What online business can I start with 500 thousand naira


#21

Wow! That is great!


#22

This is not real. Lmao!
How do I get one?


#23

You think we’re here to play? Lol.

Those are (obviously?) mockups done by my man @Ashiwel, so the real thing might be different, but for anyone who wants to get these, we estimate that it should cost no more than N4k each (shipping inclusive). We need a minimum of five commitments to make an order on Printivo. I’m ordering two, so…

Don’t forget, this is bants oh, the final product might differ from the mock-up. So who wants?


#24

I’ll get one. Just because.


#25

+1. I’d pick up from you at Social Media Week. Feel free to DM me your account details for funds.


#26

Sorry for swerving the thread off topic, t-shirt thread is now here: The first "limited edition" Radar T-shirts


#27

Hi Everybody thanks for all the suggestions. Is Mobile App profitable in Nigeria?


#28

Why don’t you invest in the buy okada and be happy T-shirts with @lordbanks.

Cause I can see some potentials with this T-shirt thing! You may not need to spend all your 500k

It’s just my suggestion though , depends on what @lordbanks thinks

You can discuss that !


#29

mobile apps geared towards nigerian audiences are not profitable


#30

Hmnnn

  • Internet is not profitable.
  • Mobile apps are not profitable.

What is now profitable? Please don’t say okadas.


#31

keke napep :slight_smile:


#32
  1. Okada’s are profitable
  2. A keke will do you more good
  3. A fruit juice stand will do you well

The question is…
Do you want to make money? or have you read success stories on techcrunch and radar or you have watched the social network and you want to take a shot at playing zuckerberg?

Mobile Apps
I didn’t say mobile apps are not profitable. I said mobile apps geared towards the Nigerian audience is just, well, just really sad. Especially if your monetisation model is freemium. Let me paint you a picture

Calculation: 1 dollar = 494 Naira. Hence, 500k naira = $1,012
I will assume you are a bad ass coder hence app development will cost you 0 dollars. To get a developer account in google is $25 and for apple is 99$. You are now down to 1012-(25+99) = $888

App Store Optimization and pre launch hype won’t help you in Nigeria. Hence, you will have to advertise to get users.

At an average of $0.25 per app install, for $888 dollars you will get 3,552 users.

Guess what?
Unless, you are facebook, whatsapp, instagram, or perharps a ponzi scheme, gambling or money ritual app. You will loose 70% of your userbase in 3 days. Yes, 3 days. You will now be left with 0.3*3552 = 1065 users.

From this remaining users, we will just assume you have mad retention/DAU(Daily active Users rate) of 0.3. This means only 300 users will eventually be using your app on a daily basis. Of this 300 only like 20ish will be clicking your ads. The cpc of third world countries is criminally low. 0.03 or thereabouts

This won’t be bad maths if the app is a paid app. but well,…Nigerians. Someone should please link me to a paid app that Nigerians use religiously

Side Note: ASO/Paid model may save you for apps geared to a global audience.

Website?
Mbok, someone else should take over from here

I am not saying that there is no hope. What I am just saying, like my dear bro said above, with your meager capital. Yes, its meager (no insult intended) Buy Okada’s and be happy. Dazall


#33

Lol. Thanks for the reply. But you might need to elaborate on this ritual money app thing.

Is like I’m a bit interested.


#34

lol. What I meant is…
If you can’t key into Nigerian’s greed or social proof(takes a long time and long ass budget) then Freemium is not worth it. However, If you can figure out the greed thing…let me know. I will be willing to invest


#35

Just don’t do MMM :slight_smile:


#36

Interesting thread indeed… can you elaborate more on what you are actually referring to as " greed thing"? May be I can help on this to reinvent the discussion more


#37

Forget Printivo T-shirts…

ITS RUBBISH and EXPENSIVE… paid N3,500 per t-shirt for several t-shirts…and the printing on almost all of the t-shirts broke into pieces after the first washing…even though the t-shirts where hand washed…

The quality of the t-shirts itself was also of very poor quality.

In fact its service quality at its poorest,


#38

Greed? Well, picture MMM. If you can harness the energy/greed Nigerians put into it and come up with a workable solution then let me know. I know people that have funds(Demon Investors). Morals be damned


#39

well. I have not done business with them so I can’t say. However, if this is true, then they have simply followed the Nigerian Business Law which states that everything good and hyped will eventually come to shit.


#40

Will your demon investors invest in an adult business? :slight_smile: