How to Start Musical Instrument Rental Business in Nigeria
In this post, I will show you how to start your won musical instrument rental business in Nigeria. This is another secrete business idea that you can make a lot of money from it. The business is very lucrative since there is low competition in the niche.
Today in Nigeria, a lot of occasions are happening here and there. These people hosting these occasions definitely would need musical instruments.
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It would interest you to know that the cost of purchasing a musical instrument is high and as such, nobody would want to buy brand new instruments just to use them for only one day. So, they decide to rent them, and this is where you can make money from.
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How Profitable is Musical Instrument Rental Business In Nigeria
Like I earlier said, Musical instruments are very expensive and people would rather rent than purchase them especially when they are just going to use them once or twice.
Musical instruments are usually used when there are events and special occasions.
Knowing the industry well will give you the edge over the many existing instrument rental businesses available in your area.
Make sure that you invest in these products so to ensure a huge amount of the return on your investments. Once you’ve gotten your instruments in place, just be rest assured that you would see your money come to you sooner than you expected.
How To Start Musical Instrument Rental Business
Instruments Needed:
In this line of business, all you need is a working set of instruments, power supply and all that entails good music. Some of this stuffs are:
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- A keyboard
- Guitar (Bass and Lead)
- Speakers (full range, half range, subs, feedbacks etc.)
- A generating set that is able to power the whole thing.
- Microphones (and stands)
- Power amplifiers
- Mixers
- equalizers
- Microphone signal receivers
- Good chords for connection.
When all these things have been put in place, the next thing you need is someone who can connect and operate them. I would throw more light on this when we get to “staffing”.
Minus the fact that occasions are ongoing, it is also important to note that, most churches also go out for publicity. Some of these churches do not have the required/standard musical instruments as a result, they fall back to renting.
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Location:
If you are located in an interior region, the likelihood of you getting good and quality jobs is on the low side. Let your business be sited in a region that is always busy. you never can tell who is passing by your shop.
If you are going with the intention of renting an apartment, then It should be easily accessible to your customers as well. The building itself must have plenty of space for a showroom as well as some office space. You will most likely need some storage space for extra inventory also.
Financing:
Typically, you can take one of three approaches when it comes to financing your business. You can use savings, you can borrow the money or you can take on investors. If you have enough savings to get started on your own, this can be very beneficial. If you want to borrow the money, you will eventually have to pay it back with interest. When bringing on investors, you will have to share any future profits.
Demand:
Demand for musical instruments is on the rise due to the functions going on around us. Most times, the full instrument might not be rented but the other consoles and sound equipment can be needed.
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Competition
Recently, people now seem to know the benefit of this line of business. The area where competition comes in is in the area of getting state of the art equipment and the ability to produce good sound. The sound is everything. In music, there is a high difference between noise and melody.
Nobody wants to make noise but produce a good melody. The quality of sound you produce all depends on the kind of equipment you hire. you don’t expect a local speaker to sound more than a foreign speaker. All these considerations should be carefully analyzed and put in place in order to keep you ahead of the game.
Musical Instrument Rental Business Marketing Strategy
Publicity is the key to getting customers. You can choose any method of publicity you want. You may choose to advertise in speciality music magazines and on music websites. You could also mass-market in the newspaper, on the radio and on television. Work with local music and band teachers to offer special deals to their students.
Management Tips
Earlier, I promised to talk more about staffing. When going in for a business of this type, you need to be able to sustain it. Your staffing should be carefully done. Choose people that have an idea about what you are doing. Better still, choose those that have a passion for music.
Among your staff, you should have somebody who knows much about connection, handling, and operating your equipment. This would save you the cost of going to pay someone entirely different from your crew to help you set-up your equipment hence costing more. Also, you should put a van in place. This van would help in Conveying all you want to and from the venue of the occasion.
Summary
If you have a passion for music, starting a musical instrument business can provide you with an outlet to follow your interests while making a profit at the same time. Whether you’re selling to professionals or band students, musicians need a place to buy their favourite instruments and supplies.
Getting involved with this type of business requires a great deal of planning, but the rewards can be great. These musical instruments need to be well maintained and proper storage is necessary when not in use is a must thing to do.
Taking care of your investments is a way to make sure that they will be fully functional by the time it will be rented again. A storage area or room solely for the purpose of storing these musical instruments whenever they not in use will ensure that they are properly being taken care of.
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