Okada business, also known as Motorcycle business is a very lucrative business in Nigeria where the population of people keeps increasing day by day and due to that, the need for transportation services(Okada to be precise) has been highly required of to enable people move freely from one place to another.
If you have ever wondered of what kind of lucrative business you can do in Nigeria with a low capital, that will yield double of it's capital within few months, then we feel you should consider starting an Okada/motorcycle business. Now let's proceed.
Required Items For Starting An Okada/Motorcycle Business In Nigeria
Below are the major things you should have before you can start an Okada/Motorcycle business in Nigeria:-
•Motorcycle
Other needed items are:-
•Helmet
•Sunglass
•Registering and Obtaining a plate number for your Motorcycle
•Buying the Okada/Motorcycle riders' sticker that's being used in the area you'd wish to operate
Now, let's break it down
•Motorcycle:-
This is the main item you should have before you can start your okada/motorcycle business. You can get a brand new Bajaj Motorcycle in Nigeria as at 2018 for N250,000 or less. Although, it depends on your budget. You may decide to go for a fairly used motorcycle rather than buying the new one because the price for a fairly used one would definitely be cheaper than the new one. You should see a very good fairly used Bajaj Motorcycle in Nigeria between N80,000 to N150,000. Cheap right? Lol. When you shine your eyes very well especially in places like Lagos, We assure you of making double of your capital within few months.
•Helmet:-
Another item required to start this kind of business is an Helmet. You should have this if you're thinking of starting an Okada business because aside the fact that you wouldn't be disturbed by uniformed authorities (e.g Police, Lastma, Road Safety, e.t.c), you would be saved from major injuries that arises from unexpected accidents. You should get a new and quality helmet in Nigeria for about N5,000. So, make sure you have it on your list.
•Sunglass:-
Are you surprised to see this on the list? Yes, it should be on the list. You would definitely need a slightly dark shade/sunglass when starting your okada business. This is because, in some areas where there are lots of dusts in the atmosphere, a sunglass would serve as a shield to your eyes. It would also protect your eyes from moving air that occurs when there is motion. You should get a good sunglass for about N500 in Nigeria.
•Registering and Obtaining a plate number for your Motorcycle:- It is very important for you to register your motorcycle by obtaining a new plate number, so as to avoid any issue of your motorcycle being seized by uniformed men. When getting your plate number, make sure you get a public one (Numbers are written in Red) and not the private one (Blue) since you would be using it to work. You can get a new plate number in Nigeria for about N5,000.
Buying The Okada/Motorcycle Riders' Stiker that's being used in the area you'd wish to operate:- This is very important for you to obtain as well so as to avoid any problems that might arise from the association in that are. Find out about the area you'd wish to operate, and then join the association and pay all the bills they might ask you of. This should cause you nothing higher than N1,500, might be lower than that anyway, but it depends on the area.
The required items for you to start an Okada/Motorcycle business has been listed above, so now you will have to decide on the kind of method you'd wished to run your business. Now, Let's guide you more.
Below are the various methods by which Okada/Motorcycle business are being runned in Nigeria:-
• Self Operating method
• Hire Purchase method
• Daily/Weekly Delivery method
Those are the three common ways by which Okada/Motorcycle business can be runned in Nigeria. Now let me explain better. . .
•Self Operating Method:- This is the most common and convenient method of running an Okada business in Nigeria. This method makes you in full control of your motorcycle and you wouldn't have to worry about you being cheated on by anybody because you will ride motorcycle by your self and all the money you make would be yours. Most people don't like this method because of the reputation they have in the area they live in, while some people might be afraid of the accidents involved, so they'd rather stick to the Hire purchase or Daily delivery method.
•Hire Purchase Method:- This is a kind of method, in which the owner of a motorcycle gives his motorcycle out to a trusted person to work with. They agree on a certain amount of money, which is going to be delivered weekly to the owner until he completes payment for the motorcycle, then the motorcycle would be his. For example (Let's say you bought a Motorcycle for N250,000. You then agree with a trusted and well known person on the amount you're going to lease it on hire purchase. You can say you want to sell it out for N350,000 and the money should be payed in N15,000 weekly. So as soon as he completes his N350,000 payment to you, he now has the full right it. You will then hand over the documents to him and the motorcycle is his. That is to say, you made a profit of N100,000 within months).
•Daily or Weekly Delivery Method:- This is a kind of method by which, a Motorcycle owner gives his motorcycle out to a trusted person with the agreement that the person is going to be delivering a certain amount of money to him daily or weekly but the motorcycle remains his and can be collected back any day any time. For example, You bought your motorcycle for N250,000, you can lease it to someone who would be delivering N1000 to you daily or N7000 weekly including weekends. That is, you can be making extra N30,000 monthly from your motorcycle aside other incomes you may have.
Many people would think of this business as a dirty and embarassing business which is not true. This business has created lots of opportunities for many individuals in the country. Lots of family men use this business to cater for their family, you can always start small and make it big. No matter what kind of business you do, the fact remains that BUSINESS IS BUSINESS whether big or small. You would definitely get to the peak if you know what you are doing.
We hope this helps, if yes, kindly share...
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