Rental company.

Ricky91t

Hi all,

Without giving my idea away, After recently purchasing something that I really wanted I was annoyed at how over priced it was as it's the only type of device like it in the market. I knew I wanted it, but I was then thinking a lot of other people might want one but can't justify paying.

Then I thought I could set up a website to rent them, After 5-10 rents of the first one, I can get a second and work from there.

I've been looking at the down sides, and I've come across a few.

Firstly It doesn't kick off - Well to start with, most money spent will be on the first device.(Which I will want to use anyway) And a domain/business name registration( about 50 for those If I get a .ie ).

Second Someone doesn't give it back on time messing up another rental - At first I plan to do this through forums I'm a member of ( not here ) to kind of test the water, I wouldn't know all the members but everyone would know at least one other member so it should be safe. This will allow me to see how long sending and returning takes on top of days rented, I've a feeling this could be a relatively slow process but It would be my kind of trial period.

Third Lost/Stolen/Broken/Damaged - This Is where I'm lost, I know if it's any of the above the user should pay for it, Unless they steal it. But for all of those the reason they're renting it is because they can't afford one so the payment process could be slow. Would there be some type of insurance I can get for this, a flexible policy that I can add and take away devices as I need? I was thinking a full deposit paid upfront before the first order and after that first period those users will be recognized (well trusted) but then that's the price of the device + the rental price which is more than they can afford. Any one have any suggestions?

Could anyone point out any flaws/possible issues?

It'll be an Ireland only site accepting paypal only, Delivery of the device will be done by An Post(maybe) registered and I'll arrange some sort of return postage slip in the box, This will come from the over all rental price.


I had a look at a few other companies like this based around the world and it seems a 7 day rental is about 1/6th of price, So in 2-3 months I'd be able to get a second. Although I have money that could be put into this If it got popular.

The device can be used in a wide number of area and although I'll begin with just a very small area where It can be used I can then expand to other forums/google adverts If/when I want to. I think It'll be very popular during the summer months and also around winter. But this is only from personal experience and It can be used all the time.

Marsden

Ricky91t wrote: »

Without giving my idea away

Its hard to give an opinion or advice when your so vague on your product. To be fair I don't think anyone is going to rush out and throw money into something you think could be a good idea just to beat you to the start.

Your business could be copied easily when you go public anyway so let us in on your secret.

Ricky91t

I know it can be copied easily, But in posting it here I'm then giving away an idea that I won't be able to act on for about 2 months. With an area like this I'd need to be the first to be successful others can come along. But If I'm the only one even for a month or two customers ( if they had a good experience ) will probably come back to me again.

It's a sub €500 electrical device, But I don't want to give away more than that till I can actually work on this. Sorry

chillywilly

So you want to rent out iphones

Ricky91t

chillywilly wrote: »

So you want to rent out iphones

Not even close...

Chet Zar

Hey Ricky,

I'm not really getting it Could people who already have the device or product not just hire it out themselves via rental/for hire websites which already exist? Same as if I had say a high-powered lawnmower or something - I could hire it out for a fee to others, and so on...

Marsden

Not sure what way insurance would work, but sending expensive pieces of hardware through the post on a continuous basis to people renting them sounds like a sure way to break them, not just because of the post but they wont treat them the same as something they own.

Best of luck anyway and if you do get up and running soon post here so we can see what it is.

ssbob

Why don't you try the Cork/Kerry area first and deliver it and collect it from the people you are renting it to. You have bought the item already so you might as well continue on with it.....................:D