Vanouhi Nazarian. Photo: supplied
Chartered accountant Vanouhi Nazarian decided to study a Master’s degree at UTS Business School while on maternity leave from her job at Mission Australia, but one thing that wasn’t on her agenda was starting a business.
“I had always said I would never own a business because my dad owned a shop when I was young. I worked there during school holidays and I used to think – this is so difficult, why would anyone do this,” says Nazarian.
The mother-of-two felt further study would improve her technical knowledge in the not-for-profit space, including social entrepreneurship and social innovation, as well as provide a bit of intellectual stimulation while immersed in the world of baby care.
“I was at a junction in my career where I could either move up the finance chain or up the management chain, so I thought learning more about not-for-profit management would help with that decision,” Nazarian says.
“Coming to university helped keep my mind active and provided a great break from parenting,” she says.
As part of the Master of Not-for-Profit and Social Enterprise Management, Nazarian completed the subject ‘Business Models and Strategic Planning’, where students develop a business idea and prepare a business model.
“I had to come up with a business idea for my assignment, and justify it, with different elements from the business model canvas, which was interesting because it forced me to do a lot of research,” Nazarian says.
“I looked at my own personal experience travelling with a baby and all the hassles with travel gear and the extra expense, and realised there was a potential business opportunity,” she says.
It was through this process that she conceived the idea for Kindershare.
“Kindershare is a peer-to-peer online platform that provides an alternative to buying costly baby equipment by allowing parents to rent quality baby goods from other families.
“It also enables parents to rent their own underutilised items, and earn some extra money,” explains Nazarian.
Taking the next step to develop the business idea had its challenges, however, not least of which was juggling logistics such as website development with study and a new baby.
“My husband was travelling a lot so it was difficult even to make it to class at times. I had lectures start when my youngest daughter was only four weeks old, so mum would come and look after her – luckily I had block subjects, so I would feed her and rush back in.
“The children would go to sleep at 7pm and then I would study from 8 until 1 or 2am – it was a challenge but I realised just how important it was to continue studying – so I did everything in my power to make it work. It can be done and I encourage women to do it. You can make it work.”
Nazarian used her subject choices to hone her business idea and build traction. She also took part in the UTS Launchpad program, which provides coaching sessions to help students refine and launch their startup ideas.
Another challenge she faced was finding an insurer willing to take on the project.
“I spent a lot of time talking to brokers who couldn’t get their head around the concept – even though sharing platforms such as Airbnb are so prevalent. Eventually I found a broker who could help me.”
Kindershare provides insurance that pays owners up to 75 percent of the replacement cost of any damaged items, as well as third party liability insurance up to $20 million dollars.
With her business idea gathering steam, Nazarian had to decide whether to return to work or pursue her business full-time. Despite her initial misgivings, she chose to follow in her father’s footsteps as a business owner.
“I enjoy the challenges that come from running a business. Even though I had experience in accounting and corporate restructuring, starting my own business was a whole new area. I hadn’t appreciated the difference – it requires a completely new range of skills.”
Over the recent Christmas period, Kindershare helped 150 families save money by renting baby equipment rather than buying it new, with the number of products available on the site growing rapidly.
The startup is also collecting awards, including prizes in the Share SA – South Australian Sharing Economy Challenge, the IBISWorld 3P Innovation Competition and the Inner West Council Business Environment Awards.
Nazarian has aspirations to one-day take the business global, but for now her focus is on connecting Australian families and embracing her new found role as an entrepreneur and business owner.