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Hi everyone,
Have had something happened today which led me to a business idea and I can't stop thinking about it.
I bumped into an old friend of mine who moved to Ireland and works as a mechanical engineer over there and he was talking to me about his job duties, what it's like etc.
He mentioned to me some specific equipment that they rent such as cranes, haulers, basically heavy duty equipment.
Well, for some reason I was always interested in that kind of stuff and my bachelor's thesis was basically built around heavy duty equipment.
But moving on from that, why it sparked an interest today is because he mentioned they rent them from equipment vendors.
So, I decided to check up on some stuff when I got back home and low and behold those businesses digital presence sucks :
- Google Ads/Meta Ads is the first thing I noticed ( I looked up crane rental companies in different cities in the US, UK, and their ads are showing up to me and I'm based in Europe )
- Websites could be done better, no lead magnets, no lead qualifying, lacking pictures from job sites, reviews section, no digital presence aside from ads
- From what I've gathered from different GBP reviews across different cities, many of them don't have good customer support. I've also seen across those GBP listings at least a dozen comments of people saying they either don't get the equipment they agreed to rent at all or they get a totally different one that was not needed for their specific situation, equipment not getting there on time, being charged double then what was initially agreed upon
This is just what I've managed to gather in two hours of research ( US, UK markets )
I already have an idea on how I can move towards this one step at a time, the first step being a lower barrier to entry ( the barrier is still higher then the email marketing agency thing I am trying to get up & running, but no moat aswell at the first stage so don't want to disclose it )
But the fastlane stage of it would basically look like a business operation owning the equipment & maintenance shop ( for both our equipment and privately owned equipment from individuals who need servicing, repeairs etc ) with internal tech stack for managing & operating the business and the business would be customer focused meaning :
- Faster times to get the equipment to the site
- Transparent & fair pricing
- Rapid fast customer support ( even 24/7 if needed especially for emergency cases such as natural disasters etc )
- They can expect help in any other way shape or form, regardless of what it is, even if my engineering background is of help to them I'd gladly jump in and help the guys on site
Basically I'd like to build it to the point where it becomes the home for great equipment & exceptional customer experience.
I actually, just graded both phases of the idea :
The one that is lower barrier to entry got a C :
The one that is the evolved fastlane version of this got a B :
Now, I do not know how objective I was during the process, I'd like to think I was fair, but the market will be my judge.
I tried to rank the need low on both, and for the "C" grade idea one I did ( I put 4/5 ) , but for the "B" idea I don't think I should've went any lower then 8 because of the value skews that would be added to this business that all those other equipment rental businesses lack and do not have implemented, maybe that's me being foolish, but I'd like to hear what do you guys think.
I'd appreciate all and any suggestions, advice, criticism, poking holes in my assumptions, revealing blind spots in my thinking or if I've overlooked something.
Thanks for reading.
Have had something happened today which led me to a business idea and I can't stop thinking about it.
I bumped into an old friend of mine who moved to Ireland and works as a mechanical engineer over there and he was talking to me about his job duties, what it's like etc.
He mentioned to me some specific equipment that they rent such as cranes, haulers, basically heavy duty equipment.
Well, for some reason I was always interested in that kind of stuff and my bachelor's thesis was basically built around heavy duty equipment.
But moving on from that, why it sparked an interest today is because he mentioned they rent them from equipment vendors.
So, I decided to check up on some stuff when I got back home and low and behold those businesses digital presence sucks :
- Google Ads/Meta Ads is the first thing I noticed ( I looked up crane rental companies in different cities in the US, UK, and their ads are showing up to me and I'm based in Europe )
- Websites could be done better, no lead magnets, no lead qualifying, lacking pictures from job sites, reviews section, no digital presence aside from ads
- From what I've gathered from different GBP reviews across different cities, many of them don't have good customer support. I've also seen across those GBP listings at least a dozen comments of people saying they either don't get the equipment they agreed to rent at all or they get a totally different one that was not needed for their specific situation, equipment not getting there on time, being charged double then what was initially agreed upon
This is just what I've managed to gather in two hours of research ( US, UK markets )
I already have an idea on how I can move towards this one step at a time, the first step being a lower barrier to entry ( the barrier is still higher then the email marketing agency thing I am trying to get up & running, but no moat aswell at the first stage so don't want to disclose it )
But the fastlane stage of it would basically look like a business operation owning the equipment & maintenance shop ( for both our equipment and privately owned equipment from individuals who need servicing, repeairs etc ) with internal tech stack for managing & operating the business and the business would be customer focused meaning :
- Faster times to get the equipment to the site
- Transparent & fair pricing
- Rapid fast customer support ( even 24/7 if needed especially for emergency cases such as natural disasters etc )
- They can expect help in any other way shape or form, regardless of what it is, even if my engineering background is of help to them I'd gladly jump in and help the guys on site
Basically I'd like to build it to the point where it becomes the home for great equipment & exceptional customer experience.
I actually, just graded both phases of the idea :
The one that is lower barrier to entry got a C :
The one that is the evolved fastlane version of this got a B :
Now, I do not know how objective I was during the process, I'd like to think I was fair, but the market will be my judge.
I tried to rank the need low on both, and for the "C" grade idea one I did ( I put 4/5 ) , but for the "B" idea I don't think I should've went any lower then 8 because of the value skews that would be added to this business that all those other equipment rental businesses lack and do not have implemented, maybe that's me being foolish, but I'd like to hear what do you guys think.
I'd appreciate all and any suggestions, advice, criticism, poking holes in my assumptions, revealing blind spots in my thinking or if I've overlooked something.
Thanks for reading.
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