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 will provide customers with a variety of common home improvement tools and benchmarked customer service.
The Market
San Mateo’s two most important market segments are Borrow My Tools. The first is homeowners who are looking to improve their home. Although some customers may know what they need, most of these customers come to Borrow My Tools in search of the guidance and assistance needed for their home improvement projects. These individuals could have 54.050 friends in their group. The annual growth rate of this segment is 5%. The second customer segment is handymen who are hired to work on a project for clients. Borrow My Tools’ wide selection of leasing and rental options attract handymen, who are unable to afford to purchase tools. With 1,200 potential members and a growth rate of 4%, the handymen have a large segment.
Services
Borrow My Tools rents and leases a wide range of tools. The tools are classified into three major groups: wood exterior and assorted. All of the tools that Borrow My Tools leases or rents are of the highest quality and are in outstanding condition. Borrow My Tools has forged a partnership with a leading leasing company that allows 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. The products are maintained with great care so they look 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. Each sales agent is the client’s personal specialist. 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 will gain market share quickly by following a comprehensive strategy for renting business. It will also transform the business into a profit-making venture.
Mission
Borrow my Tools’ aim is to provide the best home improvement tools to the San Mateo Community. Borrow My Tools will offer the best customer service. All customers will have their expectations exceeded.
Keys to Success
- You should have a sufficient supply of high-quality tools that are kept in good condition.
- Make sure that all employees are well-versed in all available tools.
- It is important to maintain strict inventory and accounting control, which will help reduce overhead while ensuring availability.
Objectives
- To have 70% of the tools rented by month seven.
- By year two, you will be financially independent.
- Two years to achieve self-sustaining revenues