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Musical Instruments business.
Millions of people across North America play a musical instrument, or are considering taking lessons to learn how to play a musical instrument. You can capitalize on demand by starting a business renting musical instruments to students, and to people who do not have the financial resources to purchase musical instruments, especially pianos. Additionally, musical bands and entertainers often rent musical instruments while they are traveling. On a small scale, a musical instrument rental business can be operated from a homebased office. However, if your plan is to start big, you may want to consider leasing a retail storefront for the business enterprise.
start-up costs: Once again, purchasing secondhand equipment can be a method employed to keep business start-up costs to a minimum. Additionally, you may also want to specialize in only one particular type of instrument rental, such as pianos. Investments range is from $5,000 to $25,000+.
profit potential: Rental rates for musical instruments greatly vary depending on the type of instrument that is being rented, and the following is a rental rate guide that you can utilize for establishing rates.
Daily rental rate: 5 percent of the instrument value.
Weekly rental rate: 10 percent of the instrument value.
Monthly rental rate: 10 to 20 percent of the instrument value.