This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. Step 4: Create a Business PlanĮvery business needs a plan. Therefore, it’s important to carefully consider your choice before you start a business entity. Once you pick your company name, and start with the branding, it is hard to change the business name. Your business name is one of the key differentiators that sets your business apart. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these.įinally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips. Use online tools like the Step by Step Business Name Generator.Avoid location-based names that might hinder future expansion.Name should allow for expansion, for ex: “ProTools Rentals” over “Lawn & Garden Tool Rentals”.Including keywords, such as “equipment rental” or “tool rental”, boosts SEO.Ask around - family, friends, colleagues, social media - for suggestions.Name should be relevant to your product or service offerings.Names that are easy to say and spell tend to do better.Short, unique, and catchy names tend to stand out.Here are some ideas for brainstorming your business name: You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals. Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. Ready-to-use space with no major renovations or repairs needed.Flexible lease that can be extended as your business grows.Ventilated and spacious, with good natural light.Central location accessible via public transport.When choosing a commercial space, you may want to follow these rules of thumb: You can find commercial space to rent in your area on sites such as Craigslist, Crexi, and Instant Offices. But as your business grows, you’ll likely need to hire workers for various roles and may need to rent out a storefront. In the early stages, you may want to run your business from home to keep costs low. A busy commercial district or an industrial area with a high concentration of construction and repair businesses could be a good option. Choose a location with high visibility and easy accessibility for your customers. Location may prove crucial to the success of your tool rental business. You should spread out your marketing to include sites like Instagram, Facebook, and LinkedIn. Your target market will be mainly homeowners doing DIY projects. Remember, the prices you use at launch should be subject to change if warranted by the market. Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Your ongoing costs will be low, so you should aim for a profit margin of about 90%. Check your local market prices to make sure you’re competitive. An average price might be about $30 per day. Prices for tool rental vary based on the type of tool. How much should you charge for tool rental? Heavy equipment for the construction industry.You could rent any number of items including: What? Determine your products or services This could jumpstart your word-of-mouth marketing and attract clients right away. You might consider targeting a niche market by specializing in a certain aspect of your industry, such as tile installation equipment or discounted small hand tools. With annual revenue of $219,000, you’d make an outstanding profit of $197,000. As your brand gains recognition and you get referrals, you could rent 20 tools a day. This would mean $50,000 in profit, assuming that 90% margin. In your first year or two, you could rent five tools a day, bringing in nearly $55,000 in annual revenue. Your profit margin will be high, around 90%. The average tool that you rent will be priced at about $30 per day. How much can you earn from a tool rental business? Setting up a business name and corporationĭown payment on a truck to transport equipment Startup costs for a tool rental business range from $6,500 to $14,000. How much does it cost to start a tool rental business?
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