How do you prepare a laundromat business plan?


Quick Answer

Prepare a business plan for a laundromat by creating an executive statement that explains the purpose and goals of the business, conducting research on other laundromats in the area to understand market competition and creating a list of initial and recurring expenses. The plan should also have sales projections that factor in maintenance and growth costs, as well as a marketing plan for generating customers.

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Full Answer

The business plan for a landromat should begin with a section explaining the goals and purpose for the company, which should also highlight its unique value proposition. This is the aspect that sets the business apart from other companies, such as 24-hour service or having free wireless Internet access. It may be necessary to conduct competitive research in order to choose a value proposition that fills a specific gap left by the other laundromats nearby. Competitive analysis also helps create realistic growth projections and expansion plans, which should also appear in the business plan.

The plan also needs to contain the startup costs of the operation, including renting the operation space, purchasing the washing machines and dryers, and obtaining the appropriate licenses and permits from the county. Business plans also need to include data about the monthly operating costs of the business in order to make revenue projections about obtaining profitability and paying back any pending business loans. Another important section is the marketing plan, which includes specific actionable steps to promote the company, such as television commercials or special events.

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