3 Brief Lessons Learned from a Start-Up
Below are 3 lessons learned from car-sharing start-up company, Hubber. I'm expanding on the lessons in an ebook I'm writing about the company.
After the 3 lessons are a link to the company's website and links to articles I wrote on Hubber.
Disclaimer: Hubber did not pay me or compensate me in any way to write my coverage or opinions.
Lesson 1 Personal Experience Leads to Business Ideas
Paul Davis, film producer, was a frequent user of short-term and long-term rental lots at Los Angeles International Airport. When he flew out of town on a film project or to go skiing in Tahoe, he decided the cars sitting empty could be an asset to other people flying in to LAX and needing to rent a car.
Lesson 2 Research Your Market and Opportunity
No one wants to get in stuck in analysis paralysis. Yet, finding evidence to show a business idea is profitable is critical. Paul and his business partner Jim studied how difficult it was to reach LAX for residents coming a distance from the north and east to LAX and they had to show why renters would choose an individual's car versus a traditional car rental from an established company.
Lesson 3 Learn in Real Life
Planning is necessary for business success but running a day-to-day operation is the only true way to work out the problems and build a knowledge base. Like Jim said, "We had a renter who drove to Tahoe and got a nail in his tire. He called us wondering how long it would take to get service and we didn't have a data point for that experience. Now we do."
Paul and Jim also had to win the trust of vendors to charge them a discount rate on services like legal services for a specified period of time. They also had to earn the trust of Standard Parking, the parking garage they use near LAX.
Hubber is a car-sharing company serving Los Angeles International Airport. Click here for the Hubber website to read benefits to car owners and car renters.
My Articles on Hubber - click on the titles below to read articles I've written on Hubber
Film producer offers new way to rent cars at LAX
Car sharing service offers travelers in and out of LAX a car rental alternative