Executive Summary of Music Equipment Business plan in Nigeria

PATILAD Musical, Multimedia and Events Equipment Rentals bring to Lagos a new breath of air in the multimedia and general events equipment rentals market. PATILAD Musical, Multimedia and Events Equipment Rentals Company offer the range of these listed services; sound equipment rentals, multimedia equipment rentals, multimedia consultancy, audio equipment rentals, multimedia consultancy, audio equipment rentals, multimedia projector hiring, stage management, light equipment rentals, event equipment rentals, stage construction, multimedia device installation, event planning management, sound system rental, sound and visual management with a seamless online and offline execution.

PATILAD is an equal opportunity business making its expertise and its products available to help its customers organize a successful event. We render renting services for all multimedia equipment like musical, video, DJ equipment, metallic stage, truss for speakers and lightning, event chairs and table, also featuring DJ services and a live band Through these and other affordable products and services, PATILAD aims to be the number one resource for any event.

PATILAD also specializes in corporate customers.  We offer variety of services, for the corporate world e.g retreat training services, Gala night, Award Night, Company’s Hangouts as well as product launch event planning.  We can take care of providing all the necessary equipment to organize a world class event, be it small, medium or large scale events as well as actually hosting through the use of one or more of PATILAD’s strategic business partners.

The market for event equipment rental is steady and profitable. Patilad intends to profit nicely from our many event vendors, no matter the economic downturns, most people still need someone all or any of their events because it’s safer, it’s cheaper and better.  In short, the need for event planning/hosting services rarely diminishes, it is a steadily increasing demand that PATILAD will capitalize on.

We projected growth rate to be over 100% through year three and will have profits as a function of sales over 11% by year three.  By the beginning of year two PATILAD will have 25 employees.

 

VISION

To become the strongest brand in musical and sound equipment rentals in Nigeria

MISSION

To always exceed our customers expectations in service delivery and products range.

OBJECTIVES

1. To serve our customers beyond their expectations
2. To have a clientele return rate of 90% by the end of first year.
3. Produce same quality results, every time
4. To increase the number of customers by at least 20% per year through superior customer service and word-of mouth referrals.
5. To create a solid awareness scheme to inform our community and city our products and services

Our Goal

 

• Be one of the top three musical equipment rentals business in Southern and Western Nigeria within 2years.
• To make the customers experience new exciting features each time they visit.
• Communicate with our client base through the website and personalized communication techniques.
• Retain clients to generate repeat purchases and initiate referrals.
• Lowering overall costs whilst increasing efficiency.

 

THE MOTTO

Passion, innovation and creativity!

 

CORE VALUES

1. Excellence
2. Integrity
3. leadership

 

MILESTONE

 

• Office space 10years lease-paid
• Installation of internet facility, office equipment and alternative power source- completed
• Recruitment of staffs in progress
• Vehicle Purchase in progress
• Website design and brandings in progress

 

KEY TO SUCCESS

• Quality and Excellent Service:
  we are offering excellent service and firm relationship with our client which are not available everywhere. This is essential for maintaining a long lasting profitable and healthy company.
• Profit:

Significant profit made on equipment rented, and our quality live band performance success is a fuel for growth

• Pricing:

Competitive pricing for the quality of services offered

• Convenience:
  when our clients are offered one stop solution to plan and execute their events without shedding a drop of sweat
• Reputation:

Consistency, Credibility, integrity, and 100% dedication

        Market Research

The breakdown of the market for Musical & Events Equipment Rentals falls in a wide, very diverse grouping. Individuals as well as organizations demand the services we provide. In order to provide the greatest depth of information, the market segments have been broken down into private and public organizations, and age groups. There is a movement towards horizontal integration in the greater events industry, with some full-service event providers growing to provide entertainment, audio-visual and technology, catering, rentals, decor, venues and more. Businesses that provide these additional services may take on assets that are not as fully utilized as a specialist’s would be, but they can earn greater margins on the sales they make. With its opening of Patilad Multimedia and Events Equipment Rental will become part of this integration

       Product/services

We will offer musical, video equipment rental, tents rental, metallic stage and truss for speakers and lightning, trucks for carrying the equipment, event chairs, and tables, DJ Equipment, a live band(the live band is a part of the company which includes instrumentalist, sound/audio engineer). Our frequent clientele falls under the below categories

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Management team

Dayo Adetiloye- He is the founder and owner of PATILAD Musical Event Equipment Rental, has a multitalented business administrator who has been in the tourism and hospitality industry for over 25years. He studied business administration from UNIBEN, he did his masters in business administration in Lagos. The primary employee is the founder, who plans events, then contracts with caterers, decorators, disc jockeys, and bands to fill out the event. A contract labour site manager will be on hand to work the events as a liaison and vendor coordinator. Thus, there are two main employees with various levels of vendors.

 

Ajah Johnson– He is the Facility Manager to act as a manager of the hall. This will include providing information to vendors setting up in the space, providing access to the clients for set-up, light maintenance and repairs, contracting vendors for heavier repair work, and setting up cleanings of the space. Event managers from the catering staff will be present during the events. He is certified project manager expert and has over 6years experience managing facility for Andreas Event Rentings Port Harcourt.

 

Kemi Philips- She is into general contracting, and a professional sales and marketing expert. She read marketing from the university of Port-Harcourt, she is also a master’s degree holder in digital marketing from the university of Lagos. She has 15years in general contracting, marketing and branding.

 

Financial Plan

 

• Salaries and rent are the two major expenses, while depreciation is another significant cost that will increase as the company develops.
• We want to finance growth through cash flow and also through investor grants or investment bank loans.

   Important Assumptions

We accept cash and checks, Visa, MasterCard, online transfers Express. All sales paid via credit cards will be deposited in our business checking account within 48 hours.

The business will reach positive cash flow in its 2^nd year of operation, allowing for expedited repayment of its loan obligations, as well as for dividends to be paid to the owners.  Revenue will top N10, 000, 000 and profit will reach about N20, 000, 000 in the 2nd year of operation.

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