The segment offers huge scope with few players operating in the market
These days you can have access to almost all the things meant for day-to-day purposes-from renting furniture to home appliances to tour packages and to even renting Movies DVDs/VCDs. These new and innovate ideas for planning a business venture has been the secret of success for companies like Seventy mm, Movie mart, Yatra.com and make your trip. Still in nascent stage in India, the toy rental service is slowly catching up as a new business opportunity; the entrepreneurs can look towards foraying into this industry.
The Toy rental service involves offering toys on kids to the interested customer on rent which is agreed upon by both the parties for a given period of time. Toy offered to children belong to various age groups. “Providing the right toys at right age plays an important role in the early childhood development as kids tend to outgrow toys”, says Mr. Manoj Kumar, co-founder Rentoys, an online toy rental company, based in Bangalore which offers toys on kids for rent.
Mr. Manoj Kumar, of Rentoys says the Toy rental service sector remains majorly unorganised, over 60-70 per cent forms the share of it. The estimated market size in the organised sector for the toy rental service in India stands at approximately Rs 2000 crore. “We are seeing 50-60 per cent growth in its customer base every month we are currently looking at offering franchisee”, he further adds.
There is no fixed capital as such to start the business, but more the capital the entrepreneur has at its disposal, the more he can invest into it and expand his business further. Mr. Manoj Kumar says, “We had put in an initial capital of Rs 4 lakhs to begin the venture.”
To make your business venture successful, customer friendly services and further offering quality products at a reasonable rate remain here a major ingredient. This will result in developing a trust of the customers and may boost the expansion of his business venture.
Mr. Kumar says, “the toys offered through Rentoys library are of internationally recognised brands like that of Fisher price, vtech, Okplay and funskool and keep the toys clean and well sanitised so that it can be recycled and we further do a free home pickup and delivery of toys at the doorstep of our members”.
This is one of the new emerging fields that entrepreneurs can look up to when they start their own business venture in India as the huge potential it offers can be tapped.