Friday, 18 August 2017

I know a friend of mine, who is currently operating a recently funded startup for letting people take stuff's on rent from them.
I met him at 91springboard 
How he started the stuff, may help you understand the value of Rs.5k.
He first bought up 8 chairs by bargaining at olx  2 years back in 5K.. And sold it back to olx to someone else at Rs.8500. He then bought up 3 tables at 3000 rupees & one dinning table at 2800 rupees. He also bought 3 bed side table for 500 each. So total he spent from the 8500 was 7300 & saved 1200
He resold the stuff's on olx at 12K.
He took a loan from a common friend of 50K, who later became his co-founder at this present startup,  with a promise to return in 3 months. But within that month only by buying stuffs of 60K & Selling it at 94k, he was in a position to refund that interest free loan to his friend.
And then he explained to his friend how, he was able to return the loan within 3 weeks. And his present co-founder & the same friend, kind of liked his idea, and they started buying selling. They did it for 6 months & also included one other guy into that particular business. At the end, they had 7Lacs in hand.
They went to website developer  with the requirement of getting a website done, and that too on a payment of 30% of the development cost to be paid on spot. And rest once they start making some profits.
Although not in a liberty to name them, but once we get that basic website developed for them, they started buying stuff's from olx & other places. And post that they start giving those stuff's on rent.
IN couple of months time, by making some money out of it on top, they infact hired 2 people at a cost of 12k & 9K each. And these guy's were carpenter's. Their job was to polish & do the required fixing to the old bought in furnitures. By doing this, their rental subscription saw a 17% hike on the same stuff's which was earlier not the scenario.