It is of great importance to note that an average car uses over 30,000 parts, selling auto spare parts is a part of the many different roads to success in life. There is a large market (which is constantly growing) for auto spare parts business in Nigeria, and the business can be sited anywhere in the country.
A lot of cars get damaged in Nigeria daily due to bad roads and accidents. Many divers often get stranded on the way due to non-availability of spare parts. People are willing to buy auto spare parts especially when they are stranded on the way.
Auto spare parts business is one way of getting yourself employed, making money, being happy, and depriving the unemployment market one less human being thereby helping to reduce the unemployment statistics. You stand a chance of making it big in this line of trade.
|Your business philosophy may be:
Patience, Optimism and Perseverance,
This philosophy will see your business venture through difficult (and trying) stages!
Your prospective and potential customers who will patronize your business are:
- Car dealers
- Private car owners
- Corporate organization
- Public and private institutions, etc.
How to start your Auto Spare Part business
A little knowledge and understanding of a country’s auto business needs is the key to your business success. Each town and city has its own set of economic situations. Knowing these situations and conditions will help you prepare and plan out how it may offer positive benefits to your business. This is inevitable in any starting up business venture.
Learning by Apprenticeship
You will need to acquire the necessary skills and knowledge about the auto spare part business in Nigeria.
To know more about the auto spare part business, you can and must learn its modus operandi through an apprenticeship in a shop where car spare parts are being sold. The period for this training will depend on your agreement with your tutor (Oga); you can and may learn everything about this business between six months and two years depending on your zeal and inquisitiveness.
A business plan is the road map to the setup, maintenance and eventual expansion of your business venture. The business plan will include your needed capital, possible return on investment, marketing strategy and legal structure. It also shows you the cost of running the business and the strategies you should adopt to succeed.
You need to have enough funds to start your business. This could be from personal savings, donation from relatives and friends, bank loans etc. The business will grow with time depending on proper management and the capital you inject in it.
Register you business with the relevant agencies like the Corporate Affairs Commission (CAC), obtain the necessary permit and license document from local authorities.
You need to have or rent a shop or warehouse to store your goods. This shop or warehouse must be well secured. Locate your business in the heart of town or city, where there are lots of vehicles and traffic, if possible.
Source for (reliable and responsible) suppliers who will supply you auto spare part for your business:
Ø Spare part manufacturers.
It should be those who will supply you with original and reliable auto spare parts.
Connect with your prospective customers by reaching out to all vehicle owners you know in your neighborhood. Friends and families are also worthy prospects in the beginning. Advertise and tell everyone who cares to listen by radio television and print media. Print and distribute flyers that contain details of your business, tell people through about your business on social media such as Facebook and Instagram.
Business Strategies for success
Every business needs a strategy for success:
Ø Good and reliable spare parts;
Ø Great Advert;
Ø Very good customer relationship;
Ø Good working relationship with your staff;
Ø Unique and different approach to doing business.
Remember “Patience, Optimism and perseverance” is the key.
The Auto Spare Parts business is highly profitable. Good Luck!