How to Scale a New Online Business

How to Scale a New Online Business

Though there are many how to make money online tutorials out there, the truth is, it has not been an easy task and whatever task you are doing you need to put in extra efforts in achieving it. This means that making a million Naira from your online business in Nigeria doesn’t come as cheap as they preach. However, you can achieve this when you put in a lot of hard work and you persevere a little longer. Then it would be possible for you to make money while you are sleeping.

The internet is not always what it seem. For instance, it promised us intelligence, but gave us fake news. It promised to make the world a better place for us, but instead it gave us comedy skits (well, this is kind of true, most comedy skits are great). However, for start-ups in Nigeria, especially marketers and businesspeople, the internet has opened up a whole new world of possibilities and made everybody who has access to the internet a  potential customer. The question is, is it possible to make money while you sleep? Can customers from all over the world patronise your business?

The best answer I will give you is YES, you know that right? Well, here is how you can scale through easily.

Start at the very beginning (it’s a very good place to start)

So you have an idea of the kind of online business you’d like to do, maybe you’ve heard people say you can make money through blogging, freelancing web designing, drop-shipping and the lots. The first thing you need to do is set up your portfolio. You don’t necessarily have to build a website yet, well that depend on the kind of business you want to do. Let’s say you are good at making great logos and design, you need to set up your portfolio on a platform where people can get to you easily.

I’d suggest you get a good website first, but if you can’t afford that,  then go for social media. Yes, photo sharing platforms like Instagram can be a good place for you to showcase your portfolio/share your projects. It can be free jobs, volunteer jobs, but the more people see how good you are and the more your community grows, the bigger your business gets. Then you can start setting up your mailing lists and getting more customers while retaining the old ones.

Take what you’re good at, and sell your skills

So by this time you are already gaining more customers and your hard work is paying off. No much money yet, but some are coming. Don’t eat your profit yet, look at expanding your business. Even if you don’t have enough money, yet do what you are good at to sell your skills. As a graphic designer, start doing jobs as a volunteer. Make videos and how to do things related to your field, by doing it differently.  Remember that great contents attract great customers.

Each time you create such courses, send a mail to the customers on your list, tweet about it and get influencers to see your tutorials and tweet about it. The more relevance and influence your post/content has the more likely you’d be remembered and more leads would come to you. This means more money.

If you decide to sell those courses, then it means more money. Imagine 1000 people get to see your tutorial, and only about 5% converts to customers. If you sell the courses at N1000 each, that means 5% of 1000 is 50. At the end of the day you are going home with N50,000.

Now what?

So you already have that great video, what’s next? Let’s shift from the graphic designer to an e-commerce start up. With you dropshipping business you already have 5% out of 1000 that converts, its not time to relent. You need to keep building your list. Then it is time to turn it into an in-depth programme that offers your potential customers huge advantage. This may take you months or years to develop. But when it is finally ready to go online, your increased list of 2000 will likely give you 10% or more. With such an online course that offers this much value, there is need for you to increase how much you charge. However, there is a sacrifice you must pay. Since your price has increased, your conversion would likely reduce to 1%. Let’s say you are selling the courses for N10, 000, 1% of 2000 is 20 sales. With that you are already making N200, 000.

With a surge on your email list growth and increase in the authority of your tutorials, more clients would come to you and more sales would be made. Both on the services you offer and the contents you provide. There will also be increase in your income as long as you are ready to put in more efforts.

Add recurring income

So you have worked so hard for 3 years now and your customer base have increased to 10,000 people. Now it’s time to make recurring income. At this time you can create an elite group, where people who want your cutting edge technology can subscribe. With this one you can charge  N5,000 monthly. Now remember that you are already getting more money from the ordinary members. Though there may be drop offs and signups, you should probably be getting about 100 subscribers who pay monthly.  5000 by 100 is about 500,000 Naira. Multiply that by 12 and you are already raking in 6 million naira a year from your tutorials. By the time you add other sources, then you have no reason to complain.

Wrapping Up

While everything here is simplified and looks easy on paper, achieving real success comes with a lot of price: discipline, handwork and failures. However, if you are offering real values for money with real, tangible benefits for your customers, You have the potential to make a good income without even leaving your house (although that gets boring quickly, with neighbors branding you yahoo boy).

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