Guide To Starting Profitable Lubricant Engine Oil Business In Nigeria (2019)
Engine oil business has been found by a lot of Nigerian as a lucrative and profitable one; yet, so many people still remain in the dark in the course of looking out for the best and most profitable entrepreneurial businesses in the country.
Engine oil is sold at filling stations in kegs, gallons and through funnels while some individuals also sell the same product the same way. The people that deal in engine oil business are silent money makers and such people will never shout it loud that they are earning big from the business.
If you’re interested in selling engine oil in Nigeria, I want you to know that there are millions of vehicles and motorcycles in Nigeria. So, it’s either that engine oil is needed by these vehicle users for the servicing of the engines or for other mechanical purposes.
Hardly will you pass through a street in Nigeria without meeting or finding sellers of engine oil along the roads in their kiosks. This signifies to you that people are really making money from this particular business and you too can do the same.
And aside from using engine oil to service the engines of cars, lorries, motorcycles, and other categories of vehicles that ply the roads, it’s also used to service the metal objects that have become so stiff or hard to adjust such as padlocks, chains and other similar objects.
To start the engine oil business, the following steps may help:
- Learn the business first at an engine oil wholesale or retail store
- Build a kiosk suitable for an engine oil business
- Join the association of engine oil dealers in your state or locality
- Reserve some capital to start this business
- Get a space at a strategic location
- Sell at discounted prices
- Attract your potential customers
Learn the Business First at an Engine Oil Wholesale or Retail Store
Before opening an engine oil retail store of your own at all, you must learn it first at other stores so that you can know a lot about it. You need to get familiar with certain things such as the prices of oil in cups, in gallons, in kegs, and in other similar quantities.
You must be trained on how to deal in engine oil business as this is a lucrative business that no one can just wake up from bed and say he wants to start up straightaway.
You must get certified as an engine oil seller or dealer before you can say you want to open a shop for the business at all. By doing the right thing, you won’t be harassed by anyone, be it the government or the association of engine oil dealers in your locality.
You’ll be recognized as part of the association and you’ll do the business with the rest of the mind.
Build a Kiosk Suitable for an Engine Oil Business
Once you’ve completed the learning of the business, and you’ve been certified by your master, you’re officially permitted to open an engine oil kiosk of your own and nobody will ever disturb or harass you there.
It doesn’t cost any much money to build a sizeable kiosk for an engine oil business, but you would need to enter into a considerable negotiation with your carpenter. Negotiating will ensure that you will make the kiosk at a less price.
The building of an engine oil kiosk is important because this is how the vehicle owners and motorcyclists get to identify that you’re an engine oil seller. Without it, you may have challenges with selling. The potential oil buyers will not be able to recognize you on time.
Join the Association of Oil Dealers in Your State or Locality
For every business, there must be a union or an association that will be responsible for the affairs of the dealers in any particular locality. The same goes to the engine oil business. They too have an association and you must join before you can open the kiosk at all.
Once you’ve become an association member, you’ll become a rightful owner of an engine oil business and no one will ever get you prosecuted for operating illegally.
Reserve Some Capital to Start this Business
As you know, every business requires capital no matter how small or big. So, you’ll also need some minimum capital to buy some kegs of engine oil, pay association fees, build the kiosk as well as rent a space.
The only thing is that you must plan your capital such that it will be sufficient to the minimum required to get those vital things on ground for the start-up.
If you’re not financially capable of starting the business, but have the initiative and encouragement to start, then you may take advantage of either online or offline credit facilities. You’ll be able to repay easily so far you’re into a highly-profitable business.
Get a Space at a Strategic Location
Since finding a strategic location for any business is a great way to step up and make the most out of the business on time, you must find a good location where so many vehicles and motorcycles pass every day. That is the simple strategy to get started and pick up fast.
Getting such a promising space for the engine oil business is one of the most crucial steps you can take to ensure you make the most.
Sell at Discounted Prices
By selling at discounted prices to the customers, they will keep increasing in number every day and most of them will invite other vehicle owners and motorcyclists to patronize your business.
Most people don’t realize the fact that business entails some marketing strategies, whereas, those who realize this win the market. They eventually sell more than others.
Attract Your Potential Customers
Do you want to attract potential customers? Do you know the right strategy to go about this at all? It is not as difficult as you think so far you can give it what it entails.
Being able to attract your potential customers involves practices like reducing prices, giving gifts to the customers at festive seasons such as key holders, hand fans, and so many other gift items.