Take your business online - This is why

Hello good people !

I hope you had such an amazing week. If you didn't, it's alright let's hope for a better next week but most importantly work towards making it better.

Midweek, I made a tweet about a friend of mine, the co-founder of one of Africa's biggest online banks eversend. He said several years ago “it's better to be a fish in an ocean than a shark in a pond” . Back then that statement didn't make sense to me. As you know, close to a year now, I have immersed myself into this online thing. I decided to be intentional about acquiring knowledge on how people make money online (the legit ways of course), do it myself as well and obviously document the process on my youtube channel and in this newsletter.

What I have learnt is that this online thing has vast opportunities. You can make a lot of money fast. If you are my friend on WhatsApp or Twitter you must have noticed my obsession for things like SaaS (software-as-a-service), subscription-based websites etc. I've spotted and learnt from many stories but let me tell you just one of them and I'm sure it will wow you too;

A certain 20 year old created a group on discord a site of sorts where he invites celebrities, top businessmen and women, founders , top speakers, enterprenuers etc to speak for 30 minutes every weekend to members of the group. Those interested in the benefits the group , pay a monthly membership fee of $15 . Now $15 per month is small compared to the knowledge and networking you'd get isn't it? So you'd easily be okay with paying the $15,right ? Because it's small compared to the value you'd get. But take this in; that group has grown to 682 members from all over the world. Let's do some math; that's $10,230 per month for this 20 year old. Impressive , isn't it? Are thoughts already going through your mind? Thoughts that you can replicate this model and talk about relationships, sports, food, small businesses etc?

Unless I didn't comprehend what my friend was referring to then, but I believe he meant that this is a better way. Put your business online, charge a very manageable fare either monthly or annually or a one-off fee and the results will shock as well as excite you. For context, my friend is the co-founder of eversend, a neobank that helps you to send and receive money across 8 countries around Africa in under 5 minutes. Courtesy of eversend, you can also receive money directly from your friends in the UK in under 5 minutes create and use their virtual Visa card to shop online like Amazon, pay for Facebook ads, subscriptions like Netflix, prime video, buy starlink etc. With over 500,000 active users, you can enjoy their services too by downloading the app through this link :- https://eversend.page.link/k6mk

Anyhow, what are the pros of putting your business online?

1) Less start up costs involved :- imagine you wanted to sell electronics, you may be required to rent a shop, hire employees, pay the necessary Town council fees etc. How would you compare to another person who simply goes to shopify, Amazon, jumia or any e-commerce site and lists the same electronics on there? How much did they pay to open up their shop ? $0 . And considering that you can even leave the support functions to the owners of the e-commerce site, then you would chill at a beach and just worry about restocking. it saves costs, right?

2) Larger access to markets:- most of the sites are global with shoppers who come in from several countries around the world. That means having your products on there opens you up to possibilities of benefiting from the shoppers as well. it takes your market from your community to a global stage. Good thing? I believe yes.

3) Less cost of maintenance:- do you have to pay staff salaries monthly? Pay monthly rent and area council fees? Maybe not. Does that cut costs of maintaining your business? I think so.

4) You can work from anywhere:- Because your business is online, anywhere you can access a phone or a computer with an internet connection you are sorted.

5) Passive income :- if your business is about digital products like eBooks, courses etc, you can create it once and earn from it into the future. Passive income means you do the work once to continue to earn from it over and over again.

6) Residual income:- subscription based products e.g mobile apps, sites. Closely similar to passive income, residual income allows you to earn from your goods or services a steady and predictable amount every month. That's where annual recurring revenue(ARR) and monthly recurring revenue (MRR) come in. I've been reading and paying attention to such incomes and truth be told they have sweetness written all over them.

With that said , thanks for reading on. Reply to this email and tell me if you'll take your business online , let's have a conversation. Otherwise, if this information has been helpful to you , forward this email to your buddies to have the read too ,you can also share my newsletter link with them so they could jump on too (link :- https://thedigitalpreneur-newsletter.beehiiv.com/subscribe) .

With Love ❤️ , Denis !

Get a copy of my digital planner, set goals for 2024 & keep yourself accountable :- https://selar.co/150b1u

If you forgot to jump on my YouTube channel , you can do via :- https://youtube.com/@denisdahub

Would you love an hour catch up with me about how to run Faceless YouTube channels , Amazon FBA, newsletters, digital product etc ? Grab a ticket for only $10 via :- https://selar.co/denisdahub