If you’ve landed on this article page, you’re probably searching for a
good business idea—an idea that’s light on the pocket but heavy on
returns, promising both a fulfilling journey and potential profit.
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How to start a lucrative film equipment
rental Business in Nigeria
Many filmmakers do not
own the equipment they use
This includes Cameras, lights, microphones, power
generators, production vehicles, plus accessories such as camera
crane, Steadicam etc.the list is long
You can even specialize in one area e.g. Sound, lights etc.
While the cost of acquiring these equipment to be hired out is
not negligible, with the explosive volume of production going
on, (including music videos, religious productions,
documentaries, T.V. Programmes, Corporate/Social production
coverage) you are sure of
patronage. Like every other business it comes with its
fair share of risks. But the gains are indeed enticing. But
suffice to say that before you invest your millions, talk, talk
and talk to those who know.
Deposits: What They Are and Why They Matter
Deposits are a common part of the film equipment rental process.
They act as a security measure for the rental house. When you
rent equipment, you might be asked to leave a deposit. This is a
refundable amount that ensures you return the gear in good
condition. If the equipment comes back damaged, the rental house
may use part or all of the deposit for repairs. Always check the
deposit amount and understand the conditions for its return.
Pick-up and Drop-off: Timing is Everything
Pick-up and drop-off times are key details in your rental
agreement. The pick-up time is when you can collect the
equipment, and the drop-off time is when it must be returned.
Make sure to clarify these times to avoid any late fees. Some
rental houses have strict policies, so punctuality can save you
from extra charges. Plan and schedule your film equipment rental
accordingly to make the most of your rental period.
Hold Harmless Agreement: What Are You Signing?
You might come across a “hold harmless agreement” in your rental
contract. This legal term means that you agree not to hold the
rental company responsible for any injuries or damages that
occur while using their equipment. It’s a standard clause that
protects the rental house from liability. Always read and
understand this part of the contract to know what you’re
agreeing to.
Understanding Replacement Costs: Know the Stakes
Replacement costs refer to the price of replacing rented
equipment if it’s lost, stolen, or damaged beyond repair. This
term is crucial because it can be significantly higher than the
rental fee. Knowing the replacement cost helps you understand
the stakes and take extra care of the gear. It’s like a gentle
reminder to handle everything with the utmost care.
Sometimes, a rental house might not have all the equipment you
need. In such cases, they might arrange a “cross-rental” with
another rental house. This means they borrow the required gear
from another supplier to fulfill your order. While this term
isn’t directly about your rental, it’s useful to know how rental
houses work together to meet the needs of your film equipment
rental. It ensures you get everything you need in one go.
Bundle Deals: More for Less
Bundle deals are offers where you rent multiple pieces of
equipment together at a discounted rate. These deals are great
for saving money and ensuring you have all the necessary gear
for your shoot. For example, a camera, tripod, and lens bundle
might cost less than renting each item separately. Always ask if
bundle deals are available when planning your film equipment
rental.
Extensions and Late Fees: Staying on Schedule
Extensions refer to extending your rental period beyond the
original agreement. If you need the equipment for longer,
contact the rental house as soon as possible. They may charge an
additional fee, but it’s better than incurring late fees. Late
fees apply when you return equipment after the agreed drop-off
time. These fees can add up quickly, so it’s best to communicate
any changes in your schedule promptly.
Damage Waiver: Extra Peace of Mind
A damage waiver is an optional fee that covers minor damage to
rented equipment. It’s like a small insurance policy. If you
accidentally scratch a lens or dent a camera body, the damage
waiver can cover the repair costs. This waiver doesn’t cover
loss or major damage but provides extra peace of mind for
smaller issues. It’s worth considering, especially if you’re new
to handling professional gear.
Understanding these common rental terms can make your film
equipment rental experience much smoother. From rental periods
to damage waivers, knowing the lingo helps you navigate
contracts and avoid unexpected charges. Remember, every rental
house might have slightly different terms, so always read your
agreement carefully and ask questions if anything is unclear.
With this knowledge, you’ll be well-equipped to make informed
decisions and focus on what you do best—creating amazing films.
Happy filming!
Rental Periods: Daily, Weekly, and Monthly Rates
First things first, let’s talk about rental periods. You’ll
often see equipment available for daily, weekly, or monthly
rates. A “daily rate” means you pay to use the equipment for 24
hours. A “weekly rate” is usually a bit of a discount compared
to the daily rate and covers seven days. If you’re working on a
longer project, a “monthly rate” might be the most
cost-effective option, covering the entire month. Understanding
these terms helps you plan your budget and schedule efficiently.
Get our practical training guide on film equipment rental. It’s a special invitation to Multibillion naira Nollywood Industry. Our full mentorship guide would be provided by our in house experts. Training can last four two to three weeks.
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