6 Easy And Successful Steps On Starting Transportation Business in Nigeria
Most investors should realize by now that the transportation business in Nigeria is highly lucrative. The growing population and businesses that continue to improve makes transportation a crucial part of society. In case you want to start a transportation business, here is how to start it.
Why Transportation Business in Nigeria
The transportation business has a large potential in Nigeria. The latest survey estimated the country to grow to 250 million population by 2036. And only 31 people among 1 million Nigerians who owns a car and use it. And most of them also prefer to use public transportation.
Technology also helps the industry to thrive. You can find new ride-hailing and sharing apps continue to pop up every day. What’s the best way to utilize them all than having your own business?
6 Easy Steps to Start The Business
Anyone can start a transportation business. And here are the easy six steps to help you start one.
1. Decide on the type
This is crucial since transportation covers a wide range of vehicles and services. Do you plan to transport logistics or prefer to be a taxi? Do you want to serve the Nigerian people with your army of motorcycle riders for all their needs? To have the best vehicle for your business, you must answer these questions.
2. Raise Capital and Register Your Business
After you decide on the vehicle and service type, you can do the follow-up to your initial research. Look into the niche and competition. You need to be thorough in your research since it will affect the amount of capital you need. You should start the registration process when you already have 50% of the capital ready. This will ensure the investors that you are serious about the business.
3. Choose the Route
When it comes to the transportation business, the route is one crucial matter that can make or break your business. The route doesn’t have to be lucrative when you start the business. But you must be sure that it will be the best and most profitable route in the long run. You won’t find any competition in some routes, because they are not and won’t be profitable.
4. Start Obtaining Vehicles
Having a registered business means you can start obtaining vehicles. A lease is the easiest and best way since you can use the fund to finance your day-to-day operation. As it also will help you raise your overall credit score.
5. Hire the Best People
Hiring can be problematic if you don’t know the people well. You can start by working with your close friends and family in the business before expanding the circle to professionals. Remember that trust is a two-way road, you must trust your employee to gain their trust.
6. Promote Your Service
The only way you can generate income and gain customers is through promotion. You can use social media to promote your service. You also can use free service or discounted fee tactics to garner more attention.
If you plan to start a transportation business in Nigeria, you need to know the niche you want to go to. Whether you want to transport people or have focused on logistics to help local businesses grow, you still can gain a large profit.
