SEMINAR RECAP ON THE TREASURED ENTREPRENEURS ASSOCIATION TEA HALL OF WEALTH MEMBERSHIP GROUP PAGE.…
👉🏻Theme:
❤ PARTY RENTALS BUSINESS IN NIGERIA
💚 CHAIRS,TABLES,DRUMS,TENT AND COOKING UTENSILS RENTAL BUSINESS IN NIGERIA..
🎤 FACILITATOR/DISCUSSANT
🗣 MRS SAIDAT SOAGA
Good evening lovelies. Trust our day had been good and wonderful
I’m so happy to be in this wonderful platform, may the almighty continue to bless and reward the initiators abundantly and continue to increase them in understanding
I’m please to be here this evening, In the midst of these lovelies
The topic for tonight is Chairs, Tables, drum and tent rental business in Nigeria
It may interest you to know that despite the hard times, the economic situation of a country, people still find ways to host occasions. parties are being organized almost every weekends. Be it birthday party, graduation, award ceremony, engagement to wedding ceremonies, meetings, conferences, family reunions among others.
This makes going into rental business an interesting one
Going into a rental business may not be a bad idea as people organize ceremonies every now and then.
So as a young entrepreneur looking for a small scale business to invest in, rental business is that profitable enterprise to put into consideration
The most interesting thing about the party rental business is that it is a part-time kind of job while still in a full-time employment and you can also get your family involved too.
Besides, you can also offer other services like supplying of ice and drinks.
Other items you can rent along side the table and chair business include: catering equipment, video camera, mobile toilet, generator, wedding gown. Though some of this is about what capital you have at hand
Reasons for going I to rental business may include among other things;
- The business presents you with the opportunity of being your own boss.
- There isn’t much stress involved.
- Party rental business is a source of income.
- It is a business that can get one connected.
- You can run the business on a part time basis thereby still holding onto to present job
Benefits of doing the business includes;
- Profitability
Running a party rental business is highly profitable. With some good years of experience in the market, you can easily make thousands a month. In fact, big rental companies could make millions every month. It all depends on how much hard work and serious effort you put into it.
The scope for growth is virtually unlimited – you can get it as big as you want it to be. - Opportunity for expansion
Once you have an established name in the party rental business, you can further expand your business by offering other party-related services such as special photography, organising a wedding event, or planning a church social. - Home-Based Business
The great thing about the party rental business is that you can run it as a home-based business. In fact, most people start this business from home. However, there are a few things you need to keep in mind. For example, you are recommended to have a second phone line, as this will make things much easier for you to work with.
You can definitely get help from other family members who are mature enough to deal with clients.
If you already have a decent job, you are recommended to start your party rental business as a part-time business. It is only after you are established and have started making a good profit that you should consider taking it up as a full time job. Once you know how to start a party rental business, though, it won’t be long before the dream of quitting your current job can become a reality.
However to succeed in the business there are major steps you will need to follow and these include the following:
Research
Prepare a Business Plan
Start up budget
Purchasing
Pricing
Location
Distribution
Marketing amongst others
In making your research, you need to investigate whether a party rental business is suitable for the area in which you live and intend to operate your business.
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.
The start-up budget to establish a party rental business 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 the home 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 centre.
In purchasing for the business, you 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 the chairs with padding or not.
You budget as well as capital at hand will determine the quantity you are starting with.
You can as well start small as I said earlier, buying from a wholesale shop, and graduating to buying from company
Start with enough tables and chairs to seat around 200 to 300 guests. It may also be beneficial to buy at least one big van, if you can afford it.
You can also get table clothes, and napkins as well as other exterior decorations that might be use at the party depending on the occasion
On 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. In all, your research will have given you enough information on what operates in the rental market in your area of business
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.
You have to determine how to move the goods and services from one place to another. Plan to purchase a truck at lease fairly used to start with in case demand comes from a long distance. Or at least make provision for leasing vehicle to do so, while putting into consideration the cost of moving it to the venue
Lastly, Advertise Your Business.
Advertising provides basic information of 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. It helps to inform customers of your offer; it changes people’s perception of your business and makes you stand out from your competitor. Though expensive, there are others ways of advertising like; distributing of hand-bill, placing of banner in a strategic area for people to see, radio announcement. etc
I will like to draw the curtain here for another day. I hope with the little explanation, I’ve been able to drive home the point on this lucrative business
It’s so good to be here with my sweet family this evening.
This is where I will draw the curtains for tonight seminar..,
TREASURED ENTREPRENEUR ASSOCIATION 