How to Start a Spare Parts Business at Ikoku Market (Complete Guide)

Are you planning to start selling motor parts at Ikoku? one of the biggest spare parts market? My advice for you is to prepare your capital depending on the kind of spare part you want to sell.

Ikoku is a where individuals can buy or sell any kind of spare parts, including; car, SUV, lorry, truck and trailer parts. You can sell or buy whatever motor part you wish, starting from big vehicle engines to the smallest objects like nuts, bolts and small bearings.

Renting a shop and starting a successful spare part business in this market, is not a difficult task.

I know the complete details that will guide you through the process. This guide has helped me to be successful at Ikoku market, and I have generated a lot of money as a result.

I also made my first million on my first year in the market following the complete guide.

Here’s how to start a successful spare part business at Ikoku Market.

Decide what spare part you want to sell

Deciding the particular spare part that you want to sell, is the first thing you should do. The reason is because there are a lot of spare parts you can sell at Ikokwu, so you can’t just compile all of it in one shop.

This business is all about carving out your niche and strategizing on it. So focusing on a particular motor part is the way forward.

There are several spare parts and products related to vehicles that you can select and start selling right away, and they are; lubricants &fluids, bearing, alternators, coolings, SUV parts and so on. Make sure you select the spare part niche based on your start-up capital, we will discuss that later.

Types of motor spare parts you can sell

  • Lubricants and fluids – On this niche, you can sell products like hydrolic, engine oil, carburetor cleaner etc.
  • Bearing – You can sell different kind of bearings that can be found on all vehicles, including trucks.
  • Kickstarters and Alternators – You can sell Kickstarters and alternators together with brush, solenoid and wiper engine etc.
  • Coolings – They include; condenser, radiator, compressor etc.
  • SUV parts – They include; Prado, Toyota Hillux, Tacoma, etc.
  • Truck parts – You can also sell any kind of spare parts for trucks like Howo, Mack, Man Diesel etc.
  • Lights – Including head lamp, rear lights, mirrors, trificator light, bulbs etc.
  • Bolts and nuts – Sell all types of bolt and nuts, from the biggest to the smallest.
  • Wheels & Rims
  • Motor tools
  • Interior parts
  • Second hand spare parts

Prepare your capital

After deciding the spare parts you’re going to sell, the next step is to begin to prepare your start-up capital. Your capital is the money you’ll use to start the business.

Note that each category of spare parts have different startup capitals. For example, the money you will use to start selling Howo truck parts will be more higher than that of a Toyota car spare part business.

Nevertheless, before you venture into any spare part business, try as much as possible to calculate the capital. That way, you will know whether you’re capable or not.

There are also some loan platforms and financial institutions that can help you prepare your start-up capital, the one you have isn’t enough. Platforms like Opay, palmpay and HiFund can help kick-start your business with the right loans.

Choose mostly products on high demand

It is important to select and purchase spare part products that are mostly on demand to enable you sell them faster. As you are about to start, make sure you do a little marketer survey on the products you selected. That way you’ll be able to find out the ones on demand.

Put in mind that all these things should be done before renting a shop.

Sincerely, some motor parts are not meant to be kept in your shop because of their decrease in demand. While there are some products that are being demanded everyday. Most cars and trucks can do without them.

Some car brands like Toyota and Nexus have more demands on their spare parts than any other brand. You can also use that formula to determine other spare part products.

Below are products on high demand at Ikokwu market:

  • Toyota parts – Including Hilux, Parado, Corolla, Hummer bus, etc.
  • Fluids and lubricants – Including Engine oil, AB gum, Hydraulic fluid, Carburetor cleaner, spray paint, etc.
  • Bolts and nuts – Including all kinds of bolts, wheel bolt & nuts, washer, etc.
  • Truck parts – You can sell mostly Howo parts and Mark parts.
  • Batteries – Including 75ahms, & 100ahms, battery terminals, wires, and tools.

Rent a shop/apartment

Before purchasing any of these products that you’ve choosing, make sure you rent a shop whether small or big (Depend on your budget). If you are just starting out, I will suggest you go for a small shop.

Shops located at Ikokwu are usually very cheap, unless they are very big. You can find a small shop from between ₦150,000 up-to ₦300,000. But big shops are usually from ₦350,000 to ₦500,000.

In a case you don’t have the money to rent a full shop, then you can find someone to share the shop with. Both of you pay 50% each.

So two things are involved. It’s either you rent a shop alone, or you find somebody to share the shop with. Above all, make sure you get a shop before purchasing the products.

Get a simple business name

Quickly find a simple business name for your new spare part business. This business name is what your customers will recognize you with or know you as.

Since it is a business related to spare parts, you have to look for a name that sounds like you sell motor parts. For example, if you sell coolings, and your name is Emeka, you can name your business “Emi Coolings Ventures” or “Emeka Coolings”.

After getting that perfect business name, then you can go on to make it your official name. Make your invoice or complimentry card as soon as possible. You must make sure your business name and your phone number is attached to all of them.

Buy your products

After putting all these things in place, the next thing you should do is to purchase the products and start selling right away.

Actually, there are several places where you can get motor spare parts at cheaper rate. If you don’t know, you can ask your friends who have contacts of the dealers, or you can simply fetch them out yourself.

Nevertheless, you can just go to Lagos state and find out yourself where they sell motor parts wholesale price, and also who sell the cheapest.

Where to get cheap motor parts to sell in Ikoku

You can get cheap spare parts in the following places:

  • Lagos
  • Onitcha main market
  • Nnewi, Anambra state

Advertise your spare parts business

As soon as you buy the spare parts and load them in your shop, your next step is to look for strategies to grow your business, and that is where advertising comes to mind. Advertisement creates awareness to your business name and products, and the awareness results to sales.

Many business men/women neglect Advertising, and that alone has caused their business a lot. Truth is that, you should put more interest in the way you advertise your business if you really want to succeed in it.

How to advertise your spare parts business in Ikoku

  • Make a big banner containing what you’re selling and place it outside your shop.
  • Sample some motor parts outside your shop for passerby to see.
  • Place your phone number where people can see it (phone number should also be placed on your banners and posters).
  • Make complimentary cards and share them to your friends, fellow traders and customers.

Sell at cheaper rate

When starting a spare part business, there is one thing you need to know, never sell at a costlier price. In other words, your motor parts shouldn’t be too costly.

In other to sell at a cheap rate, you have to buy the motor parts at a wholesale price, which means the products have to be cheaper, so that you can also make your own price cheaper too. For example, if wholesaler A sells an item $30, look for another wholesaler would likely sell that same item for $25 to $28. Then, instead of reselling that same item for the usual price (I.e $50), you should reduce it to $45.

This business pattern will attract you to so many potential customers which results to a lot of sales.

Notwithstanding, this particular strategy is not a permanent strategy, but a partial one. After sometime, you can then change plans. The main purpose for this plan is for your business to gain ground, and also for you to get more customers.

Final thoughts:

Starting a business in Ikoku market is very simple. However, the startup capitals for some category are a little expensive. Fail to follow the steps I listed above about the ways to succeed in this motor parts business, and you won’t make more sales, it’s as simple as that.

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