High End Shoe Rental Idea: Feedback Needed

[Mark Foster II]

Hello Everyone!

I've finally given myself permission to put myself out there and see what happens. A closed mouth doesn't get fed so here we go......

I came up with this idea about a year ago and no matter how much I distract myself with other "business opportunities", this idea keeps nudging at me to pursue it. I'd appreciate it if you guys could provide so feedback.

As the title suggested, the idea is a high end shoe rental service. It would be similar to Rent-the-Runway where people would be able to rent a pair of shoes for a specific date over a 4 day period for around 10-25% of the retail cost. There's been so many times where I'd see people (mostly females) buy a nice pair of shoes for an engagement only to have them laying in the closet for years afterwards.

So my thought was I'm providing a bit of a two for one deal for folks; LOOK GREAT WHILE SAVING MONEY!

I was initially trying to start the idea with my younger cousin and a childhood friend of mine but things became way too complicated. And this morning, after reading LOTS of threads on here from the night before, I gave myself permission to try something on my own for once.

The hardest hurdle I face is inventory. The shoes are expensive so trying to figure out how to build an inventory is a little daunting. I guess I'm trying to figure out a way to do it on a small scale and move up from there if it gains traction.

I feel like this could be very viable for prom season, homecomings, weddings, fashion shows, formal functions, the list goes on.

If the shoes wind up missing or come pack damaged, I'd just charge their bank card/credit card for the full amount of the shoe.

I've asked folks what they think of the idea and around 85% of people like the concept. But that of course doesn't mean much until it's out there and they're willing to pay for the service.

Any suggestions on where I should start or if the idea is any good to begin with?

All feedback and criticism is welcomed!!!

Thanks in advance

 

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[camcam]

For hygiene sake, no I wouldn't use a service like this.

 

[timmy]

For hygiene sake, no I wouldn't use a service like this.

Same here..........

 

[ZeroExile]

For hygiene sake, no I wouldn't use a service like this.

That's hardly a hurdle here, they can be cleaned just like when you order a tuxedo rental.

This idea is not revolutionary in any way and it has been used before such as here. http://just-soles.com/ as an example. Although it may difficult to get the inventory initially, it certainly seems doable and profitable to me.

 

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[Mark Foster II]

For hygiene sake, no I wouldn't use a service like this.

I came across that rebuttal before and is what 15% of people I pitched the idea to had mention as their number one gripe. And it's a valid point.

Only comparison I can make to it is skating rinks and bowling alleys. People frequent there all the time and they rent shoes for the duration of their stay there. That is unless they bring their own.

But that seems to be the biggest complaint I get from people. Can't win everyone but if the idea were to ever be birthed, proper precautions would take place to make sure the shoes are properly sanitized after being returned.

Thanks for validating that that would be something I'd need to address if pursued!

 

[camcam]

Like you said you can't win all, but for people like me that take hygiene seriously. Especially footwear since feet can sweat badly.

Just a personal opinion, but hey.. Try it and see if you get the customers. Don't sit and dwell.


Sent from my iPhone using Tapatalk

 

[Mark Foster II]

That's hardly a hurdle here, they can be cleaned just like when you order a tuxedo rental.

This idea is not revolutionary in any way and it has been used before such as here. http://just-soles.com/ as an example. Although it may difficult to get the inventory initially, it certainly seems doable and profitable to me.

Thanks for the feedback!

I bumped into Just Soles when I was doing my due diligence early on and felt her model was different from what I was trying to accomplish.

She seems to be the hub where people can come to rent THEIR shoes to other people and she just facilitates. I'm more so trying to have the inventory myself to rent out to people.

And I agree, the idea isn't anything revolutionary but it seems like the iterations that have been put out there hasn't been the "one stop shop" format I imagine it could be.

Thanks again for the reply!

 

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[Mark Foster II]

Like you said you can't win all, but for people like me that take hygiene seriously. Especially footwear since feet can sweat badly.

Just a personal opinion, but hey.. Try it and see if you get the customers. Don't sit and dwell.


Sent from my iPhone using Tapatalk

Very true!

 

[ZeroExile]

Thanks for the feedback!

I bumped into Just Soles when I was doing my due diligence early on and felt her model was different from what I was trying to accomplish.

She seems to be the hub where people can come to rent THEIR shoes to other people and she just facilitates. I'm more so trying to have the inventory myself to rent out to people.

And I agree, the idea isn't anything revolutionary but it seems like the iterations that have been put out there hasn't been the "one stop shop" format I imagine it could be.

Thanks again for the reply!

No problem, I say that it's worth the experience if anything to put your idea into action even if it doesn't turn out as planned, you will be able to learn invaluable lessons from it. That's just my perspective on this.

 

[Mark Foster II]

No problem, I say that it's worth the experience if anything to put your idea into action even if it doesn't turn out as planned, you will be able to learn invaluable lessons from it. That's just my perspective on this.

Yeah, again, I've told myself that I HAVE to just put myself out there and see what happens. You never know until you try.

 

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[Esquire]

Rental businesses CAN be Fastlane.

M.J. acknowledges as much in TMF .

So let's think this through ... what are the possible arguments against ...?

Well ... let's start with the target market: Women.

Rich and well-off women would never consider such a thing. If they want a pair of shoes ... they buy them. Lots of them. Carry their bags out of the store. Throw them in the back of their Mercedes. The "cost savings" aspect means nothing to them. They have more shoes than they know what to do with and keep buying more. They are not your customer.

So who is ...? Well ... presumptively ... poor people. People who might want to impress ... but can't afford to buy. A crowd with not a whole lot of disposable income. Not exactly what I would call the best demographic to market your wares to. But okay ... is what it is. Let's move on.

You would need inventory ... a lot of it. All different sizes. Models. And sufficient quantity to meet demand. This will set you back ... well ... a shitload of cash. People are not going to "rent" kicks from TJ Maxx. You'll be buying Minolos and the like. Whip out your wallet.

Next ... you would need to store them (rental expense) ... track them ... ship them ... inspect them ... restock them ... etc. Which means you will be doing this all yourself (not good) or paying someone to do it for you ... which means you will need to make a consistent bank to meet payroll. Then add in expenses for payroll processing, workers comp, accounting and taxes.

And let's not forget marketing. Huge money. After all ... your business is no good if no one knows about it. Add that to the budget too.

Premuptively this would be a mail order business because a store front is not scaleable or practical. No one will come to you. They will want them delivered.

I suppose you will also need to factor in employee theft (which is possible ... 50% of theft is internal ... and you've got some goods) ... and a high chargeback rates. Even if the clients damage the shoe ... odds are ... they will do a chargeback if you try to charge them for the full price. Which means you either eat the loss ... or risk losing your charging privileges with the bank.

Next ... you need to consider possible competition. If Zappos ever got into the business ... you are finished. Done. Game over.

So okay ... logistics issues aside ... how about the commandment of need ...?

Well ... as mentioned before ... well to do women would never give the idea a second look. Unthinkable. But what about the poor women ...? Would they ...? Assuming they could ...?

Probably not. People tend not to rent things they already own. Think about the things you rent. Or most people rent. A car in a far away city. A tuxedo for a wedding. A carpet cleaner. A big screen TV. Sofa. Think rent a center. People are renting things they don't have. Not something they own and want more of.

Most poor women will probably make do with the shoes they got ... or buy some replicated knock offs.

Think about all the fake Coach bags sold for $10 or whatever in NYC. That is what they will likely do instead. I don't see them dropping cash on this sort of thing. And if they ever did ... it would be rare ... like for a wedding or something. Maybe.

Then factor in the "yuck" factor (mentioned above).

So ... as I see it ... you are staring down a huge up front cost ... with a shitload of hurdles.

I could be wrong ... but I don't see this idea going anywhere.

 

[timmy]

I came across that rebuttal before and is what 15% of people I pitched the idea to had mention as their number one gripe. And it's a valid point.

Only comparison I can make to it is skating rinks and bowling alleys. People frequent there all the time and they rent shoes for the duration of their stay there. That is unless they bring their own.

But that seems to be the biggest complaint I get from people. Can't win everyone but if the idea were to ever be birthed, proper precautions would take place to make sure the shoes are properly sanitized after being returned.

Thanks for validating that that would be something I'd need to address if pursued!

1. Develop a non slip,wafer thin, disposable, and fungal resistant shoe insert / insole.
2. Develop your brand awareness by adding your brand / logo to it by making it clearly visible
3. Licence your idea to all who need this problem solved
4. Note that you will be taking visible and quantifiable action to solve the above concerns.

 

[Mark Foster II]

Rental businesses CAN be Fastlane.

M.J. acknowledges as much in TMF .

So let's think this through ... what are the possible arguments against ...?

Well ... let's start with the target market: Women.

Rich and well-off women would never consider such a thing. If they want a pair of shoes ... they buy them. Lots of them. Carry their bags out of the store. Throw them in the back of their Mercedes. The "cost savings" aspect means nothing to them. They have more shoes than they know what to do with and keep buying more. They are not your customer.

So who is ...? Well ... presumptively ... poor people. People who might want to impress ... but can't afford to buy. A crowd with not a whole lot of disposable income. Not exactly what I would call the best demographic to market your wares to. But okay ... is what it is. Let's move on.

You would need inventory ... a lot of it. All different sizes. Models. And sufficient quantity to meet demand. This will set you back ... well ... a shitload of cash. People are not going to "rent" kicks from TJ Maxx. You'll be buying Minolos and the like. Whip out your wallet.

Next ... you would need to store them (rental expense) ... track them ... ship them ... inspect them ... restock them ... etc. Which means you will be doing this all yourself (not good) or paying someone to do it for you ... which means you will need to make a consistent bank to meet payroll. Then add in expenses for payroll processing, workers comp, accounting and taxes.

And let's not forget marketing. Huge money. After all ... your business is no good if no one knows about it. Add that to the budget too.

Premuptively this would be a mail order business because a store front is not scaleable or practical. No one will come to you. They will want them delivered.

I suppose you will also need to factor in employee theft (which is possible ... 50% of theft is internal ... and you've got some goods) ... and a high chargeback rates. Even if the clients damage the shoe ... odds are ... they will do a chargeback if you try to charge them for the full price. Which means you either eat the loss ... or risk losing your charging privileges with the bank.

Next ... you need to consider possible competition. If Zappos ever got into the business ... you are finished. Done. Game over.

So okay ... logistics issues aside ... how about the commandment of need ...?

Well ... as mentioned before ... well to do women would never give the idea a second look. Unthinkable. But what about the poor women ...? Would they ...? Assuming they could ...?

Probably not. People tend not to rent things they already own. Think about the things you rent. Or most people rent. A car in a far away city. A tuxedo for a wedding. A carpet cleaner. A big screen TV. Sofa. Think rent a center. People are renting things they don't have. Not something they own and want more of.

Most poor women will probably make do with the shoes they got ... or buy some replicated knock offs.

Think about all the fake Coach bags sold for $10 or whatever in NYC. That is what they will likely do instead. I don't see them dropping cash on this sort of thing. And if they ever did ... it would be rare ... like for a wedding or something. Maybe.

Then factor in the "yuck" factor (mentioned above).

So ... as I see it ... you are staring down a huge up front cost ... with a shitload of hurdles.

I could be wrong ... but I don't see this idea going anywhere.

Great points made and thanks for the lengthy response!
I guess my target demographic would be the middle class woman who has a great sense of style but doesn't want to necessarily break the bank. I guess trying to present them with a viable option. But I agree with the two demos you pointed out and how it wouldn't really apply or be of benefit to them.

And thanks again for th other topics you touched on!

 

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[Mark Foster II]

1. Develop a non slip,wafer thin, disposable, and fungal resistant shoe insert / insole.
2. Develop your brand awareness by adding your brand / logo to it by making it clearly visible
3. Licence your idea to all who need this problem solved
4. Note that you will be taking visible and quantifiable action to solve the above concerns.

Nice idea with regards to the problem that the other posters presented. Imma give this some more thought!

 

[Esquire]

Great points made and thanks for the lengthy response!
I guess my target demographic would be the middle class woman who has a great sense of style but doesn't want to necessarily break the bank. I guess trying to present them with a viable option. But I agree with the two demos you pointed out and how it wouldn't really apply or be of benefit to them.

And thanks again for th other topics you touched on!

Okay ... so you think you can "rent" the shoes to "middle class" women ... I doubt it ... but you seem to think so ... so here's an idea:

Find a middle class woman. Then try to "rent" her a shoe.

Whomever you think fits the ideal description of your ideal customer.

Ask her shoe size. Hand her a Monolo Blanc catalog ... whip out your credit card ... then order whatever shoes she selects.

Then "rent" it to her.

One of two things will happen:

1. You will jump start your shoe business
2. You will acquire a shitload of shoes ... which you will end up selling on e-Bay for a big loss.
3. No one will "rent" a shoe from you ... in which case ... count your lucky stars ... you won't be spending much time on e-Bay.

If you can't get someone to "rent" your shoes doing it THAT way ... take your idea behind the barn and shoot it.

Amazing what happens ... when all these people who tell you it is a great idea ... are asked to whip out their wallets and pony up.

Money talks.

Of course ... the "real" challenge will be trying to re-rent the shoes after you get them back ... but hey ... that's all part of the business model ... right ...?

If you can't "rent" em new ... you sure as hell can't "rent" em used.

Actually ... now that I think about that ... scratch that. I have a better idea.

Buy a pair of used shoes on e-bay ... and try to rent them.

After all ... that's the REAL end product right ...?

That's what MOST people will be getting ...

You can only "rent" them "new" once ... every other time ... they've been worn.

So simulate that instead.

Tell a middle class woman to go on e-bay and pick a pair of USED shoes ... and you'll "rent" them to her.

Or buy some ads ... and see what happens.

If no one bites ... that might be a clue.

Test out your concept in a real world situation ... go try to "rent" your first pair of used shoes.

 

[Mark Foster II]

Okay ... so you think you can "rent" the shoes to "middle class" women ... I doubt it ... but you seem to think so ... so here's an idea:

Find a middle class woman. Then try to "rent" her a shoe.

Whomever you think fits the ideal description of your ideal customer.

Ask her shoe size. Hand her a Monolo Blanc catalog ... whip out your credit card ... then order whatever shoes she selects.

Then "rent" it to her.

One of two things will happen:

1. You will jump start your shoe business
2. You will acquire a shitload of shoes ... which you will end up selling on e-Bay for a big loss.
3. No one will "rent" a shoe from you ... in which case ... count your lucky stars ... you won't be spending much time on e-Bay.

If you can't get someone to "rent" your shoes doing it THAT way ... take your idea behind the barn and shoot it.

Amazing what happens ... when all these people who tell you it is a great idea ... are asked to whip out their wallets and pony up.

Money talks.

Of course ... the "real" challenge will be trying to re-rent the shoes after you get them back ... but hey ... that's all part of the business model ... right ...?

If you can't "rent" em new ... you sure as hell can't "rent" em used.

Actually ... now that I think about that ... scratch that. I have a better idea.

Buy a pair of used shoes on e-bay ... and try to rent them.

After all ... that's the REAL end product right ...?

That's what MOST people will be getting ...

You can only "rent" them "new" once ... every other time ... they've been worn.

So simulate that instead.

Tell a middle class woman to go on e-bay and pick a pair of USED shoes ... and you'll "rent" them to her.

Or buy some ads ... and see what happens.

If no one bites ... that might be a clue.

Test out your concept in a real world situation ... go try to "rent" your first pair of used shoes.

Okay ... so you think you can "rent" the shoes to "middle class" women ... I doubt it ... but you seem to think so ... so here's an idea:

Find a middle class woman. Then try to "rent" her a shoe.

Whomever you think fits the ideal description of your ideal customer.

Ask her shoe size. Hand her a Monolo Blanc catalog ... whip out your credit card ... then order whatever shoes she selects.

Then "rent" it to her.

One of two things will happen:

1. You will jump start your shoe business
2. You will acquire a shitload of shoes ... which you will end up selling on e-Bay for a big loss.
3. No one will "rent" a shoe from you ... in which case ... count your lucky stars ... you won't be spending much time on e-Bay.

If you can't get someone to "rent" your shoes doing it THAT way ... take your idea behind the barn and shoot it.

Amazing what happens ... when all these people who tell you it is a great idea ... are asked to whip out their wallets and pony up.

Money talks.

Of course ... the "real" challenge will be trying to re-rent the shoes after you get them back ... but hey ... that's all part of the business model ... right ...?

If you can't "rent" em new ... you sure as hell can't "rent" em used.

Actually ... now that I think about that ... scratch that. I have a better idea.

Buy a pair of used shoes on e-bay ... and try to rent them.

After all ... that's the REAL end product right ...?

That's what MOST people will be getting ...

You can only "rent" them "new" once ... every other time ... they've been worn.

So simulate that instead.

Tell a middle class woman to go on e-bay and pick a pair of USED shoes ... and you'll "rent" them to her.

Or buy some ads ... and see what happens.

If no one bites ... that might be a clue.

Test out your concept in a real world situation ... go try to "rent" your first pair of used shoes.

Thanks for the eBay idea!

 

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[Bila]

Middle class woman here who looooves shoes.
When i really like a pair of designer shoes .... I buy it ( if i can afford it ) ... The idea of renting a designer shoe doesnt appeal to me ( it will actually make me feel cheap ) and there is the hygiene as well. I would obsess about it wearing the shoe and it would ruin the experience

Sorry if i am being too negative

 

[WorldImperator]

I don't see this idea working as well. There two reasons for it:
1. Hygiene, this was discussion before
2. People, who want to have high end shoes (you mean those 10k/ pair?) or even some Loakes1880 ( which are quite cheap for high-end, coating around 300 USD pre pair in Europe) or some other good brands, costing up to 1000usd/per pair will never rent it.

Reasons are two: for people, who do not have blody idea about shoes, the really good shoemakers companies are completely uniknown and strange. Most of the people is not interested in even thinking of having such an extravang thing, when they can buy good leather shoesfor 70 USD. These people just do not have a need for the classy shoes. Besidees, to wearing classy and good shoes, you all have to be like this: clothing style, hair, etc.

Second, people who know something about shoes, and known something about the fashion, knows, that if you do not have money for wearing classy and original things, do not buy them, but they are wearing cheapaer, but these on which their bank account is letting them.
People who have money on good shoes, are just bung them.

Unless there will be a small group of people who needs some reallytop end shoes for party one a year to match their texudo, i do not see point in it.

Morover, you will have to learn how to care about shoes. And, it takes lot of money and effort and it's a prices and artistic job, not everyone is made for it. Good pasterze, cleaners, waxes, brushes, etc.

This is idea it's just nit closing for me at any point.
Shoes are personal things, not cars, for which this idea surely would be a succesfull one.

 

[Mark Foster II]

Middle class woman here who looooves shoes.
When i really like a pair of designer shoes .... I buy it ( if i can afford it ) ... The idea of renting a designer shoe doesnt appeal to me ( it will actually make me feel cheap ) and there is the hygiene as well. I would obsess about it wearing the shoe and it would ruin the experience

Sorry if i am being too negative

Thanks for the response and noooooooo you're not being too negative!

I need as much feedback as possible and especially from someone in my perceived target audience. If anything I appreciate your honesty.

 

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[Mark Foster II]

I don't see this idea working as well. There two reasons for it:
1. Hygiene, this was discussion before
2. People, who want to have high end shoes (you mean those 10k/ pair?) or even some Loakes1880 ( which are quite cheap for high-end, coating around 300 USD pre pair in Europe) or some other good brands, costing up to 1000usd/per pair will never rent it.

Reasons are two: for people, who do not have blody idea about shoes, the really good shoemakers companies are completely uniknown and strange. Most of the people is not interested in even thinking of having such an extravang thing, when they can buy good leather shoesfor 70 USD. These people just do not have a need for the classy shoes. Besidees, to wearing classy and good shoes, you all have to be like this: clothing style, hair, etc.

Second, people who know something about shoes, and known something about the fashion, knows, that if you do not have money for wearing classy and original things, do not buy them, but they are wearing cheapaer, but these on which their bank account is letting them.
People who have money on good shoes, are just bung them.

Unless there will be a small group of people who needs some reallytop end shoes for party one a year to match their texudo, i do not see point in it.

Morover, you will have to learn how to care about shoes. And, it takes lot of money and effort and it's a prices and artistic job, not everyone is made for it. Good pasterze, cleaners, waxes, brushes, etc.

This is idea it's just nit closing for me at any point.
Shoes are personal things, not cars, for which this idea surely would be a succesfull one.

Thanks for the feedback! That's why I put myself out there to complete strangers so I can see if the idea is any good or not. Appreciate your concerns and outlook on the idea.

 

[timmy]

On closer consideration, and having asked a few of your target market just now, I think you have got to find another "personal item" that can be cleaned/sanitised/reused. " go for the low lying fruit" as there may be too many hurdles here with this one.

 

[jdstlouis]

My ex used to rent 2 or 3 dresses from Rent-a-runway whenever a big event was coming up, and wear one of them, if that. I like the business model. Women order more than they need just to try them on and not even use them. But like others said, shoes could be gross. There would need to be some type of way to sterilize

 

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[Mark Foster II]

On closer consideration, and having asked a few of your target market just now, I think you have got to find another "personal item" that can be cleaned/sanitised/reused. " go for the low lying fruit" as there may be too many hurdles here with this one.

Yeah that definitely seems to be the case. It's cool though. I'd rather pivot my focus than continue with a failing idea.

 

[Mark Foster II]

My ex used to rent 2 or 3 dresses from Rent-a-runway whenever a big event was coming up, and wear one of them, if that. I like the business model. Women order more than they need just to try them on and not even use them. But like others said, shoes could be gross. There would need to be some type of way to sterilize

Thanks for the input

 

[Aimee]

I like the business model, but as others have said, I probably wouldn't use something like this because of hygiene issues. There's also the issue of them getting worn out or scuffed etc, in which case you'll have to replace them. Dresses, on the other hand, I'd definitely rent.

 

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[Mark Foster II]

I like the business model, but as others have said, I probably wouldn't use something like this because of hygiene issues. There's also the issue of them getting worn out or scuffed etc, in which case you'll have to replace them. Dresses, on the other hand, I'd definitely rent.

Another lady response! Thanks for the feedback!

 

[03tglasgow]

One thought: it's YOUR idea! It's YOUR concept! Stop looking for others to give approval to YOUR vision. If it was easy every Joe on the street would be doing it. Stretch out in FAITH!

 

[Mark Foster II]

One thought: it's YOUR idea! It's YOUR concept! Stop looking for others to give approval to YOUR vision. If it was easy every Joe on the street would be doing it. Stretch out in FAITH!

Thanks for the encouraging words! Everyone in the thread has made valid points but you're definitely right. At the very least I could start with one pair of shoes and see what happens. If someone bites, great. If not then on to the next.

 

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[timmy]

One thought: it's YOUR idea! It's YOUR concept! Stop looking for others to give approval to YOUR vision. If it was easy every Joe on the street would be doing it. Stretch out in FAITH!

No body will or should tell anybody what to do. OP is seeking opinion. However Eskimos do not buy ice.........from anyone

 

[csalvato]

Dresses, on the other hand, I'd definitely rent.

Should check out www.renttherunway.com