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How To Start A Musical Instrument Rental Business In Nigeria. Contact us for the Complete Comprehensive Guide on How to Start A Musical Instrument Rental Business In Nigeria Click here

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Musical instruments are usually used when there are events and special occasions.

How Much Do I Need Start A Musical Instrument Rental Business In Nigeria



Musical instrument stores sell new and used instruments to customers. They offer instruments used in traditional music ensembles, including brass, percussion, wind, and string instruments. Some stores also offer electronic keyboards, upright pianos, and classical grand pianos. They may also sell musical instruments for rock bands such as guitars (acoustic and electric), bass guitars, and drum kits.



Musical instrument stores sell new and used instruments to customers. They offer instruments used in traditional music ensembles, including brass, percussion, wind, and string instruments. Some stores also offer electronic keyboards, upright pianos, and classical grand pianos. They may also sell musical instruments for rock bands such as guitars (acoustic and electric), bass guitars, and drum kits.

Music instrument stores typically also carry sound reinforcement equipment such as speakers, amplifiers, mixing consoles, and microphones. Music accessories are also offered. This includes many items such as sheet music, song books, guitar effects pedals, replacement strings, rosin, reeds for wind instruments, picks, drumsticks, training guides, and music software.

It would interest you to know that the cost of purchasing a musical instrument is high and as such, nobody would want to buy brand new instruments just to use them for only one day. So, they decide to rent them, and this is where you can make money from.

How Profitable is Musical Instrument Rental Business In Nigeria

Like I earlier said, Musical instruments are very expensive and people would rather rent than purchase them especially when they are just going to use them once or twice.

Musical instruments are usually used when there are events and special occasions.
Knowing the industry well will give you the edge over the many existing instrument rental businesses available in your area.
Make sure that you invest in these products so to ensure a huge amount of the return on your investments. Once you’ve gotten your instruments in place, just be rest assured that you would see your money come to you sooner than you expected.

How To Start Musical Instrument Rental Business

Instruments Needed:

In this line of business, all you need is a working set of instruments, power supply and all that entails good music. Some of this stuffs are:

1. A good set of drum
2. A keyboard
3. Guitar (Bass and Lead)
4. Speakers (full range, half range, subs, feedbacks etc.)
5. A generating set that is able to power the whole thing.
6. Microphones (and stands)
7. Power amplifiers
8. Mixers
9. equalizers
10. Microphone signal receivers
11. Good chords for connection.

When all these things have been put in place, the next thing you need is someone who can connect and operate them. I would throw more light on this when we get to “staffing”.
Minus the fact that occasions are ongoing, it is also important to note that, most churches also go out for publicity. Some of these churches do not have the required/standard musical instruments as a result, they fall back to renting.

Location:

If you are located in an interior region, the likelihood of you getting good and quality jobs is on the low side. Let your business be sited in a region that is always busy. you never can tell who is passing by your shop.

If you are going with the intention of renting an apartment, then It should be easily accessible to your customers as well. The building itself must have plenty of space for a showroom as well as some office space. You will most likely need some storage space for extra inventory also.

Financing:

Typically, you can take one of three approaches when it comes to financing your business. You can use savings, you can borrow the money or you can take on investors. If you have enough savings to get started on your own, this can be very beneficial. If you want to borrow the money, you will eventually have to pay it back with interest. When bringing on investors, you will have to share any future profits.

Demand:

Demand for musical instruments is on the rise due to the functions going on around us. Most times, the full instrument might not be rented but the other consoles and sound equipment can be needed.

Click here to get the complete guide on the above business plan  Click Here

Uses of this Business Plan (PDF and Word)

This business plan can be used for many purposes including:

•    Raising capital from investors/friends/relatives
•    Applying for a bank loan
•    Start-up guide to launch your business
•    As a business proposal
•    Assessing profitability of the business
•    Finding a business partner
•    Assessing the initial start-up costs so that you know how much to save
•   Manual for current business owners to help in business and strategy formulation

Contents of this Business Plan (PDF and Word)

This business plan include:

•    Marketing Strategy
•    Financial Statements (monthly cash flow projections, income statements, cash flow statements, balance sheets, break even analysis, payback period analysis, start-up costs, financial graphs, revenue and expenses, Bank Loan Amortization)
•    Industry Analysis
•    Market Analysis
•    Risk Analysis
•    SWOT & PEST Analysis
•    Operational Requirements
•    Operational Strategy
•    Why some people in this business fail, so that you can avoid their mistakes
•    Ways to raise capital to start your business

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Oyibo E. Moses8 Posts

Musical instrument stores sell new and used instruments to customers. They offer instruments used in traditional music ensembles, including brass, percussion, wind, and string instruments. Some stores also offer electronic keyboards, upright pianos, and classical grand pianos. They may also sell musical instruments for rock bands such as guitars (acoustic and electric), bass guitars, and drum kits.

3 Comments

  • Samuel Reply

    21 Nov 2019 at 11:12 pm

    Sir i run a small musical rental business, how can I get loan to expand

  • Oyibo E. Moses Reply

    22 Nov 2019 at 11:08 am

    Send us message

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