Auto spare parts business has seen the rise of so many millionaires in Nigeria and several other African countries. Dr. Ifeanyi Ubah and Chief Cletus Ibeto being among the prominent ones in Nigeria.
More than ever before, people are beginning to discover the goldmine in this business and beginning to take advantage of it to create a lasting source of wealth for themselves.
In this post today, I will be showing you how to successfully start and make real money from this lucrative auto spare parts business in Nigeria and anywhere else.
With millions of cars and other automobiles currently in use in Nigeria and thousands more being imported daily, auto spare parts business is a perfect idea for anyone who wants to invest and establish a permanent source of income for himself and family.
Here is how to be successful in this line of trade and earn a lot of money from it:
1. Spend Time In Learning The Auto Spare Parts Trade Or Business
Auto spare parts business is not a business for a novice. One of the reasons some people lose money in this business whereas others are making millions from it is the absence of a good knowledge of the business.
Before investing a dime in this business, make out time to visit auto spare parts dealers in different locations and learn everything you can about the trade.
Learn the prices of as many auto spare parts as you can, different products and companies with the best quality spare parts. Be physically present in a shop to inspect and find out these things for yourself from people that are already in the business.
If it is possible to even become an apprentice for a particular period of time, maybe a month, 3 months, 6 months or even a year, humble yourself enough to do that. It will help you last long in the business and make so much money from it.
In Nigeria for instance, some of the best places where you can learn the trade of auto spare parts business includes Nnewi, Ngbuka in Onitsha, Lagos and so on. Here you will find some of the best auto spare parts dealers across the country.
Nnewi for instance, has gained the reputation of being called “the Japan of Africa.” The best auto spare parts dealers in the country has their head or branch offices there.
2. Find A Suitable Location
Auto spare parts business is a business that cannot thrive in a very remote place. The business needs a good site with enough exposure.
It is even best if the location you have chosen or will choose for this business is close to a major road in your area. I mean a road that can be easily accessed by automobiles.
It will not help give your business a good exposure, it will also make it easier for people to visit and direct others to your shop.
Although this business can be started almost anywhere, it will do better if it is started in an area or location that has been known for the trade.
3. Buy Directly From Importers
Since auto spare parts are not being produced in Nigeria and some other African countries, many businessmen import these products from foreign countries like China, Japan, Korea, Canada and other countries where they are manufactured.
These businessmen (importers) then resell these products to others (wholesalers and retailers) who will then have to resell it to the final consumers or other traders as well.
As a beginner in auto spare parts business, it is often advisable you buy directly from these importers as their prices are normally lesser in comparison to others who do not import but buy from importers themselves.
That way, you will make more money from your sales at the end of the day and also have access to first hand products.
4. Advertise Your Motor Parts Business As Much As You Can
Advertisements have a way of letting people around know about the existence of a business in an area where they may not have taken cognisance of.
Use various advertisement methods to let people know about your auto spare parts business, radio, television, banners, flyers, cards and every other method you can think of.
Do not ignore or underrate the power of online advertisement as well. Open social media accounts for your business and use it to tell people everything you want them to know about it.
A Facebook page and Twitter handle is good for a start. With time, you can add other social networks as well.
5. Develop A Good Business Relationship With Your Customers
You want to sell your products to customers, don’t scare them away with bad attitudes. Learn how to attend to customers in a very polite way.
Although some customers can be quite annoying sometimes, do not allow yourself to get unnecessary emotional over little things and start using words carelessly around your customers.
How you treat people will determine whether they will come back to buy auto spare parts from you or not.
Also train your workers or apprentices to respect and talk to people politely. Teach them to answer questions respectfully and be on their best behaviour when a customer is around.
6. Set Business Goals For Yourself
In relating with some young businessmen, I am often shocked to discover most never set goals for themselves or their business.
Business goals will help you remain focused on your auto spare parts business. It will also help you discover if your business is making progress or not.
Do not leave anything to chance, saying what will be will be. It is not true. What will be will be only when you set proper goals for it.
By setting business goals for your auto spare parts business, you will putting yourself on the path of success. A part only a few walk.
7. Treat Your Workers Well
The success of your business to some extent, depends on how good or bad you treat your workers. A happy worker will do anything for the success of a business.
Whether you are working with apprentices or workers on salaries, treat them with respect. Pay them whatever you agreed and when due.
If your workers are not happy with you, chances are they may start stealing from your business or stop hustling wholeheartedly to make sales. Either way, you lose.
Always remember, “a happy worker can do anything for the success of the business.”
8. Get The Necessary Business Permits
In some places, you will have to get some permits from either the state or local government before you can operate your business in such areas.
If you are living in one of such places, ensure you get all the necessary permits required for your business to be fully legal in that area. To avoid unnecessary fines and expenses.
It is true that it cost money to get all these permits from the government but it is also true that it cost more to get yourself out of their troubles when you must have fallen victim.
Do the needful and save yourself from a lot of stress.
9. Sell Original Car Parts Only
In auto spare parts business it is common to come across people who deal on fake products, deceiving the gullible.
As a beginner in this business, do not let yourself succumb to the temptation of making money from people by selling fake products to them, taking advantage of their ignorance.
Once people notice you sold a fake product to them, they will never come back to buy from you anymore.
Let people know you for having original, genuine or high quality products.
10. Join Auto Spare Parts Dealers Association
You may never know how important this is until you run into trouble and someone to help you out.
Apart from helping you out when you are in trouble, auto spare parts traders associations can help you get access to loans and grants of various amounts to boost your business.
In these associations, you will also meet people from whom you can learn several things you never knew about auto spare parts.
Some of these associations also help to contribute money for you whenever your business is facing serious financial challenges and need a bailout.
If you are also looking for financial partners for your business, it is in associations like this that you can find them.
11. Start Small, Dream Big
Do not be scared of starting small. If your capital right now is not enough to start auto spare parts business in a big way, feel free to start small.
Some of the big names people are celebrating today in this business started with little or nothing and grew to the height they are today.
Don’t let anybody discourage from launching out if this business is what you have set your heart to do. Start and put in all your efforts. With time you will grow to a height the people around will come to learn the secrets of your success from you.
Auto spare parts business is a business that is worth investing in Nigeria or any other country in the world.
With the rate at which cars are being manufactured and imported into Nigeria and Africa as a whole, the business is certainly a perfect idea for anyone to start.
Although the competition in this line of trade is high, with the tips I have given above, anyone can easily beat the competition and do well in this business.
Remember to remain focused and work hard towards the growth of your business. Auto spare parts has made so many people millionaires.
I am very sure it with will make you too.
Thanks for reading!
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You can also read Incredible transportation business secrets in Nigeria