The rental services business is one of the fast rising businesses in Nigeria today with a lot of people going into the different aspects of the business in a bid to make profits. The business provides entrepreneurs with an opportunity to start up a fresh business and be in control of the operations while also juggling their full time job with it. This means it’s a business that can be operated on a part time basis while focusing on a full time appointment. If you also choose to dedicate your time to it as a full time job, it’s something that is possible. The business is profitable and the profits go even higher depending on the aspect of rental services you’re going into.
These days, most individuals do not like to get something when they’ll probably make use of it only once so they go on to rent it. They rent, make use of it, and then return it back to the rental company. This way, they don’t have to bother about not using it again or maintaining it at all. Most of the things being rented today are actually things that have a high purchasing cost or something that is extremely expensive if you’re getting them on your own. But with rentals, the cost is reduced because it is only used once or for a particular period of time and then later returned.
There are different things that can be used to start a rental company but the three most popular rental business aspects include the hall rentals, chairs, table and canopy rentals and the car rental business. These three are the most practiced businesses in Nigeria today and they are the lucrative in their own way with a big chance of making huge returns and being successful at it. Hall rental business involved giving out a place for a short period of time for any type of social gathering or parties. This is quite popular in many places today. Most corporate events or parties like to get a nice hall for their events. A place well spaced, and with security and some other advantages. Here, individuals might have a building they don’t use frequently and decide to use for this kind of business. In some cases, these halls are built by individuals provided the available capital is big enough to cover the cost.
The chairs, tables and canopy rental business is yet another popular aspect of this business. It involved supplying chairs, tables, and canopies to individuals who need them for their events at a particular cost over a period of time. When people have social gatherings or parties at all, they usually need these materials and rather than go on to buy them at extremely high prices and use them only once, they can just get them at a rental company for a reduced price depending on the hours or days it will be in use. As a plus, other things that might be needed either for cooking or other activities for the event can also be available for rent. Things like pots, gas cookers, and cooking spoons can be added to the list of things for the rental service.
And lastly, is the car rental business. It is no news that the cost of getting a new car is always expensive and it might be a problem for individuals to gather the money to be able to get one. Even after getting the car, the cost of buying petrol, or servicing the car and maintaining it in the long run might also become an issue to car owners. So as an alternative, they might decide to rent a car to go about their normal business. Also, for events like weddings or photography or video shoot, cars can be rented at a reduced cost rather than having to go through the process of buying a new one.
Starting a business like this is not really hard. It can be started from the comfort of your home depending on the aspect of the business you want to get involved in. The car can be parked in the house and for the chair rental business, all the equipments can be stored in the home and you might only need to create a space in the house where they will be kept. The hall to be rented has to be well secured and be properly maintained. In the next sub heads, I’ll be discussing the steps involved in starting the business and also, some other factors that can help in achieving success.
1. CONDUCT A RESEARCH
The benefits of research to any business can not be overestimated. There are many things to learn about a particular business when one starts it. Mostly, they are things individuals are not aware of or things that are not common during the practice of the proposed business. A proper research helps you review your business and the different options you might have to select from. The study is not only important for the starting stage of the business but it also gives insights on how to manage and sustain the business for several years to come.
Most times, research helps individuals come up with a better written business plan. The business plan, of course, needs no introduction. It contains all the information about the business and everything you have planned to help bring the business to light including ways you chose to to spend capital, plans to operate and also projections for the future of the business. A well written business plan is not just there for writing sake and it also comes with its benefits especially for individuals who have to look for ways to secure funds to kick start the business.
Research is highly important and not something individuals or rather, future entrepreneurs should take lightly. The internet is available for all kinds of research and if you choose to meet up and discuss with experts in the industy, it is a huge plus to your research based on their level of knowledge about the business. Never ever skip the research stage especially if you’re a self starter and someone who has never been involved in the business before.
2. SELECT A NICHE
As mentioned earlier, there are different things that can be put out for rent. It is now up to individuals to select one that they will specialize in. The niche to be selected can be determined by the capital available. If you have a low amount of capital, it is advisable to pick something you can do with that money. It’s not a bad thing to start small scale, infact it is always advised. Also, another thing to be considered is the area you’re staying or the place you plan to locate your business.
During your research, check for the things people like to rent most and how well those things are rented. Use this to make your decision as it will give you a good chance of getting customers and making sales. If you start a chair rental business in your area and people are not normally interested in the product, the business might end up being unsuccessful in that area and you might need to get customers from far places which might sometimes be difficult.
3. GET THE EQUIPMENTS
If you’re starting a chair rental business, get the chairs. If you’re starting a car rental business, get the car. And if it’s an hall rental business, make sure the building or space to be rented is available. All the things neccesary for the business is gotten at this stage. The equipments are clearly different for all the aspects so individuals will need to get the ones that apply to the niche selected. If you’re starting the chair rental business, you will definitely need a truck to help transport the chairs to the designated location.
4. MARKETING AND SALES
Social Media is one of the effective ways to market your business and get it to a large number of people. This might not neccesarily apply for the chairs, tables and canopy rental business but it can work effectively for the other types. Create a social media profile for your business and advertise it from there. On your page, especially for an hall rental business, you can add pictures taken of successful events held in your hall. Another method of marketing is through referrals and word of mouth. You might also need to design a banner or flyer for the business.
The rental services business is one that is highly promising. It offers individuals the opportunity of getting extra source of income. The only downside to this business is in cases where customers don’t properly take care of your things and sometimes return them spoilt. Asides that, the business comes with little stress and serves as a good business idea.