Starting my first startup : Entrepreneur


Hello my name is Harold let me tell you a little bit about my self. I am a 16 year old “entrepreneur” I have been hustling since the age of 13. I have built multiple successful businesses with one of my most successful to be a luxury watch flipping business and to this date we have transacted over 900k in watches and jewelry. I am currently working full time because I have received my CHESPE certification and have dropped out of high school.  Now enough about me and let me explain the app that im creating.I thought of this app when one day I was clearing out my room and garage I saw so many items that I had that I would maybe use at most, 10 times out of the whole year. I used the items just enough where it wouldn’t be economical to sell them. But in my opinion they were racking up dust. So in 2018 I started posting my items to rent on craigslist.  Almost instantly I had interest in the ads and over a 1 year period I rented out 4 things which consisted of 1 electric bike, a tuxedo, my parents detached garage with a car lift and a old Samsung note 8. Over 1 year I made about 4,000 dollars renting these things out monthly, daily, etc. The combined renting and leasing industry is a 900 billion dollar plus industry that is only growing because of Americas mainly millennial population moving towards mainly leasing and renting rather than buying things. So thats what the app is. Its a renting app mainly for short term rentals thing could range from a few hours using a 3d printer to renting a room monthly. The whole business model revolves around the idea of renting out items that you would have sitting in your garage that you would maybe only use a few times a month or year. This would also be a great platform for existing rental businesses like furniture rentals, party rentals etc. There are apps like turo and air bnb that cover the main market which is real estate and automotive. But i see there to be a huge empty space in the market for smaller items and things like tools and trailers and even clothes.I have a few questions that I need to get answered.- I have a vast experience and knowledge in general business and the luxury market but when it comes to coding and things like that im no good. Im the type of person who will do everything them selves rather than paying someone. But when it comes to coding im going to have to get some help. Would it be better to hire an agency and pay around 30k to 65k to develop this app or hire a whole team? I crunched some quick numbers and it seems like hiring people could be cheaper but that would also come with a lot of problems because of me not knowing the business of coding.- Ive been able to come up with around 25k of my own money, I can get more but alot of my money is tied up in different assets and alot of them are to safe guard me which is one of the reasons my parents let me drop out but IDGAF my money lol. Just to build a MVP its going to cost about 45k and thats without advertising and general expenses. Because I am in the luxury watch business I have become friends with many affluent individuals but many dont want to invest because of how risky it is which is understandable. But there definitely wont be a problem for me to collect angel investors once I have at least a app up. My question is where could i get seed money? I dont want to loan money from family members because of bad past experiences. And I cant take out any loans because of my age. I do also have a credit card with a 11k credit line but I really want to steer away from that route seeing that it would only be good for short term. I recently posted on kickstarter and Indiegogo and Ill have to wait to see how that goes. Do you guys have any other suggestions? Also if it requires someone to be of legal age I can put certain things under my brothers info because he is a silent partner. But I just dont want to put any major loans under his name because if the business fails I dont want him to be liable for a huge debt.Please give me any feed back for the app idea and give me a ton of questions. Here is a little mock up of the app its modeled after letgo but I am planing on changing the option picker at the top because I am not a fan of it.Thanks!!


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