The finer points of a laundromat business plan

If you’re thinking of opening a laundromat, you need to start with a well-written business plan. A business plan should be your first step — before scouting potential laundromat locations, securing financing, or any other step in the process.

Why? Because your laundromat business plan is your guide throughout the entire process of opening your laundromat. It helps make sure you’re on the same page as your employees, business partners and anyone else you may connect with during the process (laundry distributors, lawyers, financial advisers, etc.)

Business plans are important documents and help you:

● Prioritize goals, objectives and action items as you start your coin laundry business.

● Secure financing. No one wants to invest or loan you money if you don’t have a solid plan.

● Make smart business decisions throughout the process.

The next question is how to write a business plan for your laundromat and what to include. We’ve put together a few of the key elements of a solid laundromat business plan.

Executive Summary

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.

Company Overview

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.

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