your success 🎉
Awesome