Do you want to read the PDF plan to start an engine oil business in Nigeria from home and online to earn money monthly?
If YES, then this is the only post to read.
In most businesses in the country, there is a place for low-level startups, more like retail sales, and the engine oil business is no exception.
Steps to Starting Engine Oil Business in Nigeria
Here are the steps to start a profitable engine oil business in Nigeria:
1. Start Small
Starting small entails setting up the business with what is readily available.
In the beginning, having engine oil from a few brands is not bad at all.
You can even go for the measuring ones by buying gallons of engine oil if you don’t have money for the sealed ones.
People buy that, too.
The goal here is to start and grow the business with time.
2. Business Plan
Craft a well-detailed business plan.
We know this might sound weird.
You may be like, do I need that for a small engine oil business?
Yes, you do because it’s in that business plan that you will write about how you want the brand to go, things like partnership, expansion, etc.
So, you can see that you need a business plan no matter how small the business is.
3. Choose a Good Location
Choosing a suitable location for your engine oil business in Nigeria is essential.
If you are starting small, find a mechanic workshop around you or on the road where vehicles pass a lot and open your business.
You can look for a shop in a big market where other people sell oil and set up your business.
Remember that this is based on your capital.
4. Find a Good Supplier
Step out and look for suppliers who will sell to you at an affordable price and buy from them.
While at it, consider more than one supplier and then go for the one with an excellent wholesale deal.
You can contact other retailers to link you up with their suppliers.
5. Market your business
Immediately you’re done with putting everything about your business in order; it’s time to implement your marketing strategies.
How do you intend to market your goods?
Don’t sleep on this because it has a 70% role to play in your business success, if not more.
Engine Oil Brands in Nigeria
Before starting your engine oil business in Nigeria, understand the various brands available.
Also, know the ones in high demand and why customers buy them.
Here are a few brands you should consider:
- Forte Oil
- Oando oil
- LubeMax oil
- Eternal oil
- Megarich oil
The engine oil brands mentioned above will make you a lot of money because people buy them a lot.
How Lucrative is the Engine Oil Business in Nigeria?
Because of the consistent growth in population and the number of vehicles and machinery in use in Nigeria, the engine oil business is a lucrative venture to delve into.
The increase has also resulted in a high demand for engine oil.
Not just engine oil, but other lubricants.
Engine oil business target audience includes:
- Auto repairs
- Car owners
- Fleet operators
- Industries that deal in machines
- Car dealerships
- Construction Companies
- Government and Public Sector
A Barrel of Engine Oil Price in Nigeria
A barrel of engine oil is priced around ₦200,000 to ₦250,000.
Note that the price is not static as the price of engine oil changes often.
It also depends on the brand and the exact time you are buying.
So, always confirm the price at any oil station around you.
Engine Oil Business Cost
The cost of starting an engine oil business in Nigeria will vary depending on several factors, including the size and location of your business, engine oil brand, your supplier, the type of equipment you purchase, and the level of service you provide.
Expect to spend within ₦200k to ₦5m to start your engine oil business in Nigeria.
Starting an engine oil business in Nigeria can be a challenging but rewarding experience.
With careful planning and execution, you can build a successful business that meets the needs of your customers.