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
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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