Manufacturing lubricating oil for different kinds of vehicles.
Industry
Oil / Gas
Description
Product/service description
The business focuses on the establishment of a small-scale manufacturing unit to produce lubricating oil that will be used for different kinds of vehicles. The oil will be...
Product/service description
The business focuses on the establishment of a small-scale manufacturing unit to produce lubricating oil that will be used for different kinds of vehicles. The oil will be sold to wholesalers and retailers.
The business focuses on the establishment of a small-scale manufacturing unit to produce lubricating oil that will be used for different kinds of vehicles. The oil will be sold to wholesalers and retailers.
Market Scope/Potential
Lubricating oil is compulsorily used in all kinds of vehicles to reduce friction and heat. Since the number of vehicles is growing at an enormous rate, the demand for this oil is also increasing tremendously. Big companies manufacture their branded lubricating oils which are sold at a high price. However, there are many other small companies too which manufacture good quality of lubricating oil at a reasonable price. Such companies are also doing good business. Since the demand of this product is huge, any new small-scale business will be able to do well and establish a reputation in the market if the quality of the product is good and the promotion is done well.
Opportunities
There is a huge demand for lubricating oils in the market.
The business yields a good profit.
The business can be established on a small scale and can be grown eventually.
The raw materials are readily available in the market.
Risks
The business must be registered, and a license must be obtained before initiating the work.
A team of skilled workers is required to manufacture the lubricating oil.
There’s a lot of competition in the market.
Extensive promotion, marketing, and branding are required to sell the product.
Since the manufacturing process requires the use of harmful chemicals, the manufacturing unit must be located in an industrial area.
Entrepreneurial qualities
Any person who wants to establish this business must have sufficient start-up capital. He/she should also have experience in the industrial field. The person should know how to manage a team of workers and develop a good relationship with clients and customers. He/she should also be able to make effective plans that can help the business to grow.
Conclusion
Manufacturing lubricating oil is a good business idea that yields a great deal of profit. However, the business needs a good investment and an efficient plan to make a mark in the market.
Ravi
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