How to venture into a profitable rental business in Nigeria

A lot of people don’t actually know that there is really a massive wealth in rental business in Nigeria. If you are actually thinking of venturing into a profitable business in Nigeria, rental business is among the profitable business you can venture into. Rental business is not actually limited to tables, canopy and chairs. You can also include a lot of items for renting and make a lot of money.

Furthermore, despite the difficult situation in Nigeria a lot of people still host occasions. Every weekends, parties are organized everywhere. Some of these parties can be award ceremony party, graduation party, birthday party, engagement party, meeting, conference, naming ceremony, etc. With all these you will now find out that venturing into a rental business is not really a bad idea as people are really organizing ceremonies every time. One good thing about rental business is that it presents you with the opportunity of becoming your own boss. In this business there is actually no too much stress. This business is really a source of income. This particular business can really bring you connections. The following are the steps on how to venture into a profitable rental business in Nigeria;

      1. Capital: Rental business in Nigeria actually requires capital to start. There are a lot of rental items you need to purchase on wholesale. The capital required to start actually depends on the items you want to start renting. Like I said earlier, rental business is not actually limited to tables, canopy and chairs, you can also include a lot of items for renting and make a lot of money.

      2. Write a business plan: You can get an expert to write a business plan for you if you cannot do it. This business plan will contain all the vital information about the business like the financing of the project, how to locate your target market, the marketing strategies to apply, market competition, the startup and the actual operation costs, your projected earnings, etc. This particular business plan will help you to properly shape the business.

      3. Choose a unique name for the rental business: Almost all the rental business in Nigeria has a business name. Choose a simple and unique name for the business. The name can be written on all the items you are renting.

     4. Secure a good location for the business: Getting a location for the rental business also depends on the capital you have for the business, you can either purchase or lease garage space or a store-front to keep the tables and chairs you have purchased.

     5. Purchase the rental items: The rental items will be purchased on wholesale. You can start by purchasing enough table and chairs and canopies that can contain about 400 quests. Purchasing these items depends on the capital you have for the business. If you have enough capital there are a lot items you can include in the rental business.

    6. Purchase a good truck: A Truck is needed for the conveying of these rental items. When your clients order for these rental items you need to deliver this rental items to them.

     7. Employment of staff: You will need to employ one or two persons to assist you in the business. You need to employ a driver and a motor boy.

     8.  Marketing and promoting the rental business: Rental business is like any other business in Nigeria that also needs marketing and promotion for it to grow. You can start by printing flyers and business cards. You can also use social media networks like facebook and twitter to promote the rental business.