BURO – The mobile rental marketplace
Buro is a peer to peer rental marketplace. Essentially, this company has created a service to share goods between people, so that you may rent someone else’s stuff instead of buying your own. This interesting start-up company is unique, because there is no service currently offering this today. The company’s goal is to reduce the consumer clutter in North America, and promote reusability, while reducing pollution and the effects on our climate. They aim to accomplish this goal by stopping customers from buying stuff, and instead “Buro it”. They provide a mobile app interface similar to Airbnb, but instead of borrowing houses, your borrowing things you wouldn’t normally use. The app has various features including an in-app chat, a system to manage your items, direct payment, verification of users, a clean design and a fully protected guarantee where the listed items are fully guaranteed to be returned in the same conditions. In a world where pollution and climate change is a big concern, more and more companies are creating solutions to address a growing problem. In addition, Buro is part of a new wave of hi-tech start-ups that are basing their services out of an app. Using the app, customers can quickly navigate to what they like, and rent it hassle free. At the same time, people who have a lot of and would like to make money can simply rent it out to another party who is looking for that particular item.
In case you happen to be wondering “What on earth would I need to borrow?”, here is a simple example of where borrowed items could come in handy. Let’s use the example of hosting a large party at your home – a party where there is currently not enough chairs in your home for the amount of guests you intend to invite. How about a nice bar to hold the spirits and a setup to make all the drinks you could imagine. So far buying the chairs, bar and bar equipment is looking like a big expense if you need to buy these items. Every great party should end with a great coffee experience. Perhaps a cappuccino, espresso, macchiato …? A proper barista machine could get expensive if you need to buy one. How about plastic tables, folding chairs, and audio/visual equipment? The reality is that all this equipment for a great party would collect dust after the event, In addition, would cost thousands of dollars to spend just to purchase all this equipment new! And if you purchase the equipment, where will you store it? It makes the most sense to borrow it. Firstly, do you really need to purchase all this fancy equipment, when you can borrow it for a much cheaper price? Secondly, do you want to worry about storing it or is it easier to simply send it back to the owner? This is why borrowing stuff makes way more sense than buying it. We can get extremely high quality, expensive stuff, or stuff we normally don’t need at a margin of the purchase price new.
Some other examples would be requiring equipment that is hard to get or using the platform to make money. Perhaps you need to retrieve content from an old film format that might require a reel to reel projector, VHS or 8-track player? There is little demand for these items and cannot be purchased new today. How about checking with the Buro community? Another interesting aspect is the ability to make money off this app from an entrepreneurial perspective. Let’s use the standardized rate of $20 for a simple item that has high demand like audio equipment, video equipment, tools sporting goods…. Find 35 items and rent these items for $20 per day. In one year, this would be $255,500 in sales. Now if we multiply this over a time period of 5 years, this would be $1,277,500. That’s over a million dollars in 5 years simply renting out 35 items. Of course, this is dependent of the market being favorable to your items 365 days of the year, but even if you divide that in half, you’re still making half a million dollars. This is how the app can be used to generate revenue, from a business perspective.
At Breckles we are thrilled to be working with Just Buro. Get started at www.justburo.com
It is important to consult with your insurance broker renting items through Just Buro. Using an insurance broker will provide you with the proper coverage counseling and multiple insurance company options to ensure you get the protection you deserve.Back to Blog