The Founder and former CEO of NairaBet, Akin Alabi, recently shared a new business idea via his Twitter page, whilst urging his followers who are capable of it to harness the idea.
According to Mr. Alabi, someone can make cool cash from buying out VIP tables at popular events and then reselling them to individuals who wish to have the VIP experience without necessary buying an entire table.
Based on Personal Experience:Â According to the businessman turned politician, VIP tables at most Nigerian events are generally expensive, even as the cost prices are usually the same. The cost does not matter whether it is just one person that ends up sitting on a VIP table that typically costs millions of naira. on the table or twenty. Apparently, organisers do not put that into consideration.
He narrated a few experiences he had while attending events and paying for VIP tables, including a particular incident when he invited a lot of people only for a few people to show up. He said he felt like he wasted a lot of his money.
This got him thinking about the possible solution to the VIP table system. There is a need that needs an urgent solution. There should be a solution for concertgoers who desire to have the VIP experience without necessarily bearing the full cost of paying for the entire VIP table. Someone can pay for a single seat and still feel VIP. This is how he came about his business idea.
One day, there was a concert and as usual I bought a table. I didn’t ask for who wanted to go, I just went ahead and bought it. Surprise surprise… I found out only 4 of us were interested in the concert. I had to start calling friends asking if they were interested.
— Oloye Akin Alabi (@akinalabi) June 5, 2019
The big business plan: Since most cities in Nigeria are known for hosting big events and music shows, Alabi said someone can indeed make it a business to buy some of the VIP tables and resell to partygoers who only need a sit at the table; literally.
What you need to do: First, you must be buoyant enough to go into this line of business. Also, you must be conversant with the events/shows that are within the city. Find the organisers, buy a VIP table, and then resell seat number of a particular table to individuals.
This will just carter for a VIP spot for one individual without them paying to get the entire table; which is more expensive.
Please note that Mr Alabi emphasised that in order to excel in the business, one must have a good social media presence. This will enable them to influence people to use their services.
There is another way to start it without spending. Set up the business. A business name. Create social media pages and promote. Rather than buy the table first, get commitment, and even payment from the pages before you buy the table. You will make 100k per table.
— Oloye Akin Alabi (@akinalabi) June 5, 2019
More Options: To make the business even more feasible, Alabi recommended that individuals considering this business can even incorporate a chauffeur service, parking space, and bookings. This is because these are some of the problems that partygoers often have to contend with.
Furthermore, interested persons may also include additional services such as providing drinks on their customer’s tables apart from the one provided by the show organizers. This would help make their services more likable.
Budget estimate: According to Mr Alabi, to start this concert booking business, it would only cost N1.1 million. This can then progress as the business grows.
