Every day, a large number of cars are damaged in Nigeria due to poor road conditions. Many drivers become stranded while traveling due to a lack of spare components for their vehicles.
Hence, starting an auto spare parts business can be a fantastic opportunity to get off the job market, make a lot of money, and be content for the rest of your life.
The need for car components is always increasing, especially in Nigeria’s main cities such as Lagos, Abuja, and Port Harcourt.
Selling vehicle spare parts in Nigeria is a profitable business. You can sell to private individuals, businesses, and the government.
Requirements To Succeed In the Business
Location
In Nigeria, there is a significant market for automotive spare parts, and the firm can be located anywhere in the country. You might choose to start selling car components in the city or in the countryside.
If you are selling them in a city, make sure your shop is on a road or somewhere where people can easily see you..
Business Capital
The spare part business requires a lot of money to start. If you are in Lagos, you should rent a warehouse, and the Ladipo area is a popular location for this. Depending on the products you buy, you will need between N5million and N12million to fill a 40-foot container.
However, you can still buy with a much smaller sum of money, such as N500,000 to N1million, by contacting a reputable importer who will combine your items with his own and deliver to you.
Profitability
It is estimated that one can make as twice as the money invested in the business annually.
Research
This type of business cannot be entered without prior expertise and training, regardless of how much money you have.
You will need to conduct some research to figure out how to launch your business quickly and effectively.
Business Plan
This business plan will help you understand the costs of running a business, the methods to employ, the best business categories to enter, and how to manage your cash. This will also include your company’s administrative structure.
Marketing
You will need active accounts on social media sites like Facebook, Twitter, and Instagram to communicate with people electronically. Inform others about your social media activities.
Registration
Understudying or learning more about the nitty gritty of the industry from individuals already in the profession would be great.
Make sure your company is registered with the appropriate authorities, such as, Standard Organization of Nigeria (SON) and the Auto Spare Parts and Machinery Dealers Association (ASPMDA). Obtain a license and other crucial documentation that will enable you to run an auto spare parts business in Nigeria.
