The saying goes, every battle is won before it is ever fought. Perhaps more simply put, planning matters. It’s a true statement in most areas of life, including the laundromat business.
While there’s excitement and a desire to jump in quickly with any new business opportunity, a slow, methodical course is far more prudent. Bottom line – have a plan. Here are some thoughts on crafting a solid business plan for your laundromat project.
This is a short and sweet overview of your laundromat. Think about the big picture and give a top-level view of your new laundry business. This is among the first things people will read — particularly potential financial investors — so it has to be informative and attention-grabbing to get others to believe in you and your business.
Things to consider including in the executive summary:
- The specific purpose of your business plan: to obtain financing or start a business partnership.
- A summary of your laundromat, including how it will solve a need in the community and descriptions of all products and services offered at your laundromat — from soap/detergent sales to fluff-and-fold services.
- Big-picture goals and financial projections.
- Your laundromat’s mission and vision statements. Spend some time creating these and use them as a guide for all future business decisions.
Similar to an “About Us” section or profile you might read somewhere online, a company overview answers all the basic questions and shares main details about your business, including:
- A brief history of when and how your laundromat got started.
- Location and business hours. Some laundromats operate on a 24-hour model while others have more limited hours of operation — what will yours be and why?
- The legal structure of your business (generally an LLC or partnership for laundromats).
- Other important details or statistics that set your coin laundry apart from others in the industry.
Check back for part two of our tips for creating a solid business plan.