Hire Charge
By: Sarthak Mahajan
Tags: Startup, Tech, Projects, Bennett University

APP FOR RENTING ITEMS

INTRODUCTION

These days we have seen that tourism is promoted everywhere as it improves the economy of particular state. But with increasing tourism it also increases the demand for the essential things which are used by the tourist and newly shifted people as the market goes up and down with lot of products. It’s difficult for people to buy everything considering factors like budget, space and availability etc. in this era.

Suppose you want to go to a place for vacation or you are shifting to new place, at that time you need a particular product for that condition. If you buy it for that time and do not use again, it will be a wastage of money.

For saving you from these small wastage of money, I want to introduce a new system for hiring products on rent that you need for your trip or for few days.

How will it work?

As many of us have a thought to do something good or interesting but they are tied to the boundaries of expense. For these kind of people who want to enjoy while saving the money and also enjoying what they want.

In this way customers are satisfied by using different rented products and venders will easily earn some money.

MARKET DEMAND

As per the thinking of most of the customer / people they need best and in the cheap price which is not possible, so they all may get attracted to these new ideas which might help them a lot.

Customers will see they are getting the product which they have written in their bucket list but are not able to buy or forgotten that item, they can easily hire those things, which will help to save the trip from getting spoiled.

RELEVANT PRODUCTS IN THE MARKET

As of now most of the companies are hiring the stuff but they only deal with the one type of products or ideas such as Oyo is only for booking the hotel rooms and Furlenco which deals only with furniture and many more. Unfortunately, these services are available only in big cities.

But if we talk about my idea, we will be dealing with all accessories, products which people need these days for going on vacation, moving to new place or a specified product for usage for some days.

It will prevent anyone from spending unnecessary expenses on items which may not be used further, but just a wastage of money.

TARGET CUSTOMERS

1) My idea is relevant for all the age groups. Most probably it is used for making the tourists enjoy quality life in a special way, so they can live each and every moment in their trip happily. Generally, during hiking and trekking people require many items like tent, sleeping bag, camera, bikes, riding gear, go pro, drone’s , etc. It will help them not to get worried for a particular product that they are willing to have on rent.

2) Secondly, it is also beneficial to those who newly shift to a place and they can’t get the items they need instantly. With this app they can hire on rent for some days and once they are settled down they can easily buy. In this way it can help them a lot.

3) And lastly to those kind of persons who need any product just for that particular period of time and no use of the product after that, it further prevents the unnecessary wastage of resources.

Hire them if you want

REQUIRED KNOWLEDGE OR EXPERTISE

One must possess following set of skills for acquiring expertise:

1) Management Skills

2) Technical skills

3) Good knowledge of Coding / Software skills

4) Knowledge of testing

5) Knowledge of designing

6) Good communication / team building

7) A good laptop with a good internet connection

MY SOLUTION

As a beginner, programming is not quite possible as of now but with reference to the images taken from Google, I can elaborate the working process of my idea.

ESTIMATED BUDGET

As our idea is to provide a vender to a customer within a little expense for setting up our project in the market.

The only thing which will incur cost are: a good hardware, license and it’s authentication from the networking sites.

Most probably it will cost around 10000$-15000$(around 10 lakhs)

Most of the money will be used only for getting the license and registering the mobile app and remaining money to be used for advertising the idea and also making a proper server for that.

Another expenditure would be for getting the programming tested / examined by the tester for proper functioning.

PRODUCT PRICING

As we have already seen our project is based on the venders and customers. Hence, we will get only the service charges and the caution money’s 10% bonus because the product is to be delivered back to the vender with full security.

So the pricing of gadgets, components, devices etc. depend on their rates and specified conditions of the venders.

MARKETING PLANS

As I already told that no such renting apps/websites are made because they provide only one type of item which makes the customers easily get attracted to all in one store where they can hire on rent most of the things.

We can start our program from the tourists place as most of the sites are not made for the tourist destinations, they are made for urban cities.

This will help us to enter the market with extra bonus point and will be beneficial for the tourists also.

RISK ANALYSIS

1) While we launch the idea there will be many competitors within local areas as they are handling these rental business and having shops in many area for renting, but after our project gets launched people can easily take it directly from vendors or they may ask vendors for price and then ask to the shop owners where they may get more discount, which makes a bigger risk as customers will approach them instead of us.

2) Second main issue could be after booking the product they sometimes cancel it and directly take it from vendors so it causes loss to us. This practice might deprive us of customers.

3) Acquiring license could be time consuming process.

4) Thirdly, it’s important to ensure that the product we are providing is in right hands not causing any damage to the item.

5) Quality improvement should be priority in order to have more customers.

MILESTONE AND TIMELINE

When we start working on the project, it depends in which phase we are doing the project and how much knowledge we have for it.

If we have all the knowledge to make the program, it would take approximately following period of time:

Total length of time will be around 12–14 months.

CONCLUSION

At last we are making a project to increase the avenues of tourism in unexplored destinations, bring some relief and adding convenience to the lives of fast moving city life and also helping others who want to hire on rent the things that they need for particular period of time which will not just make their life hassle free but also but also save their money.

It will help the venders to earn by providing something on rent and also a customer will be happy after getting that thing on cheap price and easy on the customer’s pocket.

Thank you.