This is a type of business that few people comment on in Nigeria, but that has been maintaining great growth year after year.
Its great demand is due in large part to the proliferation of a large number of events in all the major cities of Nigeria.
So, thinking about the great demand for this equipment, in the course of this article we will show you some important details to work with the rental of sound and lighting equipment, keep reading.
The rental market for sound and lighting equipment
It is a segment that tends to be always active in all seasons of the year and that is in great demand in most cities like Lagos, Ibadan, Abuja, Port Harcourt and the likes, since sound and lighting equipment are necessary at parties, weddings, birthdays, meetings, businesses, etc. fairs, anniversaries, congresses, exhibitions and even in a small family celebration. So there is a wide market to explore and your customers can be as diverse as possible, but remember that it is usually middle and upper class people who rent the equipment.
Local to set up a sound and lighting equipment rental business
In general, you will not have to invest in a large space and a good location, as in a music store, for example, since your focus will not be the direct sale of products, but the provision of services through rental. Of course, if you get a privileged point, that of a greater prominence to your company will be something positive, but at the beginning it is not a great necessity.
In fact, this space will only serve as a warehouse to store your sound and lighting items, until they are rented for events.
Ideally, your business should be in neighborhoods close to downtown, but it doesn’t have to be exactly on the most popular and busy streets.
How to start a sound rental business in Nigeria
The entire structural part of your business will start with the purchase of lighting and sound equipment that will be used for rental in Nigeria. So you will have to do some research to find out the most demanded products on the market and satisfy new needs. Examples of this equipment are: loudspeakers, sound tables, cables and connectors, lighting balloons, led light cannons, pedestals and microphones, large screen, led panels and much more.
With the equipment and an ideal place to work, the next step is to consider legalizing this business . In this case, the ideal is to hire an accountant to help you determine what documents he will need to legally open his new business, thus obtaining his operating license.
The hiring of employees will also be a clear necessity in a company of this type, even if it is something small. So you will need at least one sound and lighting technician to do all the sound design and lighting of the place, two assistants to help with the transport and installation of the equipment, as well as an assistant to serve customers, which in this case could be yourself.
Investment for a sound and lighting rental business
How much is necessary to set up a sound and lighting rental company in Nigeria? This is one of the most frequent doubts of new entrepreneurs and the cost can really be a bit high, especially if you are investing from the beginning in a large amount of equipment. But, in addition, there will be costs to obtain the place of operations, the hiring of employees, the legalization of the business, etc.
On average, an investment of between N1,000,000 to N5,000,000 million naira in equipment is estimated for a rental service company, depending on large you want it to be. However, you will also need to purchase a vehicle to transport the equipment to and from the installation site, so you will need to invest a bit more. Can you start with little money? Yes, as long as you buy few pieces of equipment and work mainly with small events.
The Internet can be a very useful and fast propaganda vehicle, as well as newspapers, churches, buffets, magazines, etc.
You can also look into establishing partnerships with event planners in your area, sound retail stores and so on.