Borrow My Tools provides San Mateo, CA with tools for home improvement. Josh Taylor, the primary shareholder, has formed the California S Corporation. Borrow My Tools will offer customers a range of common home improvement tools with benchmarked levels of customer service.
The Market
Two distinct markets make San Mateo the most desirable location for Borrow My Tools. The first segment is individuals who are undertaking a home improvement project on their house. 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. These individuals could have 54.050 friends in their group. This segment has a 5% annual growth rate. Handymen who are hired by clients to complete a project are the second segment of customers. Borrow My Tools attracts handymen because they have many leasing and rental options. With 1,200 potential segments, and a 4.4% growth rate, handymen can have 1200 members.
Services
Borrow My Tools offers a range tools for rent or lease. The tools are divided into three main groups: wood, exterior, or assorted. Borrow My Tools only leases or rents the finest quality tools. They are also in excellent condition. Borrow My Tools is able to lease equipment from a premier leasing firm through a strategic partnership. Leasing is a great option in many ways. Customers always have the best/most recent version of the tools they need, their capital is not restricted, credit lines from banks are not affected by leases, and lessees enjoy certain tax advantages.
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 only purchases the best tools within each category. This ensures that customers are delighted with the choice. Products are not only of the highest quality, but also meticulously maintained to keep them looking new.
- Benchmarked customer service: The function of Borrow My Tools sales assistants is to help the customer in any way possible. 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 has the mission of exceeding every customer’s expectations.
Borrow My Tools is an exciting new concept that recognizes the competitor’s customer service short comings and leverages Borrow My Tools’ phenomenal customer support to address the market niche that wants a positive experience and needs assistance with their lease or rental. 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’ mission is to offer the finest selection of home improvement tools for the San Mateo Community. Borrow My Tools will support the tools with the finest customer service. All customers will be met with the highest level of customer service.
Keys to Success
- You should have a sufficient supply of high-quality tools that are kept in good condition.
- All staff should be extremely familiar with all tools.
- Maintain tight inventory and accounting controls to reduce overhead and ensure availability.
Ziele
- To rent 70% of the tools by month seven.
- By the end of year 2, you can be profitable
- By year 2, you will be able to generate self-sustaining income.