How much did you invest personally? The risk of an idea getting stolen, executed upon and succeeding is so infinitesimal, especially when compared to the risk of what is lost by not sharing.
My wife and I were living in California, competing in a triathlon in North Carolina. So, he gathered some money and worked with a few partners to establish Rentcycle, a centralized service where renters could find virtually any product they needed.
For several reasons, the tool and equipment rental category made sense due to the frequency, ticket sizes and levels of fragmentation. By nature, a startup is extremely resource constrained. One of the biggest mistakes I see new startup founders make is a reluctance to share their business idea out of fear that someone will steal it.
I finally quit my job, brought on co-founders, and raised a round of capital. What is your best advice to someone with a great business idea who is ready to give it a shot?
For three years, Rentcycle operated successfully, but then Hyer and his co-founders made the conscious decision to revamp the company and focus solely on one industry. Behind the Business Plan: During this time, my early employees and I did not take a salary.
A chain is only as strong as its weakest link.
You May Also Like. What were the most important factors that contributed to your success? This led us to construction and the rest is history. After our second round of capital, our investors pushed us to focus on a single vertical.
Getable has been disrupting the rental industry for six years, and has been squarely focused on the construction category for three. And it continues today with each new hire we bring into the company. Although it may seem counterintuitive, I believe founders hurt themselves much more by not sharing than by sharing their ideas.
This surfaced again when I formed a board of directors with the strongest relevant experience I could muster for the business we were trying to build.
Getable was born from personal pain. Did you start with a formal business plan? We were extremely frugal with our spending which forced us to prioritize efforts and focus.
For a variety of reasons, they choose construction equipment, and the company was rebranded as Getable. The original business was called Rentcycle -- a site to rent anything online.
So much so that we had to change the name. At the earliest stages of a startup, all energy goes into breathing life into an idea.
We invested it into critical business needs, including an industry trade show where we launched our idea to the public. For this reason, it becomes easy to invest personal money into the business, which makes it difficult to track. So many lessons learned.
How long have you been in business? He can be reached by emailor follow him on Twitter. Getable By Adam C. My advice would be to share with as many people as you possibly can, especially at the earliest stages.
Getable offers all users the sorts of perks that were previously only available to the largest construction companies. Getable After Tim Hyer had a nightmare of a time renting a bicycle to compete in a far-from-home triathlon, he knew there must be a business opportunity in the leasing space.
Now, three years later, Getable continues to serve those looking for construction rentals, from contractors to homeowners, and offers them a wealth of information and discount opportunities.A business plan can provide essential background information on your business, strategy, and culture to employees, including managers and staff, as your business grows.
The financial section of your business plan can be the basis of your business budget and a useful tool for managing cash flow on a monthly basis. Unlike most business plan companies, your business plan writer at Bargain Business Plan will work with you for 30 days after you receive the initial draft, to make sure your plan meets your standards.
The Spot nightclub business plan executive summary. The Spot, a new nightclub located one block off campus, will focus on attracting university student customers/5(65). A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it.