Borrow My Tools is a start-up company in San Mateo, CA offering home improvement tools for lease or rental. The business is a California S Corporation with Josh Taylor as the primary shareholder. Borrow My Tools provides customers with a range of common home improvement tools and excellent customer service.
San Mateo has two market segments that are Borrow My Tools’ target customers. The first segment consists of individuals undertaking a home improvement project on their house. Some of these customers know exactly what tools they need, while others come to Borrow My Tools for expertise and guidance. This segment has 54,050 potential members and a 5% annual growth rate. The second segment consists of handymen hired to complete projects for clients. Due to high tool costs and the availability of leasing options, handymen are attracted to Borrow My Tools. This segment has 1,200 potential members and a 4% growth rate.
Borrow My Tools leases and rents a variety of tools categorized into wood, exterior, and assorted groups. All tools are of the highest quality and in outstanding condition. Borrow My Tools has a strategic relationship with a premier leasing company to provide leasing options. Leasing offers advantages such as access to the newest tools, no capital tied up, unaffected credit lines, and tax advantages.
Borrow My Tools’ competitive edge lies in two areas. First, the company emphasizes offering the highest-quality tools in each category and meticulously maintaining them. Second, Borrow My Tools provides benchmarked customer service, with sales assistants assisting customers in every way possible, including tool selection, proper usage, and job completion suggestions.
Borrow My Tools addresses customer service shortcomings in the industry and aims to provide a positive leasing experience with exceptional customer support. With a comprehensive rental business plan strategy, Borrow My Tools intends to gain market share and become a profitable venture.
The mission of Borrow My Tools is to offer the finest selection of home improvement tools in the San Mateo Community, supported by excellent customer service, and aims to exceed customer expectations.
The keys to success for Borrow My Tools are maintaining a sufficient inventory of high-quality tools in excellent condition, ensuring staff are knowledgeable about the tools offered, and implementing strict inventory and accounting controls to reduce overhead while assuring availability.
The objectives of Borrow My Tools are to achieve 70% tool rental by month seven, reach profitability by year two, and achieve self-sustaining revenue by year two.
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