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Starting a Washer and Dryer Rental Business

Dec 11, 2024

Lecture Notes: Starting a Washer and Dryer Rental Business

Introduction

  • Speaker: Kyler Liston
  • Location: Orem, Utah
  • Age: 23
  • Business: Washer and dryer rental service
  • Main Income Source: Major income, not a full-time job

Business Inspiration

  • Background: Grandparents owned rentals without washers and dryers.
  • Experience: Worked as a delivery person for appliance companies, learned installation and common appliance issues.
  • Opportunity: Identified a gap in apartment amenities (washers/dryers).
  • Validation: Posted an ad on Facebook Marketplace; significant interest was observed.

Early Business Ventures

  • Nine Square Game Rental: Successfully rented out a PVC game.
  • Paddle Boards Rental: Explored rental options for various items.
  • Learning from Family: Recognized potential in rental business from family experiences.

Starting the Rental Business

  • Initial Investment: Purchased $330,000 worth of washers and dryers.
  • Business Model: Rent out washers and dryers on a month-to-month basis.
  • Insurance: Acquired a $2 million insurance policy for liability and damages.

Challenges Faced

  • Skepticism and Doubt: Faced negative opinions from family and outsiders.
  • No Contracts Initially: Operated based on trust and Venmo payments.
  • Risk Management: Calculated risks with potential to recoup investments.

Market Research and Strategy

  • Facebook Marketplace: Used to validate demand and gather customer interest.
  • Pricing Strategy: Competitive pricing to ensure affordability compared to laundromats.
  • Target Audience: Renters in new apartments, people without credit or transport options.

Expansion and Scaling

  • Used vs. New Appliances: Transitioned to offering used appliances for better margins.
  • Systemization: Incorporated Stripe for automated payments.
  • Partnerships: Worked with property managers for tenant referrals.

Maintenance and Operations

  • Maintenance: Offers free maintenance; used appliances require more frequent repairs.
  • Operational Hours: Minimal hours per week; business managed remotely.
  • Tools and Equipment: Basic tools and a stair climber dolly for installations.

Financial and Ethical Considerations

  • Business Ethics: Aims to be a good landlord, flexible with payments.
  • Financial Literacy: Addresses criticism by highlighting convenience and cost savings.

Overcoming Criticism

  • Common Criticisms: Concerns about theft, legality, and renter decisions.
  • Response to Criticism: Successfully operates within legal and ethical bounds.

Personal Insights

  • Self-Confidence: Emphasizes doing and learning over seeking approval.
  • Avoiding Negative Influence: Suggests minimizing external opinions when starting a business.

Lessons Learned

  • Calculated Risk: Importance of taking smart, informed risks.
  • Adaptability: Willingness to adjust business models based on market feedback.
  • Customer Service: Focus on ease and reliability for renters.

Conclusion

  • Contact Information: Website - Utah Appliance Rental
  • Future Plans: Continues to explore growth and efficiency improvements in the business.

Note: These notes capture key aspects of the business model, experiences, and insights shared by Kyler Liston during the presentation on starting and managing a washer and dryer rental business.

Full transcript