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Buying Instruments To Hire?

Discussion in 'Researching & Planning your new business' started by Pete Brindle, Jun 21, 2014.

  1. Pete Brindle

    Pete Brindle Member

    At the moment, running my music school, children have to have their own instruments before they're able to learn, as we have nothing to lend them.

    However, I have been thinking about perhaps renting them out per term, and buying some new ones myself so that they don't have to pay a lot of money in the beginning. Does this sound like something that would be a good idea?

    When cared for correctly, instruments can remain in use for years. So a fee of perhaps £10 per term (so £30 per year and maybe another small fee over the summer holidays) would result in a profit after maybe 4 years for the smaller beginner instruments - not to mention that we could always sell them for a small amount when we wanted them replaced.

    I don't suppose anyone knows a way to get instruments cheaper? That's just a random question really as it will be something that I find out for myself pretty soon!

    But if you were a parent, would you hire an instrument even though it meant you wouldn't own it at the end? You know what kids are like, the majority of them will get bored and give up!
     
  2. I think it would be a good idea, but I think you need to look at the prices again for hire. I don't think £10 a term would give you very much room for profit, because obviously you wouldn't be able to sell the instruments on at the end for as much as you bought them for. Maybe you should have a look around at some instrument prices and then think about it again. But I do think it's something that parents would be likely to go for. As you say, there's no point them getting their own instrument because a lot will give up sooner rather than later.
     
  3. Pete Brindle

    Pete Brindle Member

    Yeah that was just an example really. I can get hold of most instruments for under £200. I have found some very beginner violins for £42 on Amazon which I plan to buy, so those would bring profit after a year. Some are more expensive than others, but it really would be very basic models that we were getting, nothing major.
     
  4. I think anything that lowers the cost of entry particularly in this field is very welcome. I'd hate the thought of a kid not taking up an instrument simply becuase his family can't afford to buy the instrument.

    We got the instruments from high school which we returned when we left. I bought my own saxophone then and drag it out now and again :)

    Gemma's point about kids being very fickle is also well made. Kids do tend to change their mind like the weather so again it de-risks it a bit for parents. I speak from experience having upteen pairs of football boots, karate suits, brownie uniforms etc that all sounds great at the time :p
     
  5. Pete Brindle

    Pete Brindle Member

    That's just given me another idea.. for the children who have lessons in school and are unable to rent an instrument from them (I know it's not something that all schools offer) they could potentially hire them from us also! I am trying to forge relationships between schools in the hope that when the child leaves primary school, for example, they would come and get lessons with us rather than beginning new in high school. So maybe this would help!
     
    Last edited by a moderator: Mar 19, 2018
    Gemma Rowlands likes this.
  6. £42 for a violin sounds amazing as long as the instrument is a good enough quality for the intended use. I'm sure you'd make profit from those at least. I bet others are much more expensive though.
     
  7. Pete Brindle

    Pete Brindle Member

    Yes, we struggle particularly with those who want to learn the keyboard, because although it would be very helpful to be able to practice at home, this isn't always possible. We wouldn't want to give them instruments of that size to take home, so at the moment we are looking into setting up a practice room and charging a few quid an hour for it to be used. I imagine some would be happy to come in before or after a lesson, or even on days after school or something.
     
  8. Practice rooms sound like a good idea. Even if it's £2 for half an hour you'd make a little bit back from the instruments over a few years.
     
  9. selfemployed

    selfemployed Super Moderator

    From a social and human point of view great, from a business point of view there would be significant cash outflow for your business. Would you be able to obtain government /school funding for a such a great social service? Anything which teaches kids new skills and gives them a sense of pride is brilliant in my book.