Is this a good idea II?

[Master K. Stone]

I've been brainstorming ideas to get started on the Fastlane track after reading various posts on the website.

I was hoping for some feedback.

Here goes...
Idea: a rental system that focuses on kitchen appliances. Specifically immersion circulators. (I bought my own and have been using it for the past few months. It is a product I've had in front of me, so I'm not just pulling this idea out of thin air).

How (I think) it adds value: The circulators cost $100 - $200 to buy. Most people don't use it more than a few times before it's stored away and forgotten about. (My target market would be young ladies who enjoy dabbling with cooking. Think trendy New York hipster)

If instead, they rented it for the times they do use it (sort of like a Turo/Airbnb for kitchen appliances) and paid a small fee (~$10/month) that would be the value add. They save money but also get access to a restaurant-quality cooking method only when they need it.

How it would work: A rental website. I've seen similar ones for gaming consoles so I would base it on that.

CENTS framework:
Control: I'd own all the equipment.
Entry: Reasonable amount of know-how is needed for execution, which eliminates 90% of people.
Need: I've seen multiple channels on Youtube, that have 100K+ views. People are at least interested in this equipment though. For many, the price might be the biggest hurdle.
Time: a rental system, which is excellent.
Scale: I have a goal of renting out 20K units a month. I think it is reachable.

I've just outlined the bare-bones idea here. I would refine it as I go along. I just wanted some feedback and possibly some veterans to poke some holes through my logic and challenge my thinking.

Thanks again!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[RedCloud]

I agree with what ChatGPT came up with... (inspired by the recent thread on ChatGPT)



It also seems that you have done your surface level research required. The next step, which is the difficult bit, is the testing/execution. You need to get out there and actually test the idea. Here is a great thread to guide you on how to do that.

 

[Master K. Stone]

I agree with what ChatGPT came up with... (inspired by the recent thread on ChatGPT)

View attachment 46437

It also seems that you have done your surface level research required. The next step, which is the difficult bit, is the testing/execution. You need to get out there and actually test the idea. Here is a great thread to guide you on how to do that.

Thanks. ChatGPT is groundbreaking technology! Thanks for putting it on my radar.

I agree with the testing. I'm going ahead with it. The plan is to start with 5 and see if the market responds. Worse case I lose a few hundred dollars. Time and results will tell if it's a solid idea.

 

[Palcin]

Thanks. ChatGPT is groundbreaking technology! Thanks for putting it on my radar.

I agree with the testing. I'm going ahead with it. The plan is to start with 5 and see if the market responds. Worse case I lose a few hundred dollars. Time and results will tell if it's a solid idea.

I would really like a follow up on your story when you will have the time.

Thank you

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Master K. Stone]

I would really like a follow up on your story when you will have the time.

Thank you

I'm currently working on a rental website design. Once that's done I'm going to launch some social media ads and judge how much traffic comes to my website and if any rentals are placed.

If it's a decent amount, the idea is valid and I can move to the next step.
I have a source of immersion circulators at a relatively cheap price. If I fulfill my first order I'll officially be a business. But only if...