There is something in the air – the wind of entrepreneurship. For one reason or the other, everybody wants to be self-employed which is actually a good thing because SME is the backbone of any economy.
You know about the transportation business, but do you know that it is very lucrative.
There are 200 million people in Nigeria and more than half of that number will need to get something or someone somewhere. Air and water transportation isn’t big in the country, which paves the way for road transportation. Imagine the logistics and the numbers, mind-blowing right?
Now you see why there are many people are into the business. But fret not, the “sky” of the business is wide enough for all the “birds” to fly, so venture in if you want.
Before jumping right in, however, these are questions you need to ask.
- Is it going to be human or goods transportation?
- If it is human transport, is it going to be intercity or intracity transport?
- If it is intracity, are you going for buses, tricycles, motorcycles or taxi?
- As intercity, are you going for normal buses or luxurious buses?
- Are you going to be driving for yourself or will you employ drivers?
- Study your location and use busy areas with less competition?
- How much are you going to be gaining on a daily basis?
The best way to start a business is to start small. If you don’t have the money for new vehicles, you can go for fairly used ones. The reason most businesses fail is as a result of no planning or bad planning. Hence, you have to carry out a well-detailed market research. This will let you know what people want and what they don’t want.
After getting your vehicle(s), make sure you have them registered and get the necessary documents. Failure to do all these will lead to frequent embarrassment, and ultimately an arrest from government officials. In addition, make sure you pay your dues and levies at appropriate times.
Decide if you are going to be driving by yourself or if it is more feasible for you to get a driver, someone with the experience and knowledge. Even though you are going to hire a driver, make sure you get familiar with the business. Furthermore, the person has to be professional and trustworthy, and it is better for both parties to have a signed agreement. This agreement will include:
- The amount to be remitted on a daily or weekly basis
- Legal contract to bind it all
- The consequence(s) for not fulfilling the agreement
Lastly, it is highly important for you to be patient and vigilant. All businesses are risky, there are times you will see a lot of gains. While sometimes, you will be at a loss. So, always try to minimize the risk.
light sleeper, heavy dreamer.