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Neighborhood Tool Sharing Company

There are many ways to get the tools that you need. You can buy them, one by one until you have a complete set. You could go in debt and buy the largest possible set. But what if you need a 5/16-inch wrench, right now? You go to the neighborhood tool sharing company, pay a nominal rental fee and rent the wrench you need.

What skills or education do I need to do this?

A genuine love and enthusiasm for tools will go farther than a degree in this line of work. You also have to be able to relate to people. Not everyone is going to know the exact name of what they need. Some of them are going to describe what they need and will have to figure out what tool it is they want. Expert customer service, a little detective work and a true love for tools are also important. You would also benefit from some management training and some business classes.

What is my competition?

Other than the inexpensive tool sets that people can buy at certain stores, you will have virtually no competition. Not everyone is going to need a certain tool more than once in their entire life.

What will my initial investments be?

You will have to invest in the building and the inventory. You will also have to invest in insurance to protect the tools that you are loaning out to people against damages and the tool that never gets returned.

What are the biggest risks?

Other than the loss of a few insured tools, the biggest risk of this venture will be at the beginning when people are first coming in and letting others know about your business. Advertising can generate only so much attention that eventually you will also need word of mouth.

Where will this work the best?

This idea works virtually everywhere- people do not always have the tools they need for every project. Even people who do have tools will not always have the correct one. There is no need to buy something if you can rent it instead.

How is it green?

By eliminating the need for new tools to be bought, we save resources. The fewer tools that are bought, the fewer will find themselves in the landfill during the next home improvement job.

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