Direct sales aka. Network marketing.
Wikipedia has explained this very well: Direct selling consists of two main business models: single-level marketing, in which a direct seller makes money by buying products from a parent organization and selling them directly to customers, and multi-level marketing, in which the direct seller may earn money from both direct sales to customers and by sponsoring new direct sellers and potentially earning a commission from their efforts. Multi-level marketing is also called referral marketing.
The deal here is to be street smart. To look for what people need regularly and sell it to them. Actually, this is a very lucrative business idea in Nigeria, because we do not have a fully developed retail system, so we definitely will rely on informal network, word of mouth to access new good products. Key here is to stay ahead. If everyone is selling a particular brand, you can stock it but make sure to get in new brands that is not overcrowded in the selling space because being on top of the network level is key! That is how you earn more money in network marketing.
You do not need to stock any product. But when you venture into network marketing, it is advisable to take on several products categories and I mean “diverse” categories. Network marketing is a type of business opportunity that is very popular with people looking for part-time, flexible businesses. Find the company that suits you and apply to be a sales rep. You have companies in cosmetics and makeup like Avon (here is the link to their site for more information), or health products like Riviera (This is an Austrian company, so I can connect you to become a consultant if you wish), or kitchen wares like Tupperware. Even smaller brands offer referral programs.
If you want to take this to another level, You can create your own drop-shipping site and integrate multiple products into it without having to stock any product or handle shipping.
Recap of key takeaways.
Finding the right business idea is all about finding a problem you are passionate about to solve. Look deeper into the service industry as there are many opportunities there. Service industry does not really require high capital, and your fixed cost could be as low as zero if you work from home. Ok, maybe internet cost and transportation, some advertising cost and setup of company.
Yes, company setup has been an issue many students ask me about. I will cover this topic in the future. What is the best legal set up for you and why? We now partner with a law firm that helps our students with such setup matters at a very affordable rate. So make sure to take advantage of this. You can request more information by posting a topic or question in our Joadre forum.
There are more ideas and remember I only introduced 2 from 10 business ideas to start with less capital. I would love to share more but at the same time, I do not want this blog to be too long as some readers have told me to reduce the length. Look out for upcoming blog content, courses, tutorials and life conventions. Thank you so much for reading this blog. Share with people you know will need the information. If you are really serious about starting up something soon, then be sure to join my free coaching sessions. I look forward to working with you soon.