Tools Rental Business Plan

Borrow My Tools

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Company Summary

Borrow My Tools is a CA registered S corporation. Registration took place in January of 2004. The main shareholder is Josh Taylor. Borrow My Tools offers a range of home improvement tools which may be rented for intervals of less than one month and leased for intervals of more than a month. Tools will serve both individuals interested in improving their home as well as handymen.

Start-up Summary

Borrow My Tools will incur a variety of expenses associate with the start up phase of the business. Some expenses will be equipment related, for inventory as well as for operations. Other expenses will be from service providers used to assist in the development of operations. The following is a partial list:

Service providers

  • Attorney: Corporate formation.
  • Accountant: PeachTree set up including inventory module.

Inventory equipment
Assorted range of all the tools that will be rented. For a current complete list of the available tools please view the Services section.

Computer system

  • Three workstations with Microsoft Office licenses
  • PeachTree Accounting with network access
  • Two laser printers
  • Broadband Internet connection

Retail space equipment

  • Assorted shelving units
  • Three desk-based work areas
  • Assorted light fixtures

Repair area
Variety of tools for maintenance and repair of the tool inventory.

Start-up Funding
Start-up Expenses to Fund $8,400
Start-up Assets to Fund $126,600
Total Funding Required $135,000
Assets
Non-cash Assets from Start-up $60,000
Cash Requirements from Start-up $66,600
Additional Cash Raised $0
Cash Balance on Starting Date $66,600
Total Assets $126,600
Liabilities and Capital
Liabilities
Current Borrowing $0
Long-term Liabilities $70,000
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $70,000
Capital
Planned Investment
Investor 1 $65,000
Other $0
Additional Investment Requirement $0
Total Planned Investment $65,000
Loss at Start-up (Start-up Expenses) ($8,400)
Total Capital $56,600
Total Capital and Liabilities $126,600
Total Funding $135,000
Start-up
Requirements
Start-up Expenses
Attorney $3,000
Accountant $4,000
Brochures $500
Insurance $150
Rent $750
Total Start-up Expenses $8,400
Start-up Assets
Cash Required $66,600
Start-up Inventory $0
Other Current Assets $0
Long-term Assets $60,000
Total Assets $126,600
Total Requirements $135,000

Company Ownership

Borrow My Tools is an S Corp owned primarily by Josh Taylor.

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