…and all you need to know about it. #1
Living in Nigeria as a youth can either open your eyes to loads of opportunities you can jump right on or give you reasons to hate this Country of ours. Truth be told, not everyone can spot opportunities so I am really glad you found this blogpost. It means you are willing to explore opportunities to see what would fit for you. Let me take you through a couple of things you need to know about the motorcycle business in Nigeria.
For starters, depending on where you live in Nigeria, the chances are that you see a bike everyday – this could be a private motorcycle or a bike used for commercial purposes. If you live in very commercial centers in Nigeria – Lagos, Ibadan, Port harcourt etc, you will see a lot of bikes daily. And motorcycles, or Okadas are they are popularly known as, use a lot of mechanical parts. Mechanical parts are subject to a lot of wear and tear so where do these okada people find replacement parts for their okadas?
For instance, the lifecycle of a brand-new motorcycle tire is about 4 months – depending on the quality and the design of the tire – to at most 10 months. What this means is that for every tire sold today, you can expect to have to sell another in about 5 months. What of motorcycle tubes? Their average lifespan is about 3 weeks. Each motorcycle has two tires – the front and the back. However, you are more likely to find people looking to change their back tubes than the front tubes. And this is because the back okada tyre usually carries a lot more of the load so chances are higher that it would spoil more often.
Let’s talk about their mechanical parts also. The chain and sprockets, the chain that helps the okada move, the piston in the engines, the clutch fiber that stays inside the clutch disc or the clutch moon as some prefer to call it. These parts wear out due to constant use, due also to the effect of nature on mechanical parts and a lot more. Places with lots of natural factors – rain, harsh humid weathers, bad muddy roads etc would easily affect how long your sprocket and chain would last. And if these critical parts of the okada gets spoilt, it has to be replaced. And that brings us back to the question – who replaces these parts? Who sells those replacement parts too?
This, right here, is where the opportunity lies. The opportunity to be one of the persons filling up this need. And as long as okadas or motorcycles of different brands run on our roads, you can surely expect that soon enough, they would need replacement parts. The question is, are you ready to supply those parts?
There are a few questions you would need to resolve to be able to understand the okada spare parts business well enough. Some of those questions would include how to source these parts, the parts people buy the most, the parts with the most returns, where to situate your business, how to position your business, the brands that give you the most edge and margin profit wise. This last part, the profit margin is important to note. If you’re in business, the end goal, asides avoiding starvation in this country has to be to turn a profit. Which means, if you’re interested in turning a profit, you have to know what products you should sell and what products will give you that margin you’re looking for. Not to worry, Funtua Group has been collecting sales data and our sales record digitally for over 2 years now and based off of our data, we can offer you insights on what the top selling products are.