Borrow My Tools is a start-up company serving the San Mateo, CA community with home improvement tools for lease or rental. The business has been formed as a California S Corporation with Josh Taylor as the primary shareholder. Borrow My Tools offers customers a wide range of common tools for home improvement and benchmarked levels customer service.
Two distinct markets make San Mateo the most desirable location for Borrow My Tools. The first segment consists of individuals who are embarking on a home improvement project. While some of these customers know exactly what they need in terms of tools, many of them are coming to Borrow My Tools specifically for the expertise and guidance for the home improvement project. There are 54,050 members in the group. This segment sees an average growth rate of 5% each year. Handymen are those who have been hired by clients to finish a project. Because the cost of purchasing tools is so high and there are so many tools to lease available, handymen are attracted to Borrow My Tools because of their plentiful leasing and rental options. There are 1,200 handymen and a 4% growth.
Borrow My Tools offers a range tools for rent or lease. The tools can be divided into three groups: exterior, wood, and assorted. Borrow My Tools rentals and leases tools of exceptional quality. Borrow My Tools established a strategic relationship to a leading leasing company in order to enable customers to lease their tools from them. Leasing can be advantageous in many ways. Customers have the latest and greatest tools to use, capital is not lost, lines of credit are not cut by leasing, and the lessee enjoys certain tax advantages.
Josh, a veteran of both the contractor industry and the tool rental/leasing industry is taking his industry observations and carving out a niche in the industry by emphasizing two competitive edges that will greatly assist Borrow My Tools in gaining market share:
- Highest-quality product offerings: If customers are going to lease or rent tools they want to use the best products. Borrow My Tools purchases the very best tools for each category. This guarantees that customers will be delighted with their selection. Products are kept in top condition so they appear new.
- Best customer service. The role of Borrow My Tools sales agents is to help customers in all possible ways. This includes determining what tool is most suitable for the job, explaining how to use it and providing suggestions on how to do the job. Every sales rep is the customer’s personal advisor. Borrow My Tools’ mission is to exceed every customer’s expectations.
Borrow My Tools, a new concept, recognizes the shortcomings of the competition’s customer service and uses Borrow My Tools’ phenomenal customer support to help the market segment that needs assistance with rental or lease. Borrow My Tools can quickly grow market share and turn this start-up into a profitable enterprise by adhering to a thorough rental business plan strategy.
Borrow My Tools’ mission is to offer the finest selection of home improvement tools for the San Mateo Community. Borrow My Tools will provide the best customer service and support for the tools. All customers will receive the best customer service.
Keys to Success
- Keep a good inventory of high-quality, well-maintained tools.
- All staff should be extremely familiar with all tools.
- Maintain tight inventory and accounting controls to reduce overhead and ensure availability.
- To ensure that 70% of the tools are rented by the end of month seven.
- By year two, you will be financially independent.
- By year 2, you will be able to generate self-sustaining income.