Rentthatbook.com is a concept derived from personal experiences throughout college-life. Students have long faced an economical and academic dilemma when it comes to purchasing books for courses due to constraints on their ( and their parent’s) wallets. Most bookstores in the retail industry are located within the vicinity of the university, and they tend to overcharge students due to the nature of convenience and supply of much need books.
Through research and surveys, the partners of this concept have found that there is a market for the implementation of a rental book store for students in the university/college setting, who are looking to purchase a book, but only for their semester term. Since most book stores within the university offer their books at full retail price, and may sometimes gouge the price because they are aware that the students are in dire need of the book, we feel that we can offer the book that they need at a price of a small percentage of the retail price, and they can return the book after the semester.
Giving students this option will invariably change their purchasing behavior, and allow us to contain a stronghold on the market of university bookstores, and will relay great profits to the establishment, while building a buzz throughout the national university community. We also offer a web-based retail establishment for those who chose that channel of purchase. This site will offer customers information on price comparisons, shipping fees, database of order information, etc.
Supply Availability: Offering to the customer those supplies of books which will always be in stock according to the number of students that are enrolled for each course.
Prices: Rentthatbook.com will have very low pricing as compared to the current brick and mortar bookstores on campuses due to our format of just renting the book for the semester, as well as having competitive prices with the current online suppliers of course books.
Location: Our store is located inside a university/college, which will provide convenience to students. The building is well located, spacious, easily accessible, and also serves beverages, snacks, and educational accessories such as: university apparel, paper, pens, and various school supplies.
Rentthatbook.com is a book rental supply store that will stock primarily books that college students will need throughout the semester term. The store will also carry various items for matter of convenience when it comes to schools.
The younger, new students are the book purchasers. They rush to bookstores on the first day of school. We want to make them aware of an easier, less costly way to obtain books. Transitioning students are primary targets because we want to change the mentality and process of obtaining college books. Once they become aware of the ease of renting books instead of purchasing them, we will have obtained loyal customers for the next 4-5 years.
Actual purchasers of first time college students
We need to explain the concept and show good customer service to impact revenue
Merchandise offered: College Textbooks, High school Textbooks, and school supplies offered at bargain prices. Twenty-Three subject areas Customer Services Offered: We offer both personalized and standardized approaches for customer convenience. We also emphasize responsiveness.
Facilities: We operate as a click-and-mortar store offering flexibility to all our customers. Location: Physical location in Chicago, IL. Also on the web at www.rentthatbook.com Located in the central business district (CBD) of Chicago, in between many universities. Pricing: The principle product we offer are markdowns. Each and every product contains special discounts for the purpose of affordability of all students.
Promotion: We offer special events to held during holidays aimed at raising awareness.
Employees: 10-12 seasonal employees at the beginning of each semester. Only 3 employees during off-peak hours. We also emphasize the a la carte plan. Offering rewards to employees for their achievements.
Controls: Monitoring of all employees, inventory, and visitors.
Debt financing for a local rent that book dot com, for initial startup, store lease, book inventory, Business licensing and insurance. Enticing points for investors, first we need to have great team of qualified and experienced industry professional who know how to sustain and expand a startup business. We will have a book store with free Wi-Fi. To generate more business, we will have keep coffee, snacks, ready to go and eat sandwiches, and juice bar. The more time customers spend in the store will turn to more revenue generated from not only one source.
Other options for books will be to rent at $4.99 per day, 3.99 times 2 days, and 2.99 times for 3 days. For 17.99 + rental period extends to week, savings of $294. For $4 dollar add rental insurance, in case of loss, stolen, or damaged return. We will provide the preferred rental card for the regular customers and they will get 10 percent off on their weekly rental. Main focus on low book rental fees and profit margin on other products at 50% to 75% mark up. Additional revenue will be generated from the rental book insurance.
Our funding request is to local bank to secure a 2 year lease and inventory purchase. The estimate is if you have 25 customers and each of them buys something for $10, and you have 250 per day and if we multiply that by 30 days we have $7500 per month. For a year we come up to be $90,000 generated. Our goal is to sustain and expand locally by providing a safe, secure, and friendly Book Rental Place.