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EXECUTION starting with a small business

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LFDY

Contributor
Jun 16, 2020
24
21
14
Germany
Hey everyone!

This will be my progress thread to start a small business while still in college.
I have read TMFL and know that my business violates several CENTS criteria, but I just want to get started with something!

It is basically just a renting model, where I rent out something that someone needs only for a day or weekend.

I will shortly explain how my business violates several criteria.

#1: The Commandment of Control
There are no 3.parties involved and I have full control over the business.

#2: The Commandment of Entry
This is the first CENTS criteria violated. My business is so simple, someone with 1000$ and a website could copy my business in my city, which would lower my revenue or even make it so unprofitable that I am out of business.

#3: The Commandment of Need
I think it provides value as people often only want to use it for one day, which makes buying it not attractive. Not massive value, but enough to pay for it.

#4: The Commandment of Time
The Commandment of time is partly violated, as I first start with giving out the property to the people, make up arrangements and have to be present, when someone gives the property back. But I have already a plan to fully automate it, which takes me out of the equation.

#5: The Commandment of Scale
The Commandment of Scale is also violated as you can not easily start renting out to 10,000 of people in one day. So the money possible made is very limited. But as said in the commandment of time, I could "scale" it a little with buying more items to rent out in different city with taking me out of the equation.
I already rented out several times, so I know there is a demand for it.

In the following I have described phases, which my small business will likely follow.

Phase 1:
buy an item and publish a simple add
get some bookings


Phase 2:
increase bookings by placing paid advertisements, which leads to my website
build a website, which then redirect the customer to my e-mail, phone or WhatsApp


Phase 3:
improve website and integrate an automated booking system, only online payment
Work together with a kiosk/gas station to hand over the item, take me out of the equation.


Phase 4:
replicate phase 3 in different cities

Phase 5: ???

Currently, in mid phase 2 and still very excited!

Appreciate all comments, likes and definitely advice/criticism


LFDY
 

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Last edited:

LFDY

Contributor
Jun 16, 2020
24
21
14
Germany
Currently trying to find out what the best price structure is.
I know I can easily rent it out for 25$/day, but then demand is higher, which leads to multiple inquiries on one day. Due to the fact that I only have one item to rent out, this is not good. If I am doing 40$/day inquiries are coming, but often cancel after we make something up.

Also thought about price differentiation, as college students are likely to rent it, but it can also be relevant for businesses and events.
Maybe 25$ for students and 40$ for anyone, who does not have an student id.
 

LFDY

Contributor
Jun 16, 2020
24
21
14
Germany
short update:
I will test 40 euro normal price and 30 for students.

today:
- Today I am gonna write the texts for my website and add some icons.

next week:
- In the next week I have to open a business bank account and register the business. Already a bit overwhelmed with the bureaucracy, but I am confident that I get through this.
 

LFDY

Contributor
Jun 16, 2020
24
21
14
Germany
Short update: Due to corona the demand decreased and as partys are still not allowed I saw no point in proceeding further.
This thread is closed for now. Maybe in the future I will start again a small sidehustle.
 

Einfamilienhaus

Bronze Contributor
Read Millionaire Fastlane
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Feb 8, 2019
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The Good question would be, what is the value of your service? It is not clear what you are about to rent?
 

Einfamilienhaus

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 8, 2019
178
356
182
Renting out expensive equipment for partys :)
Do you know who is the strongest competitor in your market? Have you taken a look on his business?
 

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