Considering Starting an Engine Oil Business in Nigeria and don’t know how to get started? Kindly Check this out;
For a start, we wish to send you our congratulatory message for a well-thought-out initiative, in relation to starting up the Engine Oil business in Nigeria. We are doing so, because that is one hurdle crossed already, and if you follow through with this article, I’m sure you are going to be laying your hands on helpful insights that will aid in crossing the next few hurdles.
In Nigeria, to say that the Engine Oil business is not profitable, will be like intentionally denying the truth. The fact is, every nation relying heavily on automobiles, would definitely need time to time a steady supply of Engine Oil in circulation. Now think of yourself as a part of this circulation body. ( Are you not thinking what I’m thinking? PROFIT!)
Who w be needing my services, and where will they be needed?
Ranging from Automobile drivers, Mechanics, Spare part dealers, Industries and organizations, farmers, retailers and the public, will definitely enliven your customer list, as Engine Oil is needed essentially to keep the Engines of whatever machinery they are operating roaring with Life.
So saying I don’t need to hammer heavily on the point, that indeed you’ve made a great choice to position yourself in the Engine Oil business. This is because this list of cooperation will be needing your services on a daily, weekly or monthly basis as the case may be.
How do I Start a Profitable Engine Oil Business in Nigeria?
I guess that’s the question, that brought us to this point, so therefore, let’s get right into it.
1. Determine The Scale You Want to Start With:
The engine oil business is a really vast one, other than just jumping into the business straight on, careful attention has got to be put in place first and foremost to decide properly the scale of the business. Am I going wholesale, Retailing or just a mini outlet for a start.
2. Decide and Define Your Budget:
Naturally, the scale of the business will definitely decide the amount (budget) to be pumped into it. For any scale you choose, these factors should fit into your budget plan.
- Business registration amount
- Cost of acquiring a suitable location
- Cost of purchasing stock
3. Conduct In-Depth Research of The Market:
For this step, you will need to get in touch with vehicle drivers, mechanics, spare part dealers, other retailers and then the general public, whom you feel know a thing or two about Engine oil. Their replies give you a foretaste of things to expect as well as secrets that will make you stand out, head and shoulder above your competitors.
4. Rent a Warehouse / Store in a Suitable Location:
Besides a Mechanic or Spare part dealer, adjacent a production industry, or maybe just close to a bus park or something of that nature. But the point is, you have to be where your potential customers can easily access you. A well-organised store, arranged compartment by compartment, shelf by shelf is the perfect start to a great future for you.
5. Choose Your Suppliers and Stock Up:
There are quite a number of Engine oil brands out there in Nigeria, known for their popularity in the market over the years. Talking of Mobil, Total, Tonimas, Sea horse, Sea max and the host of them. Find your major suppliers and develop a good relationship with them.
6. Create Awareness:
Aside from those in your current physical location, you still have a chance to reach a wider audience, by deploying various advertising agencies and mediums.
The Engine Oil business is one business you are sure of excelling in, due to the many doors of opportunity open to it. If you follow up with these tips and maintain a core disciplined lifestyle, I see no reason why we shouldn’t be talking of expanding the business in no time.
However, take note of these precautionary measures, they mustn’t be swept under the carpet.
Although Engine Oil is relatively a durable product, it can last a good number of time without getting bad, it is still important to:
- Shield it from excessive sunlight and heat
- Keep it away from moisture
- Install firefighting instruments around.
- Place bold signs that discourage smoking and any other fire-igniting act.
- Mount burglary proofs and security doors were necessary to curb illegal access.