Hello! I'm new here.

[chrisclark]

Hello! I think this is my first time posting here. I just finish MJ's book and really enjoyed it. I thought I would check out the forum as well.

Anyway, since I'm here... While reading the book, I gave a lot of thought to "fastlane" ideas, applying the information in the book to whatever I would come up with.

I wanted to see what you all think of a rent-to-own supplier of high end baby equipment. The business would bring needed supplies to families of young children with poor credit. There would be a premium charged for the ability to pay over time without the use of a credit card.

Thoughts?

 

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[jon.a]

Hello! I think this is my first time posting here. I just finish MJ's book and really enjoyed it. I thought I would check out the forum as well.

Anyway, since I'm here... While reading the book, I gave a lot of thought to "fastlane" ideas, applying the information in the book to whatever I would come up with.

I wanted to see what you all think of a rent-to-own supplier of high end baby equipment. The business would bring needed supplies to families of young children with poor credit. There would be a premium charged for the ability to pay over time without the use of a credit card.

Thoughts?

What if the baby out grew the thing before it was paid off?

 

[chrisclark]

What if the baby out grew the thing before it was paid off?

I'd try to avoid that, structuring payment plans while anticipating the length of time the item would be needed, on average. I'd also consider an option where the family could return the inventory and cease making payments. Company gets to keep rental income and has the inventory back to send to another family.

 

[Scot]

Agreed with @jon.a Do you have children? Kids outgrow things quickly. The only thing you'd realistically use more than a year is a crib. Check out Sharktank too, there was a company called Toygaroo, tried this idea kind of with kids toys http://sharktankblog.com/toygaroo-bankruptcy-update-from-former-cto/

Don't get me wrong, the infant, baby and child market are huge, but your financing can't outgrow the actual baby. Besides, a lot of poor credit, low income families get most of their stuff from consignment stores catering to baby supplies.

 

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[chrisclark]

Agreed with @jon.a Do you have children? Kids outgrow things quickly. The only thing you'd realistically use more than a year is a crib. Check out Sharktank too, there was a company called Toygaroo, tried this idea kind of with kids toys http://sharktankblog.com/toygaroo-bankruptcy-update-from-former-cto/

Don't get me wrong, the infant, baby and child market are huge, but your financing can't outgrow the actual baby. Besides, a lot of poor credit, low income families get most of their stuff from consignment stores catering to baby supplies.

I do - I have a 2 year old. The car seat and stroller are what brought this idea to mind. Both are very expensive, and we purchased both when the baby was born. Crib, as you mentioned, is also still in use. I think 1 - 2 yr. financing would have to be the max. I agree, it couldn't / shouldn't exceed the need for the product.

I'll have to take a look at the Shark Tank company. Thank you!

 

[Trud09]

Hello! I think this is my first time posting here. I just finish MJ's book and really enjoyed it. I thought I would check out the forum as well.

Anyway, since I'm here... While reading the book, I gave a lot of thought to "fastlane" ideas, applying the information in the book to whatever I would come up with.

I wanted to see what you all think of a rent-to-own supplier of high end baby equipment. The business would bring needed supplies to families of young children with poor credit. There would be a premium charged for the ability to pay over time without the use of a credit card.

Thoughts?

Hi There and welcome to the forum.

Have you run a business before? If not, I recommend you try some type of hustle. Don't let idea paralysis set in. Pick an idea using WADM from the book, take massive action, ???, Profit

I recommend reading the Gold threads if you haven't yet. They are marked gold for a reason, a lot of helpful information there.