In our last blog post, we introduced the starting points to a solid business plan to make sure your laundromat business gets off on the right foot. Below, you’ll find the rest of our business plan tips. Missed part one? Click here to catch up before getting the rest of the story.
Market & Competitor Analysis
Market & Competitor Analysis Savvy business owners spend a significant amount of time digging into their industry and learning the ins and outs. Showcase your knowledge of the industry and competitors in the area. Give a basic overview of the market and define your target audience in this section.
A few things you might want to include:
- An overview of the laundry industry and future outlook. It is good to include statistics, charts and graphs in this section.
- Trends and innovations that are currently impacting the laundry industry, such as app-based payment systems, eco-friendly features and other laundry technology.
- A detailed description of your target audience and demographics. Are your laundromat location and services ideal for reaching this group?
- An evaluation of surrounding competitors. Consider a full SWOT analysis (strengths, weaknesses, opportunities, and threats) to help determine where your business both exceeds and has room to grow. Think beyond other laundromats and consider multi-housing laundry options, dry cleaners and full-service fluff-and-fold businesses that may also be capitalizing on your customer base.
- What commercial laundry equipment you’re using and why. What makes it a better fit than other key brands on the market? (You can learn more about what makes Huebsch commercial laundry equipment special here or see our video below.)
Organization and Management Team
This section is where you dive into your laundromat’s organizational structure and key players. Dive into putting people in the right roles as potential investors and business partners look to support your team.