I am one of those people who never imagined I could make it in life, thanks to the idea of trading in used cars. I have managed to make at least EAD 100 million from my business.Here is my story.
In 2011,I was introduced by a friend to the world of business. This time I was naive, fresh from school and eager to be a good employee and ready to earn several thousands from my job.But a friend, who joined the business while I was in university challenged me.
As we sat in a popular restaurant in Dubai, he intimated to me that in a bad day, he would make AED 5,000.I asked how! That’s when he told me he traded in used cars and wanted me to learn the trick if indeed I wanted to succeed.Initially,I thought I was too small for the business and requested for a job. He offered to employ me and pay $1,500 as I learnt the skills.
I realized as I joined the company, which is located some few metres from Dubai Airport, that he was importing used cars from Japan and people from Nigeria and Kenya would come for them.
A small car earned the company twice the buying price while a big one with at least 3,000 CC generated less and were not moving as fast as the small ones.
In 2013,I had mastered the art of car business and I was ready to start the business, but my obstacle was luck of capital. In my bank account I had less than AED 10,000.
I decided to approach my mother for some capital, and after telling her about the business, she chased me away, arguing that I went to school to get a nice job and warned me of consequences if I ever shunned employment.
I went to my friend who owned an oil company,he was from a rich family.He surprised me by giving me nothing.
That’s when reality dawned on me that everybody will walk away when you are in need of them.
At this time I was desperate for money and at the same time eager to start a business venture.
Luckily, my college friend had an issue with his employer and wanted to quit employment.He had money but had no idea which business to do.I offered to start a joint venture-I provide skills and help in the whole process as he provides finances.
We imported the first car and within two days we sold it to one of my former friend’s customers. The car generated more than AED 1,000.After the first sale; we went for the second, third and finally many.
Within 1 year,our joint account was having more than AED 500,000.With this money, I thought it was nice to go it alone. That was when my company was born.
Two years down the line, I own a car bazaar in Dubai and my account has excess of AED 100 million.