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We invested it into critical business needs, including an industry trade show where we launched our idea to the public.BND: Hyer: At the earliest stages of a startup, all energy goes into breathing life into an idea.We show an out-the-door price, something no one else does, and we leverage technology to be available on-demand 24/7.
I finally quit my job, brought on co-founders, and raised a round of capital. BND: Hyer: I personally funded the business for the first year and a half, until we raised our Seed Round.
During this time, my early employees and I did not take a salary.
Now, three years later, Getable continues to serve those looking for construction rentals, from contractors to homeowners, and offers them a wealth of information and discount opportunities.
Hyer went Behind the Business Plan with Business News Daily to discuss Getable's success and what he's learned as an entrepreneur through the last six years.
Getable offers all users the sorts of perks that were previously only available to the largest construction companies. My wife and I were living in California, competing in a triathlon in North Carolina.
We needed to get our bikes to the race site and were appalled by the expense and hassle of shipping them cross-country.When we finished the race, I suddenly had time to put together a business plan.Next, I joined a startup incubator called The Founder Institute where I began networking with peers, mentors and possible investors.We were extremely frugal with our spending which forced us to prioritize efforts and focus.At one point, we won a startup competition that granted us ,000 which was a really big deal at the time.BND: Hyer: A chain is only as strong as its weakest link.Early on, and every step of the way, I’ve tried to surround myself with people who are smarter than myself.After Tim Hyer had a nightmare of a time renting a bicycle to compete in a far-from-home triathlon, he knew there must be a business opportunity in the leasing space.So, he gathered some money and worked with a few partners to establish Rentcycle, a centralized service where renters could find virtually any product they needed.My lawyer advised me early on to track large expenses for future reporting.I did this sporadically and racked up ,000 in spending by the time we raised our first round of capital. BND: Hyer: Getable has changed significantly over its life. The original business was called Rentcycle -- a site to rent anything online.