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    Smart Business Idea: Rentals

    RENTALS – THE SILENT PASSIVE INCOME STREAM

    Having recently planned and hosted a major event (my wedding), I got exposed to the economic potential in rentals.

    Contrary to what most people think, you don’t need millions in startup capital to start earning from rentals.

    Here’s why

    Most event planners don’t have the capital to buy all the items they need for executing jobs.

    So they maintain a network of people they rent these items from.

    Canopies / portable marquees
    Chairs
    Rugs
    Drapes
    Chair covers
    Table pieces
    Mood lights
    Chafing dishes
    Cutlery

    The list is endless

    Recently, I learned about a woman in civil service who happens to be one of just two people offering Chivalry chairs for rent in her city

    She has just 100 pieces

    Each of them are rented out for between N1,000 to N2,500 depending on who’s negotiating

    That’s at least 100K to 250K weekly if the chairs go out just once.

    During peak seasons, events are held almost everyday.

    Table clothes are rented out for between N200 and N700 each depending on the quality and location

    I can go on and on

    You don’t need to have all the items. You can start with one item and gradually keep expanding by reinvesting your profits

    Don’t worry about competition
    Most times, the demand drowns supply

    As Africans, we love celebrations.

    Do you know how many events happen weekly? Weddings, birthday parties, association meetings etc

    If you want to stand out… think about rental items that may not be saturated

    Think about unique items.

    Ask event planners and decorators around you

    What items are usually difficult to find?

    Maintain a network of planners and decorators and keep them updated on what items you have available

    Join their associations and be active so people get to know you and patronize you

    Don’t ‘Sidon look’ this coming year.

    Even your generator can bring you regular cashflow

    Think, position and get paid!

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