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!