A guide to start your own auto spare parts business in Nigeria
Starting an auto spare parts business in Nigeria takes a lot of guts! But here are some tips to guide you into being successful at it. Check details below!
Auto spare parts business in Nigeria started booming between the 1940s and 1950s when Nigeria's first self made billionaire, Chief Ojukwu, emerged from the sector. Since then, lots of people have delved into the goldmine. Nonetheless, it's only wise that you find out what starting a particular business entails before investing in it. You need to know how much capital to start with, how to market your business, the best location to set up at and much more. This article is structured with some really helpful tips. If you intend to start your own auto spare parts business in Nigeria, here's a perfect guide.
1. Research and talk to experienced dealers
This is the first step to starting any kind of business. Carrying out researches online and on ground helps you determine if you're financially capable and what your expectations look like. You won't want to delve into the auto spare parts business without knowing the risks involved, expected ROI, what niche to go into and how to seek customers. Researching helps you a great deal in these aspects. Furthermore, talking to experienced dealers in the business also helps you know how to start yours, ways to boost profit and so on. You can find these dealers online or at popular auto spare parts markets in your city.
2. Pick your brand(s)
In the auto spare parts business, you really can't be a jack of all trades. You need to pick your brand(s) and perfect your knowledge in them. If you have always been a lover of Volkswagen cars, focus on that niche. Broaden your knowledge on the several parts of popular VW cars, their common problems and possible alternatives.
If you intend to deal on more than one brand, go for two of your favorite and perhaps another two of the most popular brands driven in your city. In as much as you are a fan of a particular automaker, it's only wise that you stock your auto parts shop with goods drivers need. You can't have everything they need, but have the spare compartments that normally need routine replacements.
Before you start an auto spare parts business in Nigeria, know what brand to focus on
3. Pick a location
The perfect location goes a long way in helping your business make sales. In every state in Nigeria, there's a major auto spare parts market - find out which is in your city. In Lagos for example, there's the popular Ladipo market and in Enugu, there's the coal camp spare parts market. Usually it's believed that dealers with stores at these major markets know their trade and are always easier to reach. Hence, you should consider getting a store in a similar one in your town. Alternatively, you can open your store close to a big mechanic workshop. That way, customers can patronise you when they visit the mechanic. But this also means you have to sell mainly parts of the brand models the mechanic is good with..
4. Market your store
There are many online directories that let your register and market your business. Find out how you can upload your contact details on them. You can also advertise your services on social media, using word of mouth and erecting signposts. Ensure you include the car brands you deal on, along with information on where your store is.
Lastly, join the auto spare parts dealers association in your vicinity. They always support each other through recommendations, loans and much more. Keep in mind that the first few months might not be an easy walk in the park, but you'll definitely find your footing in the auto spare parts business in no time.
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