Hi, Folks! A bit of an unusual post for us here at Charda Suuraj, I know. Today is a special post for us; we are trying to raise awareness of the innovative new enterprise: “Good Rentance”.
This was an opportunity that came to us when we were approached by the innovative minds behind the brand. They asked us to support them and as their request fell in line with our aims for out blog quite neatly; we eagerly accepted. If you read our long term goals you can see that we aim to support budding Pakistani Authors and this is just taking that approach a step further.
This enterprise is a project started by Final Year Bachelor Students at National University of Sciences and Technology (NUST), Pakistan. The students are attempting this enterprise as their final project.
About Good Rentance
Tagline: From Waste to Wealth, From Rid to Rent!
The most common problem faced by us late millennials is that we’re always low on cash. But did you know each one of us is sitting on a potential gold mine?
Well, on average Pakistani’s store Rs. 20,000 worth of items we don’t use and 80% of our items are used once a month. Seeing the potential in your scrap, 4 entrepreneurial minds from NBS have come together to add transparency to the peer-to-peer marketplace.
“It all started when I rented out my camera to a group of people going on a trip. Soon, my renting out expanded to hiking shoes, Windbreakers and Consoles. That’s when I realized the wealth in my waste!” said one of the founders. “We have created a peer to peer renting website called Good Rentance.com, to help you with that extra cash you need every month.”
At Good Rentance you can rent in and rent out everything. The website allows you to list categories with uploaded photos, place demands, and listers are free to set up a security deposit amount, the rental price and period. Renters can browse listings by search or geolocation, request to rent different items, and message the lister. To increase accountability the renter and lister, both, can be reviewed on the platform. The website supports online transactions and the service is to be launched in Islamabad first before heading south!
The team aims to target college campuses, the freelance community and residential buildings and malls to grow their user base. They have conducted 8 offline transactions till date, with a bootstrapped investment and take a fixed amount on delivery for revenue.
Although the sharing economy is growing in Pakistan, there is no similar service present here, giving Good Rentance a first mover advantage. It is different because it only focuses on rentals (they don’t plan on expanding to buying and selling) and they’re targeting youth specifically, which they believe could be their true customer base. The website, www.goodrentance.com, goes live on 23th April 2018, with their facebook page, www.facebook.com/ridtorent/, already creating a spur!
If you also believe in “you only sell once”, you’ll soon find them around encouraging you to go “from Rid to Rent!”
Our Interview Questions
Question #1: Where do you see your brand going? Are you going to continue your enterprise after the end of the duration of your project?
Yes we most certainly plan on continuing Good Rentance after graduation, we’ve put our hearts and souls into it and we hope for it to one day make it to become the next olx or eBay of Pakistan. But for renting obviously.
In future we plan on expanding and creating a more diverse marketplace for our customers with a wider variety of products. We also plan on taking it to the next level in long term by adding real estate renting to our portfolio.
Question #2: What strengths does each of your team members bring to the project?
Each of us is very different from one another, if you knew us personally you would never believe we’ll work as well together as we do.
Umar Nazir: Umar’s biggest strength is his work ethic and passion. He is the one that brings us most of our external partners due to his vast network of contacts. His area of expertise lies in finances handling.
Maheen Arshad: Maheen is a natural when it comes to advertisement and marketing. This is what she was born to do. Her creativity is unmatched but she is equally brilliant when it comes to the technological side of the business.
Ahed Adeel: He is our strategy maker & on top of that, his wit and charm makes him the perfect sales guy. He is brilliant at devising strategies for digital as well as offline marketing.
Mahnoor Khan: Mahnoor is our planner. She plans, researches the market, analyzes the environment, forecasts the public response and always has a contingency plan for everything. Anytime something goes wrong, she knows how to fix it.
Question #3: How do you plan to finance your enterprise?
We started off by bootstrapping our finances & we hope to keep financing it ourselves as we want to maintain control but if need be, we will seek investors too.
Question #4: What do you think are your greatest challenges in the path to success?
The biggest challenge that we might face is the lack of trust in renting that’s inherent in Pakistani community but we are working on changing this perspective. Of course that won’t happen overnight and it needs time and good word of mouth but on our end we are going to try our best to provide a good renting experience that’ll hopefully change people’s mind, one happy customer at a time.
Our Final Thoughts
We think that Good Rentance is an amazing idea, and we love the originality. Frankly I have never even heard of anything like this before; it’s simple yet clever. The service not only brings value to customers it allows customers to create their own value. All in all an amazing idea; fresh and innovative. We hope they succeed in all their endeavours!
Support the Brand!
If you like the idea of this brand as much as we do, you can support them on Social Media!
www.goodrentance.com (goes live on 23th April 2018)
Their Social Media Handles:
One click and you’re there!