Rent Baaz is among the most unique and blooming startups in India. It was founded by Mr. Nayan and his cofounder and childhood friend, Mr. Gaurav.
Let me tell you a little bit about Rentbaaz. Rentbaaz is a Rental startup in India They provide gaming and entertainment equipment to businesses on a subscription to event basis.
Who are You and What Kind of Business You Started (Your Backstory)
Hello everyone, my name is Nayan and I am the co-founder. of Rentbaaz. It all started when I went to Kota, Rajasthan for my IIT-JEE preparations. Since, I was not that much good in my academics, I didn’t qualified for the JEE exam for the first time.
In my next attempt I finally managed to crack the exam and got admissioned to VIT, Vellore in the Computer Science Engineering department.Since, beginning I had never imagined myself to do the 9 to 5 job.
So, after my first year of my college I began to look forward to doing something of my own. With thousands of new ideas, I finally made up my mind to launch a startup that will bring the numerous teachers all over India with their respective specialization under one umbrella and categorise them according to their demands among students.
But, unfortunately the idea didn’t work. After that, I looked around myself in my college about how there is a demand and supply market in the college itself for various items like clothing for a function, daily use article, gadgets, cameras, etc.
Seeing all this, the idea of “Rent baaz” clicked in my mind.From there onwards the journey of “Rentbaaz” begins. As this idea got popular we found that the college was insufficient to meet the demands of the consumers, so we took a step forward and approached to local shops and showrooms to use their inventory articles or demo pieces for our startup business.
They too find it worth earning good money so it continued for another one year. Later on, we moved to Bangalore and applied for a Pre-Incubated startup programme in IIM (Indian Institute of Management).
But, unfortunately we got rejected as our startup had too many shortcomings at that time but after that we redesigned our business model and eliminated the loopholes and we finally got selected.
Then after, we started to contact local markets and established our renting networks with them. Even after so much effort, we were facing several obstacles like security against products, it’s maintenance, delivery, etc.
To get rid of it we slightly enhanced our business model as by now we started renting entertainment stuff like PlayStation, pool table, projectors, and many more. By this time, we have changed our renting policy by introducing the concept of- ‘Subscription based renting’.
In this deal, any individual who wants to borrow any product from us has to buy a fixed time subscription say 6 or 12 months according to their usage criteria. To smoothly run our business we have managed to create a network with those vendors who want to rent their products from their idle inventory and make money with us.
Our job was to act as a connecting link between the end customer or borrowers and the owners of products. We take total responsibility of A to Z services like finding the right clients, installation of product, maintenance, its delivery, etc.
Our clients generally include pub owners, corporate events, night clubs, etc. The business was blooming much before this pandemic occurred.
How You Validate Your Idea
Initially, it was a very slow process for building an official exchange platform for ‘Rentbaaz’.
It usually occurs via informal sources like WhatsApp, Facebook, reference, etc. Later on, by making necessary amendments to this we started marketing for our products in the local markets by informing them about our business model.
All these things helped us to commercialize and establish a brand name for ‘Rent Baaz. I learnt from all these that to validate one’s plan – He must jump into the market, analyze it and start selling your products.
What’s Your Business Model / How You Generate Revenue for Your Business
After suffering initial losses, we have now gathered adequate experience and ideas about how we should amend our policies to generate a better revenue outcome.
By now, we have started signing contracts for every deal so that if a customer backs out from his purchase he/she must have to pay a certain fixed price that was not in our earlier policy.
We have also started giving attractive discounts for mass purchases of subscriptions or depending upon the duration of the subscription. We feel immense gratitude by having IIM Bangalore as our first customer.
How Many People are on Your Team and How You Choose Them for Your Business
The cofounder of any startup plays the same role as a ‘minister’ plays in a kings court. Mr. Gaurav, who is also my one of the childhood friend is the cofounder of ‘Rent Baaz’. We hold a good bond and understanding together as we know the viewpoint and thinking of each other well.
So, this is a very fortunate thing that happened to my startup. Since, my strength is -Sales improvement and he likes to manage the team so we fit together very well. Since we both lack technical skills for which we hire interns for our startup from time to time.
What Problems You Faced During the Journey and How You Tackled with it
The initial problems faced during my journey with ‘Rent baaz’ was lack of funds or initial investment. But, that was not a big deal for us. We overcame it very easily.
But another setback that I faced was that – I was diagnosed with covid positivity and my family too. It was a time of very intense emotional and financial crisis for me.
My market, my men were scattered and I was suffering from acute mental stress. But with God’s grace things again turned positive for me and I am back with my full potential.
What’s Your Future Plan With Rentbaaz?
There is an open market for our services as people are always in need for these stuffs. So, we are looking forward to extending our range of services by introducing new products for our customers.
We have also started doing marketing for ‘Rentbaaz’ . This has helped us to learn how we can make connections and sell our products. It has also taught me how to tackle with unprofessional or rude clients and at the same time establish firm connections with kind and professional people.
We are also taking the feedback from those pubs and clubs about our products and their demands and working on it to improve that service.
We have also encountered an issue where the owners are not able to negotiate about the tables and have to compromise with time slots.
To eliminate this, we are going to introduce a recharge coupon system for which a person is allowed to play only if he has a particular balance which is valid for a limited time interval.
What Kind of Tools Are You Used for Your Business Growth
- ZOHO for billing and invoices.
- ZOHO SPRINT- For task allocation and evaluation.
What Kind of Books Do You Want to Recommend to Our Readers
Though I have started a bit late in reading books as I believe in interacting more and learning thorough accepting their vibes, body language, tone of speaking, attitude towards anyone, etc.
But, I have read various books on Body language, Sales forecasting and improving, and one of the well known books – Rich Dad Poor Dad.
What Advice Do You Want to Give Them to the Budding Entrepreneurs Those Want to Start the Business
One who is a newcomer must use the right opportunity at the right time
You must stratezise well in advance accepting your real life situation and keeping finances in account.
Your success also depends on how passionate you are towards making your startup successful. Use your capabilities and ideas in the right direction.
Changes Induced in You Since You Start Startup
After two years of my startup establishment I found that my confidence level has attained stability. At earlier times, I was too overconfident about myself and for that reason I never took any situation seriously but when I stepped into this arena I had to become more cautious and act more responsible.
Meanwhile, I also had to work on gaining some professional knowledge like GST, company policies, etc. These all things changed in me with time.
Another important change that I see in myself is that I have induced good convincing skills which help me to crack superb deals with my clients.
I hope you guys really learned something new today that will help you to grow or start your startup/business. If you found this article useful please tell me in the comment section also share with your friends over social media