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Crazy idea?!

Discussion in 'Ideas, Needs, Concept Feedback' started by njord, Dec 5, 2018.

  1. njord
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    njord Contributor Read Millionaire Fastlane

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    Oke f*ck it ill post my idea on the forum:

    I got this idea to buy pooltables and or foosball tables and rent them out to bars, cafes, hotels ect.

    Example; I can buy a pool table for about 3000€ (proberly for less but this is just an example)

    To play the pooltable people it cost 2€
    A game on avarage takes about 30min
    Say the location i rent it to has 10 hours of fulltime bussines 10u => 20 games played => 40€ a week=> 160€ a month

    I ask only 100€ a month rent for the pool table

    3000/100= 30 months => 2,5 years then ill have earned my investmet back.

    As a bonus i can add a maintenence package for 10€ a month

    Atm i own a house what i could sell in the current Dutch market i should get about 40k profit (-tax and morgage)


    Say i do this and buy 20 x pooltables for a discouted price 2000€
    Then i would have 2000€ passive income.

    Am i missing something or could this be my ticket out of the slowlane?

    CENTS?
    Control? i will spread the tables over multiple locations and have my company name emblemed on the tables

    Entry? anyone with capital can do this so no.

    Need? havent validated it yet but the there are not many locations in NL with tables and the ones that are are always in use. (ill have to look into this more though)

    Time? perfect i only have to install them and i can even get someone als to do maintenence on them if i want.

    Scale? is dependent on how € much i invest in it
     
  2. Jeff Noel
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    Jeff Noel Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I don't know if it's different elsewhere, but here people agree to lend their pool tables in exchange for the revenue it produces. The table owner keeps the money made by the table, but the bar owner has to keep to pool table in a nice area. Win-Win. There's no monthly fee.

    I don't know if people would also be ready to pay a monthly fee to "lose" space that could become regular tables or a wider dance floor.
     
  3. njord
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    njord Contributor Read Millionaire Fastlane

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    They get to keep the revenue from the tabels, this way i dont have to come there every week to collect the coins ;)
     
    Jeff Noel likes this.
  4. Lenin G.
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    Lenin G. New Contributor

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    Hey man,

    Go ahead and start talking with bars, hotels and others and see if this business idea picks their interest before you sell your house and buy those pool tables.

    Or if you're lazy like me set up an ad in craiglist or even run some facebook ads and see if you get any inquiry.

    Good luck!

    L. G.
     
    Lex DeVille likes this.
  5. Jaden Jones
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    Jaden Jones Igloo Builder Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I feel like your not charging enough, you need to include the costs of moving the tables in and out, as well as storage of tables (if a customer returns it). Because its impossible to know demand, you may end up with multiple tables you have to store. I also dont think the tables would last that long. Bar patrons are notoriously hard on gaming tables. This is very similar to a vending machine model, I would look into something like that. Most Vendors will give the company a portion of the profits for the space, if they want to offer free pool, than you could use your rental model. But I would bet you would need to triple that figure to make it work.
     
    Lex DeVille likes this.
  6. njord
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    njord Contributor Read Millionaire Fastlane

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    Already on that tomorrow im going to visit a manufacture see what they can offer and after that ill go to a few potential clients.
     
    DragoonDB likes this.
  7. njord
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    njord Contributor Read Millionaire Fastlane

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    Good point ill ad a transportation fee to cover my costs.
    Iv also got 300€ deposit fee for if they break stuff.

    About tabels lasting long the pool tabels iv seen look realy solid and they dont get played as hard (im only going to buy quality products so they last long)
    The foosball machines will be harder to manage i know they get a rough beating like you said.

    I could go for the portion of the margin plan but i dont have any way of seeing if they are honest about the revenue unless i empty the machines my self or i would have to have a digital paying system i could look into that... (what i dont want to do, walk on the streets with a big bag of money every week does not sound like fun)

    I would like to charge more for the fixed rate but i don't know if i can (ill have to validate how much i can ask for the tables) Maybe split test that sh*t, go to 10 potential venues with price X and another at price Y and if they refuse, negotiate a price they are willing to pay.
     
  8. DragoonDB
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    DragoonDB Contributor Read Millionaire Fastlane

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    This thread was created today outlining the idea, with a commitment to speak to a manufacturer tomorrow. I'm assuming that you'll begin talking to potential clients on Friday.

    I appreciate seeing the movement here and, whatever the feedback, you'll have market input on your idea. Good on the plan to move forward.

    Some of the thoughts I had, and many you already have on your radar:
    1. What will be the cost to purchase one pool table? Is there a price break at a certain quantity?
    2. Outline the possible revenue models. The two outlined are profit brought in by the table, or a monthly rent. The market will help determine which, if any, are feasible.
    3. Gather feedback from potential clients. Which model do they lean to? If monthly rent, what is their break point on spend per month? Will this be month to month? Or contract? Can they pre-buy for a longer period of time with a break on the monthly rent?
    4. Gather feedback from establishments that have pool tables. What is the estimated life of the table? What is their maintenance on the tables, if any (you mentioned an add-on package)? Do the earnings make up for lost space (additional seating or other options)?
    5. As pointed out further up in this thread, what about any additional expenses that need to be factored in (transportation, storage, cleaning, etc)?
    When you have this, would love to hear feedback on your go/no go.
    1. Is there an interest, at any price?
    2. If so, have you taken into account lifespan of the table?
    3. Is the break even time frame appropriate? At 2.5 years (based on your original spitball math), does that feel appropriate and doable?
    Again, whatever the feedback, you've taken action. Please share with the forum when you have feedback - can we target by next Friday?
     
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  9. njord
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    njord Contributor Read Millionaire Fastlane

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    Tnx for the feedback rep sent!
    Right now im in my f*ckit moment when i want to try (almost) anything to quit the slowlane
    I will take your points into account when i go visting the manufacturer and potential clients today.
    I will also call a campany that rents tabels and see what model they use and if i can improve on them.
     
    DragoonDB likes this.
  10. njord
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    njord Contributor Read Millionaire Fastlane

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    Update:

    I called one company thats renting out pool tables and i went to the manufacturer and my suspicions were confirmed.
    According to the guy at the pool table factory renting out tables isn't as nice as it sounds. The profitable clients will just buy there own tables as soon as they know how much your earning and then you will be left with the clients that dont earn that much.

    Its also very important that you find the right venue if you get some pub in the wrong district or venue they wont give a sh*t about the table and ruin it and have people use it as its not intended.

    foosball tables as i expected are maintenance intensive so they are only interesting if you have someone close by that can maintenance them.

    He did give me the advice to try getting second-hand tables, you can get them really cheap and if you can find a good venue make money from that.

    To cut the story short im not gambling my house on this one it fails the fastlane commandments and is to risky.
    Ill look into it second hand tables though its might be interesting to buy one or two tables for some pocket money but ill have to look for something else for my fastlane venture.
     
    DragoonDB likes this.
  11. DragoonDB
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    DragoonDB Contributor Read Millionaire Fastlane

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    Great to hear you took action so quickly, and were able to get good feedback. Even though the idea only lasted a day, you were able to make a final yes/no decision on whether to pursue.

    Too often, these ideas get caught in a permanent zombie status - they just hang around without any decisions or action.

    Great to hear, and thanks for letting us know how things turned out.
     
    Thomas Baptiste, njord and minivanman like this.
  12. njord
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    njord Contributor Read Millionaire Fastlane

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    Dont worry ive been in permanent zombie modus for to long i read TMF more then two years ago "joined Nov 24, 2016":happy:

    Time to change things around, im almost finished with reading unscripted and that book is giving me more insights about the fastlane concept MJ really improved on it since the original fastlane book and iv learned alot from it!
     
    Jeff Noel likes this.
  13. Thomas Baptiste
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    Thomas Baptiste Contributor Read Millionaire Fastlane

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    The idea is good but the execution goes against CENTS. Specifically these:

    Control - business owner, hotel, etc. agrees now, but for whatever reason decides to use the space that the tables take up. Boom you're out of business.

    Need - the business owner, hotel,etc. may already have an entertainment hub and may not be in need of your services unless it has some sort of direct benefit that they don't already have.

    Scale - there are only so many people that use these tables at a given time. From what ive seen personally there are even fewer hotels and business places that have interest in these things.

    Good idea, try to think of ways to be exceptional at it though cause as it stands it's pretty average.
     
    njord likes this.

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