Beginners’ Questions about Online Business

Beginners’ Questions about

Online Business

While fielding some questions from new students in the online business world, a handful of commonly asked questions always popup. In this post we shall answer some of the most frequently asked questions which we have been asked by online business newbies in Nigeria.

Q. Do I need a Laptop or Personal Computer to Start?

Having your personal laptop or desktop is Not Compulsory. At the onset you can do everything from a CYBERCAFÉ. The only drawback is that it may take you a longer time to learn and setup everything. If you plan to do it from a cybercafé, it would also be helpful if you have a USB flash drive for storing things.

Q. How Much Time Does it Take?

The beautiful thing about online business is that you can do it at your own pace and most of the systems can be automated such that once you have properly set them up, you do not need to monitor them all the time. This leaves you with ample time for other activities. If you are a worker then online business can be an ideal source of extra income. You can do it part time in your spare time and still go to work on your regular job.

Setting up an online business could takes anything from 30 hours to 100 hours in total. The most difficult part of the business is usually at the beginning while setting up the necessary systems. The more experienced and skilled you are, the less time it will take you to set up. Once set up, many online businesses will run virtually on their own and generate money automatically without need for constant input from you. If done properly, most of them will demand no more than 4 or 5 hours of your time weekly. If you are doing many different businesses, you may or may not require more time to monitor them depending on which strategies you are using and your skill level and experience.

Many of the skills are easy to learn. The more experience you have with the tools and strategies, the less time you will require on an ongoing basis. If you are a newbie, then the first thing you should do is learn and practice. Try to become familiar with the concepts and techniques of this online business.

Q. Can I do it With My Phone?

You cannot do everything on your phone. Most of the things you will need to do during the setup stage of your business cannot be done with a phone because phone browsers have limited functionality. However, once you have set up the whole system, you may be able to use your phone to monitor much of your progress.

Q. Do I Need to be a Computer Wizard and Do I Need to Know How to Design a Website?

You may have come across some adverts which claim that "anybody can do the business, even the most illiterate novice" or something similar and you are wondering if it is really true because you know very little about computers. A more correct statement to that effect would be that there are things to learn but they are not hard or too complicated and anybody who is willing to put in a little effort can easily learn these things provided that they have the right instructions and a good teacher.

Imagine that you want to start a new business, maybe a catering business. Or maybe buying and selling of goods. What do you do first? You learn. You seek out people who have done the business before and you try to learn survival tips, strategies and secrets of the business from them. You try to find out things like where to get the goods or materials you need? Where to get the best prices? What are the best brands to use? How to store and manage your products and services? How will you find customers? How do you manage your customers? And so on.

The truth is that online business is not different from any other business venture in existence today. Just as you need to have certain skills and information in order to go into any kind of business in the offline world (the real world), the same applies to online business.

To become a SUCCESSFUL in online business, you need to first learn the following basic concepts and skills:

1. How to Build a Website (free/paid) WE WILL TEACH YOU THIS.

2. Content creation and copywriting

3. Keyword research

4. Search Engine Optimization

5. Capturing leads and building lists

6. Internet marketing and advertising

7. Basic web programming and graphics

If you are seeing some of these words for the very first time or if they sound

technical, don't worry, they are all very easy to learn and understand. If you buy our some of my training e-tutor package, we explain everything to the last detail. By the time you study those Lessons, practice the exercises, do the assignments and read up on the resources, you will not only thoroughly understand the skills but you will have become a master in them as well.

Actually you will be able to get by without learning how to do some of these things but unless you learn and master them, you will continue to greatly reduce your potential to earn from online business. True you will make money, but nothing near as much as what you could have made if you mastered all of these skills. All the gurus whose testimonies you may have seen or heard about are all proficient in these 7 fields.

Yes. Master them. Don’t just learn them. Become so good at them that they become second nature to you. Your level of mastery of these seven basic skills determines to a great extent how far you will go and how much money you will make. That is why it is important that before you go into online business proper, you must take some time to first learn and practice these skills.

Learning them does not mean that you have to be the one to do them forever. When you have started making some money, you may decide at some point to hire someone to do some of the tasks that require the application of these skills. Because you have to first show the employee what to do, deep knowledge and understanding will make it easy for you to explain the details to them and ensure that they are doing it properly.

Another key to mastery and great success is practice. The steps in online

business are easy to learn and the more you practice them, the better you will become. In the process you will also come to have a deeper understanding of the fundamental concepts behind making money on the internet and you will be able to excel and grow your online business empire into a huge money spinning operation.

Q. How Soon Will I Start Making Money?

You must first of all learn the ropes before you can expect to start making any good money on the internet. As hinted on the previous page, online business is not just about jumping in and trying different things at random hoping that one of them will fetch you money.

You must do your due diligence and pay your dues. Paying your dues entails reading wide, experimenting, enduring and even failing a couple of times. With each trial and experiment you become better. Only when you have the requisite experience will you start making good money.

In general, online businesses that do not require any capital usually take a longer time to yield results (9 to 18 months) while those that require startup capital (at least N25, 000) can start fetching you money within 6 to 9 months after you start.

Q. Who Pays Me the Money and how do I Receive It?

There are different types of online businesses that you can do and for each one there are different ways of receiving your money. Some online businesses are run by big foreign companies and they are the ones that pay you while some of the other businesses can be setup and run entirely by you without having to register with a foreign company before you can get paid.

For those businesses where you have to register with foreign companies, what they do is to periodically send your payments to you in the form of a foreign cheque. This cheque will be sent to your address in Nigeria by post and when you receive it, you can take it to the bank and cash the money using a domiciliary account. Payments received via this method may take several months to finally hit your bank account.

 A domiciliary account is a type of bank account offered by many banks in Nigeria. In later Lessons, we shall talk more on domiciliary accounts.

A second method that you can use to get paid is through an online payment processor or what is commonly known as a merchant service.                                                                 Not all such services work well in Nigeria but there is an indigenous Nigerian company that allows you to collect money from customers online through Interswitch Verve cards, Paypal and other credit cards and then deposit this money into an online account which you can easily withdraw to your real Nigerian bank account within days.

For the other types of businesses that you can open and run on your own, payments are made by clients and customers directly into your bank account with any Nigerian bank. This can be a normal savings account, current account or company/corporate account. Payments received via this method get to you instantly because the people paying you will deposit the money directly into your account and you can withdraw immediately.

It involves you advertising or marketing something to your website visitors and asking them to pay into your account to receive the service or product. You receive money anytime someone buys your stuff or pays you for some service. The most lucrative example of this sort of business is information marketing where you sell digital goods like e-books, reports, videos etc.

Q. How Much is Needed to Start and How Much Will I Make?

At the very minimum, the only cost you will incur while starting out with Internet business is the cost of your internet access. This is the only mandatory requirement that costs money. If you already have an internet connection then you will be able to start some online businesses almost immediately without spending anything else.

This online business e-tutor training package focuses on three main online businesses. For each of these, below are the startup costs and estimated times-to profit

1. Information marketing: Minimum startup capital: N25, 000. You start making N40,000 to N100,000 monthly profits within 3 to 6 months. The more money you put into the business, the more money you will make especially if you have good products.

2. Affiliate marketing: Minimum startup: 0 naira. You start making N30,000 or more monthly profits 9 – 12 months after startup. The money you make increases monthly.

      

3. Pay per Click (Google AdSense): Minimum startup: 0 naira. You start making up to N30, 000 (or more) monthly profits 12 to 18 months after startup. What you make increases monthly.

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