10 Steps to Start Party Rental Bushiness in Nigeria

In this post you will see the 10 Steps to Start Party Rental Bushiness in Nigeria. Rental event service is a great business to partake in as it is very lucrative if well managed and properly done.

Nigerians generally have something to celebrate or have an event to do or attend. From weddings, birthdays, naming ceremonies, anniversaries, religious activities and programs, burials, house warming and lots more there is always an event happening .

Nigerians love celebrating and honoring people, which means there will always be an event going on. Now when people plan for a function or an event they have lots of things to worry about and take care off.

There are a lot of things to organize such as food and drinks, venue and location, music among other things.

One aspect they have to consider also is the chairs and table and some times the shelter or covering their guests will need when they attend their event. Considering that chairs and tables and canopies are not items that can be bought easily because of their cost and since they will not be used daily, people opt for the option of renting these items.

It is for this reason that the business of renting is quite lucrative and profitable in Nigeria.

Some people consider this business an expensive venture to do but it really depends on how you want to start. This is a business you can start from your home with few materials though it may not be easy or can be challenging. When the business grows you can expand the business further and better.

Read Also: 16 Steps To Plan A Successful White Wedding

How Does Party Rental Bushiness Work

This is a business that entails leasing out party materials and equipment to a customer for a specific amount of time at an agreed fee.

How To Start Party Rental Bushiness And The Materials Needed

Step 1: Choose a Good Location

This may not be very important as events happen all the time and occur every where, but it is important that if you happen to have a choice of picking and getting a location make sure it is a place that it is easily accessible and where people can get and reach you comfortably.

A factor as a good accessible road will be an advantage when people come to collect or you help in moving their items.

Step 2: Choose a Business name

Just like any other business, you need to have a business name. This will become a brand when you start your business. A business name is like an identity for your business. This is what people will know for you business. A good businiess name should be short, easy to pronounce and easy to remember.

Read More:

Step 3: Register Your Rental Business

Before you start your rental business, make sure you register with the local regulatory bodies. In Nigeria, you need to register your business name with the Corporate Affairs Commission.

Also, register with the Federal Inland Revenue Services and collect a Tax Identification Number (TIN) for your business. By so doing, you will include a value added tax (VAT) in all your services and remit same to government.

Read More: New Steps to Register and Incorporate Your Business in Nigeria to PLC or LTD

Step 4: Open a Business Bank Account

After getting your business TIN, the next thing is to open a bank for your business. You can do this with any commercial bank in Nigeria. Documents you will need are;

  • Your business name registration certificate or certificate of incorporation from the Corporate Affairs Commission.
  • Letter of proposal
  • Identity card – Drivers license, International Passport, Voters card, National Identity Card etc.
  • Prove of residence (Government utility bill)
  • Passport photographs
  • BVN
  • 2 guarantors (current account holders)

Read More: How to Open Bank Account in Nigeria Fast: Savings, Currents, Corporate and Fixed Deposit Accounts

Step 4: Build or Rent a Store House

Wherever your business is located, it is important to have a place where you can store your equipment and materials. Even if you start from your home it is important to get some where in your house or compound to store the equipment,  to not only keep them safe but also protect them from wear and tear from factors such as dust and rain which could damage them.

Step 5: Buy Party Equipment And Materials

There are certain equipment and materials that will be needed that will help in executing requests and doing the jobs well. For those starting in a small way, they can begin with few chairs and tables that will used to serve their locality.

For others who have the funds to start in a big way, they can get many chairs and tables to serve a lot of customers. Other equipment that can be needed include canopies, glasses, napkins, table covers, stands and musical instruments such as drums, guitar, sound system, microphones and more.

See: 146+ Things You Need for Wedding Ceremony

One thing you must ensure and have in mind is that when buying the equipment and materials they are of good and high quality as this puts your business in a good position as customers know they are getting good quality and will keep coming back.

Step 6: Hire Staff and Workers

You will need to employ or have people work and assist you when doing the business. Even if you are operating from home and starting in small way, you will still need one or two people to help with the work in aspects such as attending to customers and carrying and moving the equipments.

For established business you will definitely need more people in areas of booking customers, delivering the equipment, arranging the equipment at the venue and lots more.

Read More: 10 Tips to Hire the Best Staff for your Business and Get Better Productivity

Step 7: Hire or Buy Trucks Or Vans

Now for those starting small, this is not compulsory in the beginning especially if you are offering the service in your area. There are customers who will be willing to come and collect their materials themselves especially at a reduced fee.

For those who cater to a lot of customers and their business cover long distances a vehicle is very important. Customers are willing to pay for the transportation of the materials as this eases the pressure of the customers when planning their event.

Step 8: Print a Business card and Receipts

Now you are all set for your party rental business to kick-off. The next vital thing to do is to print your business card. The business card will contain your name, contacts phone number(s), email address, social contacts.

You will also need to have a payment receipt to give to your clients when they pay you for your services.

Step 9: Advertise Your Rental Business

The business can be marketed online using a platform like facebook. Also items such as flyers and cards can be used to make people aware of the business.

The business is profitable and does not necessarily require a lot of money to start. Make sure you do a feasibility study to know the aspects of the business you have to be sure of as well as the cost involved.

Read More: Top 10 ways to advertise your business with little budget

Step 10: Grow Your Customer Base

Basically to succeed your customer service should be good, also your equipment and materials should be in good order, neat and clean. If you are worried about your equipment getting damaged when people use them, you can state in your transactions that any item damaged will be replaced by the customers.

Also you should learn to change and move along with new innovations in the business. For example we now have canopies that are fully air conditioned. Implementing such innovations will surely make your business better.

Copyright Warning!

We work really hard and put a lot of effort and resources into our content, providing our readers with plagiarism-free articles, original and high-quality texts. Contents on this website may not be copied, republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. Proper acknowledgement include, but not limited to (a) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes, (b)"FAIR USE" in the case of re-publication on online media. About possible consequences you can read here: What are the consequences of copyright infringement? InfoGuide Nigeria is a property of GotoSchool Limited and we have all legal actions at our disposal to take within and outside the internet in effort to protect our intellectual properties. All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).
=======================
Ad:Learn Internet Business from Scratch: Register Here . Training is 100% FREE via email Only!
AD: Online Shopping - Electronics, Phones, Laptops - ShopDirect.NG

AD: Click here to Read Latest Nigerian News
Ifiokobong is the founder of InfoGuideNigeria.com. He Manage a team of Resource Persons and Consultants to provide personalized services to many. This website is maintained by Ifiokobong Ibanga.. If you need a personal assistance on this topic, kindly contact us.

Leave a Reply

Your email address will not be published. Required fields are marked *