No he’s not mad. He’s a pretty smart operator to get his gear on rentoid.com
Get the low down below from Chief Rental Guru Shannon Cooper in this episode of rentoid TV.
Archive for July, 2010
Are you offering the fries?
I had a great chat with one of rentoid’s 30000+ rentreprenuers today, and she had a great story to tell about how she makes even more cash with her stuff on rentoid.
She uses the “would you like fries with that” principle to great effect (and profit!). Here’s how.
It’s school holidays, and that always means a a spike in demand for Nintendo Wii’s and Sony PlayStation’s. Our rentrepreneur rents her kids Wii out for cheap $10 a day, or $30 a week, but then offers the “fries” as well. Wii Fit, Guitar Hero, Games, and an extra controller, each for an extra $10 a week. She told me that always makes an extra $40 per week during school holidays by renting the extra’s.
So instead of $30, she doubles (yes, doubles!) her cash by offering all the extra stuff, and setting a realistic base price for the Wii to attract stressed out mums and dad’s.
We think that’s awesome!
So… what could you offer in addition to your existing rentoid items for some extra cash? Your whipper snipper for an extra $10 when you rent your mower? Some camping gear when you rent your tent? Or what about a tri-pod with your camera for a few bucks? Renting out your ute or trailer? I bet you can rent some ratchet straps for $5, or a moving trolley for $10. Even offer a hair drier and straightener as a combo. You get the idea.
Rental companies do this every day (trust us, we know), and make significant profit in doing so…. and so should you.
If you do offer “fries” and have a similar story to this one, we’d love to feature your story right here on the rentoid blog, so drop us an email, or skype us (we love to talk to our members!)
The Startup Mentality for Rental Companies
There is an interesting article featured in Rental Management Magazine that would appeal to all local rental companies (any business really) here in Australia.
The article looks at how the economic downturn in the US made made it necessary for many rental store owners and managers to change their mindset and approach their rental businesses with a “startup mentality.”
There are some good lessons in the article offered from rental business owners. Some of the comment demonstrate just how some business owners think during the good times:
“We were in growth mode for 20 years, always buying equipment and adding people, but preparing for growth is expensive”
That’s not the start up way, and it is easy to see why that type of thinking doesn’t lead to sustained success.
Preparing for growth isn’t “expensive” it is “investing”, and isn’t necessarily expensive. It is expensive if you stuff it up!
Prepare for growth by getting on the counter yourself, getting out into your yard or store, answering the phone, connecting with your customers, loading the trailers, the utes and the vans, doing the deliveries and pick ups yourself. You will be amazed at how much you learn, the opportunities that you uncover, and the relationships you will build. Do these simple things and you will grow and you will be prepared; because you are in touch with your customers (the edge of the demand curve). And it costs very little. In fact it is probably the best investment for growth you will make in ROI terms.
And this approach shouldn’t just be the start up way- it should be the way of your business. Full stop.
“This is what we did in the early days. We wanted to get our name out there. After more than 30 years, we still need to get our name out there and show people why we are the best and what the difference is. All of our competitors are cutting prices, so we need to show why we’re better and what differentiates us,”
Don’t have a startup mentality just “in the early days” have it “every day”. The team at rentoid do- and we have run successful rental companies for over 12 years.
So Start today by checking out some of the tips at startup blog (by rentoid founder Steve Sammartino)