Wayra interview with Polo, Founder and CEO of La Más Mona

TL;DR

After being fired from his banking job, the speaker rented a car and came up with the idea of renting premium products, leading to the successful launch of his own rental business for women's clothing and accessories.

Transcript

well i was working in a bank in in london and then the the crisis i was working for three years and i uh i got fired and i was thinking for some time what should i do should i try to get back into banking or should i do something else and i had been entertaining the idea of setting up my own business at some point so at some point what i did is i i... Read More

Key Insights

• 🥺 Sometimes, unexpected circumstances like job loss can lead to new opportunities and ideas for starting a business.
• 👨‍💼 Identifying a need in the market for a specific service, such as renting premium products, can be the foundation for a successful business.
• 🤑 Traction and growth are vital for a business, and word-of-mouth referrals can play a crucial role in expanding customer base and market presence.
• 👍 Staying lean and cost-conscious during the early stages of a disruptive business model is important to prove its viability.
• 🙈 The entrepreneurial journey can be challenging but rewarding, especially when one sees their vision materialize, gain traction, and attract interest from others.
• ❓ Seeking mentorship, investors, and support from established organizations or networks can provide valuable opportunities for growth and expansion.
• 💗 The ability to build a successful business and grow it into a larger company is a fulfilling aspect of being an entrepreneur.

Questions & Answers

Q: How did the speaker come up with the idea of renting premium products?

After being fired from his banking job, the speaker rented a car and realized that it didn't make sense to buy an expensive car when he would only use it occasionally. This sparked the idea of renting premium products, which led to his business concept.

Q: What was the motivation behind starting a rental business for women's clothing and accessories?

The speaker noticed that many women faced the problem of buying new dresses or accessories for special events and saw an opportunity to address this by offering a rental service. The market lacked an online platform offering such a service on a large scale.

Q: What kind of traction has the rental business gained so far?

The business has achieved over 30,000 registered users and 160 paying customers, with around 200 paid rentals. The daily visits exceed 800, and the company is witnessing a change in mentality among customers, as they start referring new customers to the service.

Q: What are the plans for the future of the rental business?

The company aims to expand its operations and improve efficiency by implementing ERP systems and potentially bringing the RIT platform in-house. Despite being lean and cost-conscious, the focus is on growing the business in Spain and using customer satisfaction as a marketing tool.

Summary & Key Takeaways

• The speaker was working in a bank in London but got fired during the crisis, which made him contemplate his career options.

• He rented a car and came up with the idea of renting premium products, leading him to start a business focused on renting women's dresses and accessories.

• The business has gained traction with over 30,000 registered users, 160 paying customers, and 200 paid rentals. The company aims to continue growing and improve operational efficiency.