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ILetYou: A $1M Virtual Investment (The First!)

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ILetYou hasn’t even launched yet but this site is going to be HUGE! HUGE I tell you!!!! Cackle…Cackle!

What’s the basic idea?  People with DVDs and games at home set up their own ‘online rental stores’ and rent their own DVDs and games to others. The more people who sign up the more variety and eclectic the catalog becomes – I wouldn’t be surprised if you will ultimately be able to find DVDs and games here that you can’t find anywhere else but Ebay…plus the rental prices are less than Netflix etc…does anyone see an industry shift over the horizon?

Business Model:
ILetYou will let users set up their own online rental store and list DVDs and games for FREE.  Their business model is to charge a small slice of the transaction fee for each rental so in the 40 cents range.  Not huge but multiply that by 100,000+ rentals and this business becomes a cash cow overnight.  Not too hard to imagine if they have the referral/viral elements right.

What do they provide?  The platform, the credit card processing engine and the marketing – WOW! What a business! Wish I had thought of it!  Damn!

Some Core Functionality:

  • Members can create their own online rental ‘store fronts’
  • ILetYou handles credit card transactions
  • Orders are passed through to the store ‘owners’
  • …will need to see the site live to comment on the viral elements… 

Likes:
Like, Like, Like…what’s not to like?

  • DVDs & games at cheaper prices than the ‘high street’ rental stores & mail to rental companies
  • The ability to rent my own DVDs and games without selling them once at an Ebay or similar – ongoing revenue stream…wow!
  • All the hassle of finding renters dealt with by someone else…double wow!
  • Will likely result in a range of DVDs and games that I probably cannot find elsewhere
  • And I can choose what I rent rather than making a list of my top 10 and being suprised according to what the other online rental companies have in stock…triple wow!

Dislikes:
The only itsy bitsy potential dislike is when I rent via ILetYou I’m dealing with an unknown vendor – I’m not to concerned about the quality of the DVDs being sent (although some may be), but I am concerned about the scenario where you get a DVD, watch it, send it back and start getting angry emails or whatever from a ‘scammer’ who complains the DVD is broken, its my fault and I need to pay for it.  May not happen but when you are dealing with individuals – you just never know.  Does ILetYou have an answer for that kind of scenario? Perhaps a guarantee or something? Don’t know but if they did, it may make the reticent dive in!

My Virtual Investment:
With my virtual $1M, I would mail the whole amount to ILetYou tomorrow if they would take it! And they wouldn’t need to return it after a week either…what a business! BTW, this is my first $1M virtual investment! Congrats ILetYou! As if you care…you soon to be VERY wealthy guys!

http://www.iletyou.com/

Andrew
Founder
http://www.AdvisorGarage.com