Parents spend huge amount of money on toys but kids soon get bored with them and desire for new ones. Thus this investment becomes a waste. As a result the concept of renting toys is emerging fast. Read on to explore the opportunity.
Toys are an indispensible part of almost everyone’s childhood. However with toys becoming more and more expensive it is becoming difficult for parents to buy new toys and games for their little ones. Moreover kids get bored of toys very quickly and after few days toys become a waste and occupy lot of space. To avoid this and make toys more affordable the unique but functional concept of toy rentals has become popular in India. The concept is already quite popular in countries like New Zealand, Australia, and America where even the government funds such concepts. However in India toy libraries was an unheard concept till recently. With more of awareness, a toy library is an upcoming opportunity with many entrepreneurs already cashing in on this new concept. Read on to be more aware.
Need for toy renting
Toys are still considered to be a luxury in India. Although parents spend huge amount of money on toys yet it is not a healthy investment. Moreover kids get bored with the toys very soon making it a storing item. This brought the idea for buying toys on rent. The concept of rental toys work wonders for kids as well as parents. Let us have a look at the advantages of this venture:
- New toys without much expense: Kids usually get bored with toys, which are quite expensive. They store these in their playroom as useless items. However getting toys on rent saves money for parents as well as gives variety to the kid.
- Toys as learning experience: There is a continuous range of new toys available in the market. These not only provide entertainment but also knowledge to kids as well as their parents. Instead of buying them, toys can be taken on rent.
- Saves space: Presently everyone mostly have small compact houses without much storing space. Buying toys and storing them takes a lot of space. Therefore toys on rent save money as well as space.
- Play, learn and pass it on: The best thing about toys on rent is that they can be passed on to the next child when the previous owner gets tired playing with it. This way they do not get wasted.
Rental toy franchising:
Concept of renting toys is quite recent in the large bandwagon of franchising. However it is becoming more organised due to the various brands in the sector which have taken the franchise route for rapid and successful expansion. As informed by Toys-on-rent that Franchising is essential for giving the next big step to their business. Moreover seeing the success of this concept in other nations, they can be assured that it has a bright future in India also.
New and emerging players:
As mentioned the toy rental concept is quite recent, therefore there are few players who are benefitting from this concept till now. Few of them are:
- Toys-on-rent: The brand has recently opted for the franchise route. It needs a total investment of Rs 2,30,000 which would include the sign up fees and franchise set-up cost as well. Toys-on-rent is presently planning to open franchise outlets in Hyderabad, and Mumbai etc.
- Planet Toyz: It is a fun library from where kids can get books, toys, games, CD’s etc on rent. The first outlet was opened in north Delhi. It needs an investment ranging from Rs 1.5 to 1.75 lakh with an area approximately 200 sq. ft.
- Rent Me Toy: The toy library, headquarters at Mohali has recently opened. The brand has taken the franchise route for rapid expansion pan India. It needs an investment of Rs. two to five lakh.
Play way for franchisees:
A toy rental franchise can be benefiting for aspiring entrepreneurs. There are not many requirements for taking toy rental franchise. Any aspirant with total commitment to quality and service can opt for this. Moreover toy rental concept is well suited for women who are home makers. They understand kids and love dealing with them. Few of its other benefits are mentioned below:
- Low cost but attractive returns: Taking a toy rental franchise is not very expensive. It is a low cost business opportunity which can fetch lucrative returns to franchisees.
- Easy to manage: Toy rental business is easy to run. As informed by Kapure: “The business can be managed at home with just a 6'X3'X3' storage space.”
- Staggered investments: The franchisees can keep expanding the business with no additional fees within their territory. Moreover adding more and more toys can give this business an easy leap.
Few hurdles on the way
Along with numerous benefits, this concept faces a few challenges as well. The understanding of rental toys among parents and kids is the greatest challenge. Moreover entrepreneurs have to keep updating newer toys, games and books in the outlet. This forms the major issue as one needs to add on toys keeping children’s expectation in mind.
It can be concluded that a toy rental franchise is low cost with high benefits and easy to manage as well. Therefore aspirants who love toys and kids can surely opt for this venture for a happy and fulfilling business growth.
