Borrow My Tools

Start your own business plan »

Tools Rental Business Plan

! « Jump to the beginning of this plan

Services

Borrow My Tools offers the San Mateo community a wide range of tools that can be rented or leased depending on the length of time needed. Borrow My Tools will offer a bright, cheerful showroom. Customers will be greeted when they walk in and offered assistance. While Borrow My Tools rents tools, the real service is the attention that the customer receives. This takes the form of assistance in determining what tools are needed. The customer is then shown exactly how to use the tool and given plenty of tips to make them as proficient as possible. 

The tools are available for rent if the borrowing period is less than one month and are available for lease for periods beyond one month. Tools that will be leased/rented are grouped into three broad categories:

Wood

  • Radial arm saw
  • Drum sander
  • Sawzall
  • Router
  • Lathe
  • Planer

Assorted

  • Industrial cordless drill. This unit is rented with several battery packs
  • Nail gun
  • Air compressor. For use with the nail gun, paint sprayer, and pressure washer

Exterior products

  • Pressure washer
  • Paint sprayer. Also included is a roller attachment
  • Roto tiller

While this selection may seem eclectic, it touches upon the most demanded tools within a specific genre. While many different rental facilities have a wider selection, Borrow My Tools believes that they can better serve their customers by reducing the selection of leases and rentals and offering a far more knowledgeable and helpful staff regarding the specific tool. As the selection of the tools increase, staff members knowledge and skill of each individual tool decreases exponentially.

Borrow My Tools provides each customer with an instruction manual for each tool which includes how best to use it, maintenance instructions, and ideal applications for the tool. While customers are likely to find this printed information useful, the knowledge communicated by the sales staff will be even more helpful.

For leasing customers, Borrow My Tools has developed a strategic relationship with a premier local leasing company that will assist with the financials aspect of leasing. Borrow My Tools is also able to work with another leasing company if their preferred vendor is not able to assist the customer. Several leases are available, some that that provide a $1 buyout for the customer at the end of the term. Others leases keep the buy out price higher, effectively reducing the money payments. Leasing equipment for many different people is a very useful option. Leasing provides the following benefits:

  • Frees up working capital.
  • Protects  line-of-credit. Lease payments do not have an impact on bank credit line.
  • Eliminates obsolescence. Provides up-to-date equipment.
  • Gain tax advantages. Lease is tax deductible as a business expense.
  • Lower monthly payments.