Speculate to accumulate is the old adage. It is certainly the case that those who have made their fortunes have at one stage or another risked something in the hope of a better return.
In this case, the risk is quite substantial; in total around £650 worth of equipment which I need to run my house. Any loss or damage would be bloody annoying as it would mean I can no longer chop firewood, vacuum my floor or mow my lawn.
Welcome to Fat Lama (https://fatlama.com/) – the website where people who need to borrow stuff can do so from people who’ve got the stuff they’re looking for. I’d read an article and was intrigued but a bit skeptical (my default position on most things), here’s the link for those of you who are interested in reading the press release/article.
Fat Lama also describe, in simple terms how it works in this post here.
Getting My Stuff on Fat Lama
I figured it has to be worth a go, while the cost of replacing the items lost would be fairly substantial if anything went wrong, it might just pay off and some of the stuff which clogs up my cupboards and shed just sits there doing nothing for most of the year.
The other thing to consider is that, while the tools may be in a condition I am happy with and am prepared to use them, the same cannot be said for that most fickle of groups: the consumer.
A quick investment in a new chain for the chainsaw (£15.99) and some new line for the strimmer (£15.32) and we’re off and running.
I listed the following items:
- Petrol Strimmer & Weed Whacker £18/day (£80/week or £244/Month)
- Electric Chainsaw £25/day (£135/week or £417/month)
- Log Horse £3/day (£15/week or £50/month)
- Dyson Vacuum £9/day (£45/week or £150month)
For those who don’t know, a log horse is where you stack all your wood so you can cut multiple logs at a time – a fantastic invention. Here’s a picture of one on Amazon if you’re curious.
Making Sure Everything is in Rentable Condition
With the strimmer and the Dyson it was quite easy to price as there are similar items listed and you can work on a market price; the Dyson is also just a Dyson. There are no consumable parts with it.
With the strimmer there is petrol to think about (unleaded and 2 stroke oil mix) as well as strimmer line. These aren’t a massive expense, but still need to be factored into the pricing. The fuel is quite easy to price, but the line is a best guess as I’ve never calculated the usage and what it would cost to replace per use.
Then there is servicing costs to be considered; again here while I may be happy to put up with a slightly smoky engine, Joe Public may not be so forgiving, so regular servicing will need to be considered; I’m working on the principle of servicing once per year at a cost of £75.
So…per strimmer rental, I expect to have costs of around:
- £1 for fuel
- £1 for line
- £2 for servicing
Fuel and line are obviously variables as they only cost when it is rented. Servicing will need to be carried out regardless. It’s no different to your car.
Here’s the strimmer in all its glory!
For the chainsaw and the log horse things weren’t so straightforward as there was no market price I could find for these. We’ll start with the log horse…it cost me about £50 when it was new, it spends most of the year sitting in the shed, so anything I can get back on its idle time is a bonus: £3 a day it is.
For the chainsaw there are similar considerations as with the strimmer. There are variable costs to cover:
- Chainsaw oil – I will supply the chainsaw with a full sump of chainsaw oil, the user will be responsible for topping up. It uses an amazing amount of oil when you’re going at the logs.
- The chain. While not massively expensive, it is entirely possible that someone could take a brand new chain and wreck it in the first use. Even if the chain comes back unharmed, it will still need sharpening which costs nearly as much as a new chain, but being an environmentally conscious kind of guy and also believing in sharing the wealth and creating demand for services, I like to have the chains sharpened up to the point the guys at the sharpening service tell me it’s time to get a new one.
Total Initial Outlay – And Waiting for the Lama to Come Alive
So, status today is:
4 items listed
Outlay of £31.31
I will list a few more items as the weeks go by. I’ve got some camera lenses which seem to be a popular item on the Fat Lama site and maybe I’ll find something else which I can list and try to make a few £ off of.
To the listing process itself; I listed via the mobile website. At the time of writing, I haven’t checked to see if they have an app. It was very straightforward with a title, short description and pricing needed as well as a photo – all very simple from a smartphone.
Who will want to rent this beauty of a vacuum cleaner? Never felt suspense like this.
You’ll hear from me in 3 weeks or so with a progress update and if I’ve made any money, someone has done a runner with my stuff or sent me back a Dyson full of their dead skin cells.