Have you made your first N1,000,000 yet? Okay, I have an idea. Well, I actually have many ideas…loads of them. And I know you will buy at least one of these ideas (hold on a moment, you’re actually not going to pay for anything. I show people the many ways of making money in Nigeria online without paying money to start). What I mean is you would like one of these ideas. Because you want to know how to make money; not just some change, but how to make your first real one million naira! Trust me, making that first one million naira is always the hardest. But when you eventually do, everything else would become easier.
So, how do you make your first one million naira? It is quite simple, really. Find what 100,000 people would need and sell it to them for N10 each. Here is the formula:
- Product/service that 100,000 people need
- Sell for a profit of N10 each
- Make a cool N1,000,000!
Easy, huh? Definitely sounds easy but it is often easier said than done, and that is why most people get it wrong. But not to worry, I am going to show you some of the easiest ways to make money in Nigeria. If you apply any of these well, you could be on your way to becoming the next millionaire.
How to Make Your First One Million Naira
1. Sell Information
One of the fastest selling products in Nigeria (and the world over) is information. This one was always going to be my first choice, right? Yes, as a content marketer, I sell information for a living. If you are reading this right now, you are one of my customers. So thank you for the patronage.
People need different kinds of information, and they are constantly searching for the right information. You are here because you want to know how to make money, and I will tell you how. At the end of the day, you get what you want and I make my money (without you even paying a dime).
How do I do this? First, because I know that I am in this business of selling information to people, I need to create a platform where people can find this information. Secondly, I know how to monetize this information without necessarily asking anybody to pay.
In other words, I am a blogger and content marketer. I make money from the content I create. I do this for a living, and you can too. I know people need information to help them with everyday issues, so I do a keyword research and know exactly what people are searching for. With the knowledge I have, I publish what would be of help to them and they keep coming back for more. This way, I am able to build a loyal and dedicated audience. Remember when I said you can create a money making blog that generates $10,000 monthly? I wasn’t kidding.
Mathematically, if I can make just N10 from every visit to my blog, then all I need do is get 100,000 people to visit monthly and I’ll be making a cool N1,000,000 each month! I achieve this by driving traffic from social media and through search engine optimization.
In essence, you can make your first one million naira by just selling information. Find information that people want and get it across to them. You can do this by way of blogging and be able to make even a whole lot more from it.
Dropshipping is one cool way to make money anywhere in the world, even when you don’t have money to start an online or e-commerce business. But what exactly is dropshipping?
Dropshipping is a method whereby you run a retail store and sell products without ever keeping them in stock. What this means is you can sell products to your customers without actually seeing the products or stocking them. You don’t need to commit your money buying and stocking products. There is a very popular and common way to do dropshipping, but that’s not what I am about to tell you in this post. So you don’t need to worry about buying from AliExpress, Orbelo, etc.
As an e-commerce entrepreneur, I have been doing some form of dropshipping locally and still make reasonable money from it. First, I do a market survey and know some of the top and fast selling products in the market. In Nigeria, for instance, I know stuff like phones and phone accessories, cloths, shoes, gadgets, generators, ladies’ handbags, make-up kits and hair extensions, etc are in high demand.
Then, I contact importers, direct wholesalers or resellers in some cases. I get the various prices for the different products I want to sell. My key product is generating sets because power generators sell very fast in Nigeria with a healthy profit. I determine how much I want to sell each product. In other words, I set my own prices.
Next, I create a free online store where I’ll be able to display these products and get customers to buy. Or, I can directly sell from my Facebook page. I run some Facebook ads and target my audience. Whenever there is an order, I contact the wholesaler to deliver directly to the customer and I keep my profits. Or, in some cases, I pick up the product and do the delivery myself.
The good thing is, I do this without paying for any products in advance, so I don’t incur any upfront costs. Depending on my relationship with wholesaler, I can pick up the products when there is an order, sell and then pay the cost price.
With this method, If I sell only ten generators in a month for a minimum profit of N50,000 each, I’ll be making N500,000! I source for only quality products I can sell and sometimes make 100% profit on the item.
With the other products I sell, I comfortably make a million naira monthly from this alone! This is not rocket science, this is simple entrepreneurship. It works for anybody. You just need to be determined and do the basics.
There are many ways to make a million naira, it is not that much really. But these are two realistic ways I can tell right now. It works for me, and if you apply either of these, you will certainly be on your way to becoming a millionaire.
How do you intend to make your first one million naira?When will you become a millionaire? Let me know in the comments.