What: BabyQuip helps you to start a business renting out baby gear — cribs, strollers, toys, books, bottles, etc.
Expected pay: Averages $600 per month
Husl$core: $$$$
Where: Most major cities nationwide
Commissions and fees: 18.5%, plus a one-time $100 set-up charge, plus the cost of a commercial liability policy for your rentals. The cost of the policy is staggered based on your net monthly rentals.
Requirements: A crib. Other baby equipment can be purchased as you go
Review: BabyQuip, previously known as Babierge, operates on the idea that traveling with your baby shouldn’t require the cost and misery of schlepping around a crib, car seat, stroller and a suitcase full of toys. Thus, the site connects traveling parents, who need baby gear while on vacation, with local parents, who have it and are willing to rent it out. In addition to renting out cribs and toys, many BabyQuip contractors also offer to deliver other “consumables” — diapers, formula, wipes — to the travelers for a fee.
For parents who already have a lot of this equipment, this is a nice way to get repaid for your “investment” in junior. But, if you have to buy everything, your profit margins may be slim.
That’s partly because of the platform costs, which are high, particularly when you factor in the cost of insurance. (The insurance cost is staggered, but usually adds to 5% to 20% of the value of your monthly rentals. It’s necessary, though, to protect you from liability.) But it’s also because you will need to account for the time that you spend shopping for the equipment you’ll want to rent out and cleaning everything thoroughly between renters. In many cases, BabyQuip providers also deliver equipment to traveler’s hotel rooms.
To be sure, you get to set the price for rentals and delivery. But if your prices are far higher than the competition, you’ll get fewer customers.
What their users say: (From Glassdoor)
Great community of other Independent Trusted Partners to share tips and ideas. Trusted Partners are not employees, so they have the independence of running their own business but with the platform, training and support of corporate. Nice sidegig. The company is growing quickly. Generally it’s not going to be a full-time income