Reading Museum

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.