We have proffer some detailed options that could best suite participants/trainees of the Automobile & Automechanic Engineering and Technology Training after the program.
Take a dig, as it opens channels of thoughts for you!
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| A training Program powered by Trade Nigeria in Partnership with The Government |
Starting a
business in the automobile industry is not different from starting any other
business. Think about the area you want to go into. Do your market research,
develop a business plan, and ensure you have sufficient financing for the
business.
Also, take
time to recruit the right staff and offer excellent customer service, as this
would help you build a loyal customer base.
The automobile
industry has lots of business opportunities for anyone who is interested. if
you have been looking to venture into the sector, it helps you have the right
tips. Let’s joggle you through some decision making criteria:
What area do you want to Specialize
in?
There are
several areas which include:
- Sale of accessories, which requires
you to find good suppliers. you can go into franchising, where you limit your
business to a well-established brand or be a general dealer, retailing for many
brands.
- Mobile car wash business
- Body workshops to fix damages to
car exteriors
- Tire sales and repair
- Leasing business for car hires
- Shuttle services, ridesharing and
so much more.
Think about
going into an area that isn’t too competitive. Niche areas are ideal because
the demand often outweighs supply. Another good idea is to limit yourself to
one particular line instead of trying to sell everything.
For instance, if you decide to sell car accessories, you could focus on luxury car items. It sets you apart from other people who may be selling standard products that are readily available everywhere.
Carry out a proper market research
Let’s say you want to open a Toyota dealership in
a particular locality. Some of the first things to do are to find out if there
is a demand for the products and services you plan to offer to customers in the
locality and to carry out proper research to see how much competition there is.
A critical
analysis will give you much of the answers you need. It looks at strengths,
weaknesses, opportunities, and threats. You get a foundation upon which you
will make any decisions regarding the business.
Another
critical part of the market research is understanding your target audience. Do
you want to target high-end car owners? Are you looking to provide solutions
to middle and low-class car owners?
Come up with a
profile or audience persona for your target customers. This will help you
design your sales and marketing strategy in ways that target your preferred
customers best.
Come up with a business plan
Now that you have all the insights from your
research, it is time to develop a business plan.
Think about it as the strategy that will guide all your activities. It
highlights goals, timelines, plans of action, and the financial aspects of the
business.
When
developing the business plan, it is crucial to understand industry rules and
regulations. There are specific guidelines you will need to abide by depending
on the line you take. If you go into the dealership, for example, it helps to
know things like emission standards.
Get the help
of a professional lawyer to guide you through the process. It also doesn’t hurt
to talk to other people who have set up successful businesses in the sector.
Decide what
kind of a company you want to set up. It can be a limited (Ltd) company, partnership,
or sole proprietorship. Understand the implications of each type, especially
around things like taxation. Again, it helps to have expert advice on the best
way forward.
The right location for your
business
Looking for the right location for your business is important if you want to run a brick-and-mortar establishment. You can also go online, depending on the type of business.
Without a
doubt, things like body shops, car wash centres, and service stations need a
physical location. Others like tire and accessory sales can work well in the
online space.
There is also
a third option you can explore. Mobile service stations remove the cost of the
traditional physical locations. but, you must invest in a proper van with the
right accessories. It should be able to handle the demands of constant movement
as you serve your clients.
When looking
for a physical location, take your time to find the right space. Your budget
will determine where you set up shop. You must also have enough funds to cover
expenses such as rent, overhead, and other running costs.
Capital for your business
A business
plan will let you know how much financing you need for the business. Some
sources of capital are:
- Your personal savings.
- A loan from family or friends. It
is essential to enter an agreement on how you will repay the loan. And yes, you
must treat the financing like any other loan. You do not want to lose family or
friends because of money you didn’t repay!
- Apply for loans from financial
institutions. It helps to have a good credit score when
applying for loans. You get to enjoy better interest rates, allowing you to
repay faster.
A well-structured Marketing strategy
If you are
entering a franchise agreement, you can leverage on the existing brand
reputation. But, if not, you will initially struggle with brand awareness. It
helps to put aside some money for marketing purposes. The good news is there
are loads of opportunities to market a business inexpensively in the digital
space.
Start by
setting up a website. Your target audience will want to know about the company.
They will most likely use the search engines to find you. Implement best SEO
practices so that the search engines can find you easily. Such practices
include using the right keywords, developing relevant and engaging content, and
optimizing your site for mobile visitors.
- Use social media platforms to get
more visibility.
- Email marketing is effective and
inexpensive. Start by developing a target audience list. Next, segment the
audience for better targeting.
- Join relevant networking groups on
different platforms like Twitter, Facebook groups, and LinkedIn.
For Enquiries and Registrations on the Automobile & Auto-mechanic Engineering and Technology Training Program and other business activities please call or visit any of the Trade Nigeria’s offices:
Address:
Edo house, Abuja
Suite 5-05, fifth floor,
Central business district,
Abuja.
09033131552
09074484983
08124066664
No. 6 Omerelu Street,
GRA phase 1, Port Harcourt.
Rivers state.
08161261262,
07010882314,
09074569808,
09080088327
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