Borrow My Tools, a start-up providing home improvement tools for rent or lease in San Mateo, CA is Borrow My Tools. The business has been formed as a California S Corporation with Josh Taylor as the primary shareholder. Borrow My Tools is a platform that offers customers common home improvements tools along with benchmarked customer service.
The Market
San Mateo has two distinct market segments that are Borrow My Tools’ most attractive customers. The first segment consists of individuals who are embarking on a home improvement project. While some customers know exactly what tools they need for their project, others use Borrow My Tools to get the help and guidance they need. The individuals have 54,050 potential group members. This segment sees an average growth rate of 5% each year. Handymen are those who have been hired by clients to finish a project. Borrow My Tools’ wide selection of leasing and rental options attract handymen, who are unable to afford to purchase tools. With 1,200 potential segments, and a 4.4% growth rate, handymen can have 1200 members.
Services
Borrow My Tools is able to lease and rent a variety tools. The tools have been categorized into three large groups: wood, exterior, and assorted. Borrow My Tools rents and leases only the best quality tools in an exceptional condition. Borrow My Tools has developed a strategic relationship with a premier leasing company to allow customers to lease tools from them. Leasing is advantageous in many ways: the customer always has the nicest/newest version to work with, precious capital is not tied up, lines of credit from banks are not effected by leases, and certain tax advantages are conferred to the lessee.
Competitive Edge
Josh is a veteran in both the contractor and tool rental/leasing industries. He has taken his industry observations and created a niche for Borrow My Tools by emphasizing two competitive advantages that will greatly help Borrow My Tools gain market share.
- Highest quality product offerings – Customers are looking to rent or lease tools and want to make sure they get the best. Borrow my Tools’ procurement process purchases only the highest quality tools in each category. Customers will love the results. In addition to starting with the highest quality tools, the products are meticulously maintained so that they continue to appear as 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’ goal is to meet every customer’s needs.
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.
Mission
Borrow my Tools’ aim is to provide the best home improvement tools to the San Mateo Community. Borrow My Tools will provide the best customer service and support for the tools. All customers will be met with the highest level of customer service.
Keys for Success
- Assure that you have sufficient tools of high quality, and keep them in great condition.
- Ensure all staff are extremely knowledgeable on all of the offered tools.
- Maintain strict inventory and accounting controls, reducing overhead while assuring availability at the same time.
Ziele
- To have 70% of the tools rented by month seven.
- By the end of year 2, you can be profitable
- Two years to achieve self-sustaining revenues
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