One question I am usually asked is this: ‘CFA, how can I make money online?’ If I have to rank the questions as asked either through SMS, email or physical events, I will rank this as the mother of all. In any case, this is a very fair question because as at the end of the third quarter of 2018, the unemployment figure in Nigeria stood at 23.13 per cent, according to the National Bureau of Statistics. This is pretty alarming, when compared with countries like the United States that stands at less than four per cent and this is a country with some level of social buffers.
That said, the issue of unemployment is a scary one for me. The same labour statistics report showed that at the end of the third quarter of 2018, 55.4 per cent of young people (aged 15 to 34) were either underemployed or unemployed (doing nothing), compared to 52.6 per cent in the same period the previous year. This is why I have taken it upon myself to become a staunch supporter of both start-ups and hubs across the country because as far as I am concerned, entrepreneurial ventures that seek to actively leverage technology will help to get more young people off the streets.
Today’s piece is dedicated to sharing a number of ways that I believe anyone can earn money online. The reality is that there is no magic formula; it is simply plain, hard and rugged work, based on my experience. Even those who do ‘419’ as a business model put in so much time and energy, but sadly, on negative activities. I encourage you not to go that route, but rather engage in activities that would not only put you on the right side of the law, but may ultimately give you opportunities beyond your wildest imagination.
Here are a few money making opportunities available to anyone:
1. Start a technology-enabled business
I am a witness to the amazing job that has been done by young people all across the country in the last decade. Yes, many of them have failed, but some are still alive and growing gradually. My first advice to anyone seeking to earn extra income online is to launch an enterprise that seeks to solve a problem. A few tips I will share towards achieving this include that you find a problem, carry out some form of basic research, develop a Minimum Value Product and find a mentor before going all out. Start small and scale gradually.
2. Sell a product or offer a service
This is closely related to the first point above. It’ll be difficult to make money online, if you do not have a product or service that someone, somewhere is willing to pay for; so, create a new product and take it online. How about your services? That too can be unbundled and offered cheaply online, e.g., as a legal practitioner, it may be wise to break down the services you offer and put on your website, so that you can attract Small and Medium-scale Enterprises, which usually regard legal services as something only big businesses can afford. Accounting, coaching, legal and many other services can be provided online and the beauty of it is that depending on the nature of the client’s needs, certain services can be provided completely electronically either through email or video services, like Skype, and the agreed fees paid online.
An increasing number of Nigerians earn more working as freelancers than some corporate executives earn, and — Finish Reading on the Punch