As such the market is selling so much, now you may want to start an Engine Oil Business, especially if you are a student, you will need money for fees as well as upkeep.
Starting an Engine Oil Business will need proper planning and tactics, especially if you will have to purchase them in bulk. In this article, we are here to guide you on things you need to do to start an Engine Oil Business in Nigeria as a student.
Let’s, first of all, get to know the types of Engine Oil available then you may choose whatever Engine Oil Business you want to start to invest in Nigeria as a Student.
Here are the types of Engine Oil
- Oil Treatment
- Diesel Engine Oil
- Motor Engine
- Automatic Transmission Fluid
- Grease
- Break and Clutch Fluid
- Treatment Oil
Oil Treatment
This oil has its functions according to the mechanical Engineer, the mechanical Engineer uses it after they must have used the engine oil.
Its function is to clean the Engine, it helps to reduce whatever heat the engine may have generated. You could start a business with this Oil Treatment, it is advisable to get a well-sealed stock of it, to avoid leakage or damage.
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Diesel Engine Oil
This is another Oil one could invest in as a business in Nigeria. Diesel Engine Oil is in High Demand just like Gasoline Oil, or even more.
It is in high demand because not only motor vehicles are in use of it but other machines are in use of it, like this in the manufacturing sector.
You can consider starting a business with the Diesel Engine Oil, and if you are going into that, there are specifications, preferably 15W 40.
Motor Engine Oil
This could be rated as one of the most selling Oils in any part of the world, Do you know why? Because everyone using a motor vehicle will have to service their motor vehicle with the engine Oil.
In most cases, when there is high demand, you may find it difficult to meet up, it is advisable to get in the store and stick to them for emergencies.
Starting a Motor Engine Oil Business as a Student could be of great benefit because they’re selling greatly.
Anyone could patronize you, be it a driver or a mechanic, they all need the Engine Oil for its use.
Automatic Transmission Fluid
Starting a business with Automatic Transmission Fluid, it is advisable to go for Mercon, you could go for Dexron, or even DW9(ZF).
Most car users are using automatic cars, and as such, this is the kind of oil they use. They use that for their services in most cases.
It would be of great advantage if you add this to your business as a student in Nigeria. The oil could be changed sometimes according to what the manufacturer may have in specific.
Grease
This very Oil is very demanding, whether you like it or not, its function is to prevent rust. If you add this oil to your business, you could make a lot of profit.
The good thing is, that it does not select an engine, if it is using Diesel or fuel, it functions on both and is in high demand. If you are going into the business, you can go for grease which is mostly recommended like SAE J310.
Break and Clutch Fluid
This particular type of Engine Oil is for a manual gearing system, when purchasing it, you will notice that it comes as Dot 3 and Dot 4.
They help with breaks and clutches. Adding that to your business could be of great advantage to you and the buyers.
Treatment Oil
Here is another Engine oil you could add to your Engine oil Business In Nigeria. Thai oil is used mostly by mechanical Engineers.
They are used after the usage of Engine Oil, it helps to clean the engine as well as reduce the heat that would have been generated. you could start your Engine Oil business in Nigeria with this too.
How to Start an Engine Oil Business
Now you have an idea about different oil products, and what you should be thinking is how to start up the business.
Let’s find out what is required to start a business or invest in lubricant products. What and what should you look out for?
- Warehouse
- Survey
- Get a Vendor
- A salesperson / Truck
- Awareness
Here are the reasons for the above-mentioned requirement in starting a business as a student in Nigeria.
Warehouse
As a starter, it would be advisable to get a warehouse, at least a space where you can keep your product in store, irrespective of the quantity. And make sure it is well secured for security purposes.
In your warehouse, ensure that there is no leakage from anywhere, be it from the cartoon your product will be stored or from the warehouse such as rain leakage or whatsoever to avoid condemning your product.
It is also to Install a fire alarm and make a “No Smoking” signal, to avoid any slightest mistake of explosion.
Survey
It is okay to make surveys on locations and check out for what product or engine oil is in demand the most.
What will determine the business to move most is surveying the types of motor used or what engine oil is in demand the most.
Get a Vendor
Getting a vendor, from different companies is advisable, each for different products, they can easily bring your product to your door.
A Salesperson/Truck
Getting a truck and a salesperson is advisable, with the truck you could easily convey your product to your retailer.
The salesperson can do that for you, you could choose to have more than one salesperson, depending on how huge your workload can be.
Awareness
Creating awareness is one way to gain customers, you could start with automobile mechanics, and those industries which mostly use diesel.
When retailing your product, it is another way of creating awareness, you could start by selling those products at a wholesale price, and when you’ve gained their loyalty, you could increase the price.
Profit in Engine Oil Business
Engine Oil business is a profitable business, it is one of the fast-growing businesses, and it is fast-moving.
Now imagine you reaping up to 10% to 15% profit of the amount you will invest in. That is something you will not want to stop investing in.
Budget
One more thing you should look out for when starting a business is Budget, Budgeting is one tool that will help you or guide you on how you run your expenses.