9 Essential Steps To Take Before Going Into The Rental Business In Nigeria

The party rental business in Nigeria is one business that most people do not know is very profitable. With the right contacts, environment, and prices, your business will be booming in no time.

If you have thought of going into this business in Nigeria, here are some steps to take:

1. Research

Investigate whether a party rental business is suitable for the area in which you live and intend to operate your business. Things to consider when doing your research include demographics, other party rental businesses in the area, the specific location in which you intend to open your business, and any licensing requirements.

2. Prepare a Business Plan

The business plan helps you to properly shape your business. If you cannot prepare a business plan, get an expert in that field to prepare it for you as it will guide you on all areas of your business. It will also help you if you want to secure a loan as the bank or lender will need it to evaluate your business.

3. Start-Up Budget

The start-up budget to establish a party rental business in Nigeria will depend upon the type of rental services you are offering. Raise the necessary capital and purchase or lease your equipment. Base your purchase decisions on your market analysis and how much demand you think there will be for your services.

Many people start party businesses out of their homes and may simply rent equipment. However, having an established location out of the house can also be beneficial because it provides a location for families to have a birthday celebration, hence you can partner with an established event center.

4. Purchase

Select a wholesale table and chair supplier and purchase a supply of chairs and tables to fit the target market you want to reach. Decide whether you want to purchase round, square, or rectangular tables and whether you want chairs with padding or not.

Start with enough tables and chairs to seat 300 guests. It may also be beneficial to buy at least one big van if you can afford it. This is if you will be providing tables and chairs or inflatables. Meet commercial laundries if you anticipate having to wash high volumes of tablecloths and napkins.

5. Pricing

Decide how much you plan to charge for table and chair rentals and whether or not you’ll set minimum and maximum quantities for rentals. Take into account every of your cost when figuring out the rates you will charge. Overhead includes utilities, labor costs, rents, supplies, vehicles, fuel, and insurance.

Assess rental fees by the number of chairs and tables rented and the number of hours an individual or group reserves them. It is also important for you to compare notes with other competitors around you.

6. Location

You can purchase or lease garage space or a storefront to hold the tables and chairs you purchase. Set up your location so that potential customers can visit your space and take a look at the types of chairs and tables they can rent from you.

7. Distribution

You have to determine how to move the goods and services from one place to another. Plane to purchase a truck at least fairly used to start with in case demand comes from a long distance.

8. Marketing

Marketing provides basic information about your business; it increases sales as potential customers get to know your product and services. Advertising both offline and online bring the needed traffic to your business.

Distribute your business cards to other business owners, friends, and other acquaintances. Also, market your business in areas where children are likely to be found. Create signs to put up in parks and fliers to distributehough expensive there are other ways of advertising like; distributing hand-bill, placing banners in a strategic area for people to see, and radio announcements. etc