How To Start a Party Rental Business? The party rental business in Nigeria is a very lucrative one because there are lots of festivities and parties and the industry is an ever-growing one. Nigeria has the largest population in Africa and if I know Nigerians well enough, they love to party.
This causes a high demand for party rental services. Occasions such as birthdays, weddings, housewarmings, and even corporate events are only but a few parties that are commonly held in Nigeria. This is why a party rental business is a smart investment.
Starting a party rental service is one smart move because this business I quite lucrative and it doesn’t require much capital to start. So, if you are interested in starting a party rental business and you don’t know how to, I urge that you stay on this blog post. All the details that you need about starting this business will be provided for you.
What Are The Equipment Needed For Party Rental?
Before you can start a party rental business, there is a list of important equipment that you must have and they include:
- Plastic chairs.
- Serving pots.
- Serving plates.
- Round collapsible tables.
- Tents of different sizes and styles.
- Rectangular collapsible tables.
- Dance floors.
- Large drums for cooling drinks.
- Wood or resin chairs.
- Cooking pots and spoons.
- Round highboy cocktail tables.
These are the important equipment that you must have. Ensure that you do enough research and know the ones that are currently in use before buying this equipment.
How to Start a Party Rental Business
Party rental businesses are very lucrative in Nigeria and they don’t require much to start. The following steps will teach you how to start your party rental business:
Choose Your Rental Business Idea
There are several types of rental businesses that you can start for a low cost. Before starting your rental business, the first step is to know the type of rental services you want to provide. Know your niche and choose the right business for you. Choosing the right business will make a huge difference in the success of your company.
One of the major things is to provide rental services for things that people don’t use often but cost much to prepare. For instance, a middle-class family can afford an RV for a vacation, but not every family can afford this. This is why rental services businesses are always thriving. Rather than buying an RV, the families who can’t afford one will just rent one instead.
Build a Strong Rental Business Plan
If you want to start a rental service business, you need to have a foolproof plan. If you are just starting a business it will be quite difficult to make an entire plan on your own. Your services will require you to do a lot of preparations in logistics and also manual manners to start before you can start a rental business such as:
- Cleanliness of property.
- Safe transportation of the equipment.
- Proper warehousing and storage.
These are only some of the factors that you must consider when starting a rental business. If you want to do this the proper way, you will need an expert analyst on your side who will help you calculate the risk and revenue sources.
Know the Size of Your Business
Know if you want to start a small business or a large-scale business. This will help you determine your capital. You need to understand the financial requirements that will help you know if you are ready to start small or large.
Buying Your Equipment
For fast growth, you need to invest in a party package. This will include tables, a tent and also chairs. Make sure that all the equipment that you buy is original and they are up to standard. Make sure that you buy the type of equipment that is in use.
Take note of the equipment that is currently in use and buy the one that has high quality. You can also buy the equipment in bulk as this will help you manage your finances.
Price The Equipment
After researching the rental market in your area, you will know how much your other competition prices their equipment. This will help you have an idea of how much you want to price your item.
If your pieces are going to be a lot higher than your competition, then you need to provide equipment with high quality and your customers will get their money’s worth. This will boost your ratings. Alternatively, you can also lower the price of your equipment to attract customers and then you can gradually raise your service charge.
Make Provision for Transportation
When starting your rental service business, one thing that you should make arrangements for is transportation. Several party equipment rental services have vans that have their business names written on them.
If you can’t afford a van, you can partner with a van-renting company. Vans are used for transporting equipment to the party location. Transportation for your rental services business is very important especially if the party location is at a far distance.
Market Your Business
After getting all your equipment ready and other things needed for your rental services, the next thing is to find potential customers. It will also be nice if your business is located in where you reside. You can also partner with some event management companies, caterers, and even event planners.
Most event planners rent equipment instead of having their own. They will also recommend you to other customers. You can also use flyers, newspaper advertisements, or even social media. You can also create a sign and property description or use flyers.
Starting a party rental business isn’t too difficult. Once you know the scale of your business to determine your budget, the rest is easy. Make sure that you market your rental service business well to gain customers.
How Much Does It Cost To Start A Party Rental Business?
It usually costs about $13, 000 to $15,000 to start a party rental business. The costs can include buying rental items, making a down payment on a van to transport the items, and renting a storage facility. The cost will be determined by the items that you already have to start the business. You will need lots of items to be able to start your party rental business