The ToolGym for Woodworking

Categories: GymHobby

A gym-like facility and atmosphere provides access to the tools and expertise necessary to allow anyone to pursue their interest in woodworking. We solve the problem of niche woodworking tool availability and variety and eliminate the common barriers to entry in pursuit of these interests such as personal time, space, and money.

Business Summary

Operating under a similar guise as a gym membership or cloud computing model, the user wants access to assets without acquiring, setting up, and maintaining the equipment.

Initial Product Offering:

We will provide all access to the tools, workspace, storage, and expertise for woodworking hobbyists and professionals under one roof. Our pilot will consist of one location, strategically-positioned, whose benefits offer high density of target demographic as well as ease of materials access.

Customer Problem/Target Market

The ToolGym solves the problem that exists with any expensive hobby: The resource utilization typically does not commiserate with cost. Much like SaaS models in technology, ToolGym solves this issue with a consumption-based model that commoditizes time, money, and accessibility for the woodworking hobbyist.

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Our target market is the trade craftsman and fine woodworking segments where the cost-to-utilization ratio unbalances exists.

Management Team

Our executive team has extensive experience in developing companies from incubation to exit or sale with deep domain knowledge of the trade craftsman and woodworking industries.

Our finance expertise is based on years of financial strategy consulting deeply rooted in emerging markets and hypergrowth opportunities.

Our sales and marketing team is highly skilled in direct and indirect (channel) sales strategies and leverages a wealth of market analytics expertise to execute market entry and sales growth initiatives.

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Our Customers

The woodworking hobbyist who is constrained by the time, space, and money required to own and maintain a workspace to tackle significant woodworking projects.

The woodworking beginners – those with entry-level skills but the desire and resources to pursue.

The trade unions in need of a training facility or apprentice program as well as schools that have carved out shop classes but have an interested audience of students.

Sales Strategy: Full immersion into the woodworking hobbyist culture using positioning (location) and partnerships (with fine/rare woods and finishes suppliers) that will add instant credibility to the services – resources we deliver.

Marketing Strategy

  • Classes for beginners
  • Partnerships with suppliers, storage facilities, and industry trade shows
  • Storage for projects in progress

Competitors

Every hobbyist garage and/or home woodworking space within our target demographic.

Competitive Advantages

Exclusivity:

  • The ToolGym will offer a line of unique tools and tool accessories that can only be used and/or purchased at The ToolGym (i.e., Miter boxes, jigs, decorative molding templates). The Craftsman Tool model.
  • Partnerships with fine woods and craftsman stores, given their limited supply, adds immediate credibility and exaggerates the importance of being first to market.

Risks:

  • Inability to grow membership
  • Liability; Insurance requirements necessary
  • Highly skilled labor
  • Target audience messaging
  • Space and tool use optimization

What we need

  • Phase 1: $225,000 for 20 percent equity in the ToolGym
  • Equals 12 months of operating expenses
  • Cash flow positive at 13 months

Cite this page

The ToolGym for Woodworking. (2019, Dec 09). Retrieved from https://studymoose.com/the-toolgym-for-woodworking-essay

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