Keke hire purchase business is a very common transport venture in Nigeria. It is widely embraced by all who wish to make passive income.
The beautiful thing with Keke business is that you make your money on the go, whether you are the one riding it or you have given it out on hire pourchase.
Hire purchase is when you give out the tricycle to a rider who pays you a certain amount of money for a given duration.
This duration is agreed upon by the rider and the owner. In Nigeria, it can be within #30,000 for a second-hand keke, or #65,000 for a brand new Keke.
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These payment is made on a weekly, bi-weekly or monthly basis. At the end of the duration, the owner of the tricycle would have made the cost price and a few thousand Naira as profit.
So, if you are desirous of starting a Keke business, these are the factors you should consider?
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The Keke itself
Will you be buying a second-hand or a brand-new tricycle? At the time of this article, a second-hand tricycle goes for 1.8 million while a brand new spec would go for 3.5 million. It is usually advisable you buy a brand new Keke, to avoid situations of it develops a fault and spending money on repairs.
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If you are giving it on hire purchase, it’s also important that you go for the brand-new tricycle. This will limit the chances of your rider using lies of “faulty tricycle and repairs” to avoid remitting his weekly payments.
2. The Route.
Do you want it on major roads or inside the streets? For major roads, you will likely make your return on investment (ROI) on time. However, the Keke is more prone to accidents when it’s on major roads than in the streets. Also, you can easily monitor the rider who works in the street if you give it out on hire purchase.
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3. Trusted Rider
Getting a rider for your keke business is very key. You must have someone trustworthy. Ensure the rider signs a written document with a minimum of three guarantors from their family and friends. If possible, know where they stay. Put a tracker on the keke without telling the rider. This will help monitor the route and mitigate against theft.
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4. Close monitoring
You can never go wrong with close monitoring. Ensure that you follow up with your rider. If the rider is doing the street route, ensure you have the estate officials helping you do the monitoring. In a situation where they are on major roads, ensure you approach the bus stop officials to assist in that regard. That way it will reduce the cock and bull stories from your rider, especially when he wants to play a fast one on you.
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5. Proper documentation of payments
Ensure that every payment is documented. You can set up a separate account where payments go. That way, both you and the rider will be on the same track as regards when the payment cycle is completed,
Keke hire purchase business is super lucrative. However, you must be very tactful as to who you allow to be your rider. I hope the points above help you make the right decision.
