Sunday Business Post
Making money out of stuff in storage
25 October 2009 By Nicola Cooke
It was while working in the storage facility sector that Declan Kilroy saw an opportunity for a business which allowed people to rent out their goods and make money, instead of stashing them away where they’d gather dust.
The Dubliner saw a ‘‘huge amount of stuff’’ put away into storage, at a cost for the owner, and thought it could be put to better use. He researched the topic and found two online businesses, one in the US and one in Australia, where goods can be rented online - saving the user the purchase price, and making money for the lender.
That was three months ago and, after an investment from business partner and friend Graham Stafford and the hire of a software designer, Rentstuff. ie is now active. More than 1,000 items and services have been uploaded for hire in the past few weeks - from wedding dresses to exercise machines.
The website has multiple categories from which people can rent - including tools and gardening; parties and events and clothing and accessories.
Kilroy also has an office in Rathfarnham, and has hired a sales manager. The business makes a profit by charging 510 per cent commission to the owner of the goods or service.
‘‘You can get anything to rent, from a Chanel jacket to a bouncy castle. You can make a secure payment online with Realex.
‘‘We also have a hire contract you can download and print out and exchange with the person you are hiring from," said Kilroy.
‘‘They may also ask for a deposit and photo ID. If the goods are not what the online image or description purported, Rentstuff.ie offers a full refund. We are a platform for seeking out and renting, and don’t do deliveries. People make their own arrangements around this," he said.
Kilroy forecast that 20,000 items would be uploaded within six months, and expected lots more unforeseen opportunities to arise, based on contact being made to the business. Later in the year, he plans a Google and print media campaign.
24/03/2010
Source: Sunday Business Post
|