Title- Gadgets and us
By: Paridhi Bansal
Tags: Gadgets, Startup, Renting

Title- Gadgets and us

Company- Gadgets deck

Let’s start by giving a definition to the word “Gadgets”. A gadget is a small tool such as a machine that has a particular function but is often thought of as a novelty.

In simple words, gadgets are electronically simplified applications that make work easy. They play a significant role in the common man’s life and we have grown so used to it that it becomes very difficult for us to think of daily life chores in the absence of machines. Ranging from a washing machine, a chimney or an electric hub, the churner or simply the television set; Instruments have invaded each and every part of our life and have proved themselves to be useful.

In our century , especially this Covid-19 pandemic we needs this gadgets so much cause every person right know is either just sitting at home or working from home and for this we need electronic devices for our work , enjoyment and basically showoffs on social media. But everyone is not able to buy these products cause of finance problems. So my company will provide gadgets on rent to those who can’t afford such devices!

Market Demand

India electric appliance rental market is anticipated to grow at an impressive rate during the forecast period on account of increasing working class population and rising disposable income. Factors such as increase in the trend of renting instead of purchasing electric appliance and need of electric appliance for immediate short-term needs are propelling the growth of the electric appliance rental market in India.

India electric appliance rental market can be segmented based on category, business model, end use, tenure and region. On the basis of tenure, market can be segregated into up to 1 year, 1–2 year and over 2 years. Among them, 1–2 year is the preferred duration of renting as people prefer purchasing electric appliance instead of renting one. Based on the category, market can be segmented into refrigerator, television, microwave, washing machine, air conditioners, air cooler and others. Among these, air cooler and washing machine registered high volume in terms of renting.

Relevant products in the markets

Some of the companies operating in India electric appliance rental market are Rentomojo, CityFurnish, Furlenco, Rentickle, GrabOnRent, Renton Go, Pepperfry, Fabrento, Guarented, among others. In the last few years, electric appliance rental market has witnessed emergence of several new start-ups such as RentOnGo, Fabrento, among others. Additionally, customers from tier 1 cities are witnessing significant adoption of electric appliance rental. After the success of electric appliance rental in tier 1 cities, companies are eyeing tier 2 and tier 3 cities in order to increase their share.

Target Customers

As we all know there are several companies in this field but what makes my company different is that it targets the 2–3 tier cities where this availability is very less as compared to 1 tier cities. This will be an online service provided easily at your doorstep. You all would be easily able to rent laptops, mobiles; television sets even a small product like Bluetooth speakers. It will be only available in India.

Required Knowledge

In this startup hardware is obviously needed cause everything would be done online such as laptops/pc, mobiles, printers etc. I would need labor for packaging the material. Providers, partners for the deals.

However everyone should remember that these gadgets are unpredictable. Hence a lot of research work should be done before buying the gadget you want to. The first and the foremost thing which one should remember is to decide which gadget they actually want to purchase. It is not possible for you to buy a lot of gadgets at a single point of time. You should decide which one you require during that very time and start researching about the item accordingly. Then you face the bigger question of budget allocation. You should have a rough estimate of how much money you can spend on that particular gadget. Affordability is a big issue and you should be clear about the money you have in hand to spend on the gadget. The decision of your budget helps in narrowing down the models which fall under the purview of your budget. Every gadget has a number of models which are segregated as high-end, medium end and low end models. You should research on the various models which fall within your budget and know more about their performances in order to get an idea about the performance for value ratio. Deciding on these factors will help you in determining which model will be the most suitable for your requirements as well as budget. We should also consider the several added features which generally come with a gadget. It is important for you to decide whether you want those features or not.

The budget

· Land — 50,000 INR

· Construction cost/Security — 50,000 INR

· Permit/fees — 15,000 INR

· Testing/Surveys — 10,000 INR

· Legal Expense — 10,000 INR

· Advertising/Marketing — 45,000 INR

· Office Equipment — 75,000 INR

· Closing cost — 50,000 INR

· Labor — 35,000 INR

· Partnerships — 60,000 INR

TOTAL — 4, 00,000 INR

The products will be sold to the customers through online means so that they don’t have to go out of their homes of this. I will put up the products on my website and the consumers just have to login and put up their card details for this. They will choose out what is best for them and rent it for a time span. The pricing will start from 3000- 50,000 INR according to the time they want the product for.

Marketing plan

· TV ads in the name of the company

· Will launch a challenge called #Gadgetsdeck where they have to make a reel with one of the product and whoever is the best get a product for free?

· Newspapers ads

· Sales on products often

· Collaboration with other brands

· Free t-shirts that contain my company name and logo

· Get into social cause

Risk Analysis

If we start something there are always a number of risks. A lot of things can go wrong because it will be your first time doing something.

· The product addresses can be misplaced

· Late order

· Not enough publicity

· Loses

· Defect in products

· Misplaces

But we never have to lose hope and make our self better always.

Timeline

Planning — 25–30 days

Implementing — 2 months

Testing — 15 days

Launching — 30–45 days

TOTAL — around 6 months

SO, Gadgets deck will be a company that provides the consumers with the gadgets they want for a specific period of time and fulfill their needs in less money and more enjoyment.