Brainstorming a business idea

Old Gill

I'm looking to diversify my business and like the idea of buying an asset and renting/hiring it out. A big advantage of this type of business is that it will hopefully free up more time for me to spend with family.

Can you think of things people hire/would like to hire?

Cars/vans
Motor homes
Homes
Tools
Band/audio equipment
Dresses/suits
Boats

I'm just brainstorming at the minute and would be interested to hear any ideas people think would work

ironclaw

Old Gill wrote: »

A big advantage of this type of business is that it will hopefully free up more time for me to spend with family.

I'd say the exact opposite to be honest, unless you have a large staff. Every single one of them would require someone on call. An Amp goes bust before a performance? You'll need someone on the road with a new one. Car gets a flat tyre? You'll need to liaise getting a mechanic to them.

As for the list, I'd say they are all saturated markets and you'd need niche experience in each of them. First two are sown up by Hertz etc. Homes are covered by Airbnb. Tools you'd need a huge inventory to compete with the likes of Chadwicks. Ditto on the audio equipment and it is going to get roughed around big time. Suits are perhaps the lowest entry to market but you'll need to secure contracts with debs and weddings to make them work, and again, you need 10 sizes of everything. Boats I can only imagine the liability involved and the best days of owning a boat are the day you buy it and the day you sell it.

Do you have experience in any of these markets? That would be my first question.

Gloomtastic!

Felix Dennis, the publishing/technology guru, once wrote ‘if it flies, floats or fornicates, rent it don’t buy it’.

How about renting out drones for weddings?

Or commercial property.

Old Gill

ironclaw wrote: »

I'd say the exact opposite to be honest, unless you have a large staff. Every single one of them would require someone on call. An Amp goes bust before a performance? You'll need someone on the road with a new one. Car gets a flat tyre? You'll need to liaise getting a mechanic to them.

As for the list, I'd say they are all saturated markets and you'd need niche experience in each of them. First two are sown up by Hertz etc. Homes are covered by Airbnb. Tools you'd need a huge inventory to compete with the likes of Chadwicks. Ditto on the audio equipment and it is going to get roughed around big time. Suits are perhaps the lowest entry to market but you'll need to secure contracts with debs and weddings to make them work, and again, you need 10 sizes of everything. Boats I can only imagine the liability involved and the best days of owning a boat are the day you buy it and the day you sell it.

Do you have experience in any of these markets? That would be my first question.

Yeah the purpose of brainstorming was to find a niche market (like renting motorhomes). Yes it'll involve workbut on the days it goes to plan (everything rented out for a few days i'll be free to do my own thing. Like renting out motorhomes for a week at a time but its a bit too seasonal

Old Gill

Gloomtastic! wrote: »

Felix Dennis, the publishing/technology guru, once wrote ‘if it flies, floats or fornicates, rent it don’t buy it’.

How about renting out drones for weddings?

Or commercial property.

Thanks - the drones is an interesting one

Eric Cartman

renting vehicles is all about volume, its why theres so few small players anymore, the margins are terrible as generally people aren't loyal and go for the cheapest price. Also people abuse vehicles.

You're looking for something that generates a passive income while on somebody elses time , look for high value machinery that many businesses wouldn't have the capitol to purchase, the need is there yet its reliable and relatively low maintenance plus has some metric of its useful life like an hours counter etc... Think like a photocopier but not a photocopier, what else do commercial businesses need but probably can't afford upfront (double bonus if it uses consumables that you can supply)

Old Gill

Eric Cartman wrote: »

renting vehicles is all about volume, its why theres so few small players anymore, the margins are terrible as generally people aren't loyal and go for the cheapest price. Also people abuse vehicles.

You're looking for something that generates a passive income while on somebody elses time , look for high value machinery that many businesses wouldn't have the capitol to purchase, the need is there yet its reliable and relatively low maintenance plus has some metric of its useful life like an hours counter etc... Think like a photocopier but not a photocopier, what else do commercial businesses need but probably can't afford upfront (double bonus if it uses consumables that you can supply)

Thanks, yeah that's pretty much it. I don't mind investing a sum/taking a loan for something I think will work. I thought about a 3d printer which hasn't yet been fully ruled out

Baby01032012

Out of interest what is your current business now. Just to give an idea of what you are diversifying from/ what your experience is in.