Nation-wide Tool & Equipment Rental Centers points out on its website that it is not a franchise business. However, it can be attractive to potential franchisees because many processes are similar to what business owners go through when setting up a franchise. To start with, Nation-wide recommends that prospective owners have a minimum of $65,000 to $80,000 cash to invest in their own business.
What Nation-wide does is help others set up their own tool and equipment rental business. It identifies a need: Customers who rent tools and equipment for DIY and home improvement projects. After all, renting is usually more cost-effective than buying tools and equipment outright for a one-time project.
Nation-wide offers several advantages that aren’t always available with franchises. For example, your new business would get exclusive protected territory for 3 to 10 miles, and Nation-wide does a free on-site market analysis to test the feasibility of an equipment rental center there. It also helps you get the right insurance coverage and to set competitive rental rates for the tools and equipment you rent out.
There’s also a business preparation package with business cards, flyers, advertising, signs and more. You also get an operations manual that helps with customer service, inventory management and record-keeping. To help obtain SBA or bank funding, Nation-wide will also do your business plan. It does not ask for any of your ongoing revenue or charge licensing fees like a franchise might.
Potential business owners of Nation-wide doesn't need any specific experience. As long as candidates do their due diligence and understand the Nation-wide business, so they feel comfortable with it, they may be able to benefit from the training program and ongoing support. Nation-wide will approach banks for you and develop your business plan, which can be very helpful when transitioning to ownership of a new business or for the first time.
Another component of being an ideal candidate is the desire for diversification. For example, there are complementary opportunities such as small engine repair, truck and trailer rental, and landscaping. If you already own one or several of these types of businesses, then partnering with Nation-wide could be a good way to bring in more revenue. The same idea applies if you’re just getting started but would later like to branch out your services beyond tool and equipment rental.
Training And Support
Nation-wide Tool & Equipment Rental Centers offers a one-week training program and ongoing support to its franchisees.
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