Quick tips: pricing loan boxes
Penny Ritchie Calder, 15.06.2017
Maintaining resilience in a competitive market requires financial astuteness
- Look at other loan box schemes in the region and keep pricing within a similar range.
- If your scheme is large enough, offer annual membership subscriptions which are cheaper per box than a pay-as-you-go arrangement. This brings guaranteed income and helps with budget planning.
- Be flexible about pricing to suit particular circumstances or to attract new users.
- Offer choices on length of loan – from one week to a full term.
- Returnable deposits are time-consuming to administer, so if necessary factor insurance cover into the fee.
- Charge a penalty if boxes are returned late.
- Consider whether volunteers could help to run the service. Many museums use this model very successfully.
- Regularly review viability and try to anticipate peaks and troughs of demand and funding.