Kit Lender from Shark Tank

Kit Lender shark tank

Whenever an outdoor sport comes to a person’s mind, gear is the biggest nightmare associated with the thought. Affording quality gear is an issue on its own, which is topped off by the fact that the gear is seldom used throughout the year, making it a questionable investment. Apart from that, the packing disaster and shipping expense adds to the hassle and the cost, making your favorite outdoor sport turn into a nightmare.

Besides all these issues, the most pressing issue is the gear and equipment storage. While some people may have large enough houses with separate storage rooms, many live in cramped apartments. Having a kit take up the space, especially if storage isn’t an individual’s strongest suit, can cause unnecessary stress, which would go unresolved unless the kit is out of its space.

Kit Lender is the business that addresses all these needs of an individual enthusiastic about outdoor sports. The company was launched into operation in 2015 by Forrest Shinners, a simple finance guy who grew up in the skiing landscape of Vermont. Forrest saw an opportunity in this niche when most of his New Yorker friends would sweat about ski gear, and Forrest would offer to help with the gear he owned at his parents’ house. Friends started asking the price for his service, and that’s where things got started for Forrest.

Kit Lender was a great business idea. However, Forrest realized he needed a shark’s support to scale the business and work towards customer acquisition. Hence, he appeared on Shark Tank Season 11 seeking $200K in exchange for 7% equity in his company.

Forrest appeared on the Tank and jumped straight into the problem his business was solving. He also burned some magic money bills to entertain the sharks and grab their attention. Forrest then demonstrated how easy it was to place an order on Kit Lender’s website and grab the gear you’d require.

The sharks loved the idea and asked necessary questions about the company’s numbers. Forrest explained that the business had been running since 2015, but his battle with alcohol addiction took up most of his time. By the time he was on the show Forrest was sober and invested in the business full time.

Forrest shared that Kit Lender had made around $755K the year before its Shark Tank appearance. He also revealed his profit margins which were impressive for the sharks. Forrest also explained where he saw Kit Lender going forward and his long-term goals for the business.

Lori was the first to announce she was out because she didn’t want to handle an inventory nightmare with Kit Lender despite loving the business idea. Mark followed suit as he believed the business needed more money than it could generate. Barbara went out next but not before advising Forrest to focus on kids’ gear and apparel instead of the whole market.

Kevin thought the competition would soon catch up, and Forrest wasn’t moving fast enough. He dropped out but advised Forrest to partner with different ski resorts to acquire quality returning customers. He wished Forrest the best.

Robert was the last to drop out of the deal as he believed Forrest needed to pick up the pace with the business and find customers at their point of booking. Kit Lender had no competitive advantage, and any other brand could rapidly replicate the business. Despite Forrest’s assurance that he’d do anything required for the company, Robert didn’t want to put his money into the business.

Forrest returned home without a deal. However, he relentlessly pursued his dream as he knew the business had the potential to grow and be the name of outdoor gear rental.

Our Review of Kit Lender

Kit Lender has turned out to be a profitable business, building its customer base or community in a short period. While the business would have performed even better with a shark’s support, it’s doing pretty well since the Shark Tank appearance, which has turned it into a recognized business nationwide. Today, Kit Lender is making close to $3 million in revenue.

The incredible outdoor sports gear rental service has made Kit Lender stand out. The brand has partnered with some of the most renowned outdoor gear brands to bring the best quality gear to its customers. Kit Lender saves the hassle of packing and storing that comes with the gear that’s hardly used once a year and the cost attached to it.

Kit Lender only mentioned having ski gear on the Tank. However, as the business has grown and progressed, it now offers gear for different water and snow sports. Kit Lender also offers equipment for camps and hikes to make land sports hassle-free.

Pros of Kit Lender

In a short time, Kit Lender has found a community of outdoor sports fanatics who are tired of spending dollars on the kits they use once a year, the packing and storing nightmare that comes with it, and the hassle of carrying the gear to the destination and need a sustainable solution. The company’s incredible and unique gear rental service has gotten Kit Lender a loyal customer base. Here are some things customers love about the business:

  • Kit Lender is an incredible outdoor gear rental service that provides gear for numerous water and snow sports and even camps and hikes.
  • Kit Lender provides apparel and equipment as per customers’ needs.
  • All the products are from worldwide renowned brands and ensure quality at every check.
  • Kit Lender offers gear kits for different age categories ensuring that a customer’s entire family is covered.
  • Different sizing options available at Kit Lender help customers shop gear that fits them best instead of adjusting with an undersized or oversized piece of clothing.
  • Kit Lender is cost-effective as it saves the cost of buying the gear used once a year, the storing costs, the packing hassle, and the expensive shipping.
  • Kit Lender helps reduce customers’ luggage so that customers can travel to their destination without worrying about carrying heavy kits on their backs.
  • Kit Lender kits are professionally cleaned so that each gear remains of supreme quality and can be reused.
  • The reusable gear available at Kit Lender ensures sustainability.
  • The prepaid FedEx service saves customers the shipping cost.
  • Kit Lender ensures that customers receive gear on time at their chosen destination.
  • The Kit Lender website is user-friendly and allows customers to navigate the shop without any unnecessary stops.

Cons of Kit Lender

Despite having a loyal customer base, some things haven’t worked in favor of Kit Lender:

  • Kit Lender doesn’t have the best customer service, as customers often feel unheard. Kit Lender’s customer service seldom replies, and customer requests and queries remain unresolved, which is a major turn-off.
  • Kit Lender has quite slow delivery because customers don’t receive their gear on time.
  • Customers would like to see more onsite services from Kit Lender instead of advanced bookings that people often forget about.

Who Is Kit Lender For?

Kit Lender is the perfect brand for all the individuals who are into outdoor sports but not into the inventory nightmare that comes along with it. The outdoor gear rental service saves space in the store and keeps the expenses attached to the kits at a minimum. Individuals could also save themselves from the packing disaster that gear could become.

Kit Lender’s rental gear service ensures hassle-free and quality gear is delivered right at your activity destination so that carrying the kits back and forth isn’t an issue.

Are There Any Alternatives?

There aren’t many brands that offer the same quality service and outdoor gear as Kit Lender. However, Arrive Outdoors has the same business model as Kit Lender and works by providing outdoor gear rental services for numerous water and snow sports. You can get your hands on everything you need, from apparel to equipment.

Kit Lender holds more reputation and recognition in outdoor sports gear as it has partnered with numerous renowned gear brands.

Our Final Thoughts

Kit Lender has proved to be profitable and has shown promising growth, ensuring that the business will continue to make waves in the future. The company has done great thanks to its unique outdoor gear rental service that saves customers the hassle of packing and storing. Kit Lender must focus on customer service to become a preferred brand for outdoor sports fanatics.

Kit Lender will progress in the future, and we’d see more of the business transforming the outdoor sports industry.