Have you ever heard of party rental business? I guess you have, but you may not have considered it a good business idea to invest your money in.
The business is simple: procure party items, stockpile them in your house and wait for people to come and rent them for parties.
Caution: This business idea requires a sizeable start-up capital, but you can always start small and grow in the business.
Start-up capital: You can start with as low as N100,000 to over a million, depending on your financial strength. No rent is needed as you can start from the backyard of your home.
First step: Create an inventory of party equipment you wish to rent out. They may include chairs, tables, canopies, tablecloths, plates, spoons, forks, pots, flatware and real glassware. Start with as small as your capital can take you. You may start by procuring 100 plastic chairs at the rate of N1,000 each, start renting and see as you grow over time.
Marketing strategy: Use mouth-to-mouth advertising to create awareness for your business; starting from your neighbourhood. Nigerians are happy people who party a lot. There will always be demand for your services.
Profit projection: Let us assume you start with N100,000 and procure 100 chairs. A chair is rented for N50 in big cities like Lagos and Abuja, but it can go for N20 in small cities for a day. For each day you rent 100 chairs at N20, you make N2,000, translating into N60,000 per month and N720,000 a year.
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