Because the company was inspired by my experience renting bicycles, this happened to be our first product to really take off -- and also what inspired the name “Rentcycle.” As the business grew, we added all sorts of products for rent -- snow skis, limousines, bouncy castles, jackhammers.After our second round of capital, our investors pushed us to focus on a single vertical.My lawyer advised me early on to track large expenses for future reporting.
We invested it into critical business needs, including an industry trade show where we launched our idea to the public.
BND: Hyer: At the earliest stages of a startup, all energy goes into breathing life into an idea.
When we finished the race, I suddenly had time to put together a business plan.
Next, I joined a startup incubator called The Founder Institute where I began networking with peers, mentors and possible investors.
I finally quit my job, brought on co-founders, and raised a round of capital. BND: Hyer: I personally funded the business for the first year and a half, until we raised our Seed Round.
During this time, my early employees and I did not take a salary.
When working on a brand new problem that no one has attempted to solve before, the possibilities are limitless -- as are the distractions.
We learned this lesson the hard way when we pivoted the business from “rent anything” to “rent construction equipment.” We are so much better off for this focused approach and I’d recommend the same to any startup company.
For three years, Rentcycle operated successfully, but then Hyer and his co-founders made the conscious decision to revamp the company and focus solely on one industry.
For a variety of reasons, they choose construction equipment, and the company was rebranded as Getable.