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I have a car hiring company which l have managed successfully for the past 8 year and it seems as if we are in our comfort zone because I am running out of ideas to move to the next level

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Hi Emma. It will be useful to know where your business is today (development degree) and what are your realistic aspirations for the next levels. You have to update your business plan, taking in consideration your own experience and a recent market analysis.

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Car hire is a good business in Nigeria now that so many organizations can't afford the cost of fueling and raise in prices of everything especially spare parts. With this challenge, you can begin to write proposal and expand your market to other corporate organizations to render your services to them. You can also, diversify your business to selling of the old cars and replacing them with new ones to avoid when you find it hard from the car hire business to start a totally new business. You can go into food items and non food items supply to NGOs and charity organizations to keep the two businesses moving gether.

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Hi Emma, This is the best time to diversify while you feel you are in a comfort zone. Do a few replacement of the old cars, and you can also go into full time importation and selling of cars since you have created a market niche by now. Also think of opening up branches in other states across the country with dedicated staff to manage it. You can begin by importing just a few and sell, before you know it, it will expand beyond your imagination. To also know how well your business is doing, do seek guidance finance and tax experts to help you put your business in good perspective if not already done so.

Report Solomon Donkor Kwame's answer

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Hi Emma, This is the best time to diversify while you feel you are in a comfort zone. Do a few replacement of the old cars, and you can also go into full time importation and selling of cars since you have created a market niche by now. Also think of opening up branches in other states across the country with dedicated staff to manage it. You can begin by importing just a few and sell, before you know it, it will expand beyond your imagination. To also know how well your business is doing, do seek guidance finance and tax experts to help you put your business in good perspective if not already done so.

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