Why are many people who want to own their own businesses drawn to the idea of laundromats? It’s probably not a love of washing clothes. Making Sense of Cents reports that 95 percent of laundromats succeed and that the average profit can be between 20 and 30 percent. With numbers like that, it’s easy to see why savvy entrepreneurs who are eager to clean up are exploring how to write a business plan for a laundromat.
A strong business plan can serve multiple purposes. For starters, it assists you in organizing your thoughts. Perhaps more importantly, it demonstrates your confidence, commitment, skill, and preparation, and it aids you in convincing investors and lenders to back you. There are several things to think about as you create a business plan for a laundromat.
For any business, including a laundromat, a great location is vital. You’ll need a visible spot with lots of traffic in a safe area. It also helps if there’s plenty of parking nearby. In addition, you must have generous access to utility hookups, including water.
Any guide offering advice on how to write a business plan for a laundromat will note that you must indicate what type of equipment you plan to have in your facility. Most will focus on whether you want to use coin-operated machines, card-operated machines, or a combination of both. While this is an obvious focus, it’s smart to be thorough. Don’t overlook other key equipment. Will you need computers to keep the office running smoothly? Are certain items needed to provide the services that you have planned?
Services and Amenities
Providing extra services and amenities can make your location more attractive and earn customer loyalty. Noting those services in this section of your business plan can persuade potential investors that you’ve educated yourself about your new industry. Items that might appear here include free Wi-Fi and vending machines for food, drinks, or laundry supplies. Wash and fold services for customers who want to drop off their laundry are also a popular option.
Staff and Hours
Anyone considering backing your new business will want to know how you’re planning on making it a success. The hours that you intend to maintain, your staffing, and the salaries that you’ll pay are generally a quick way for them to get a sense of whether you’ve really done your homework. Are the hours that you’re planning a good fit for your area? Do you have the right number of staff for the shifts? Are the salaries suitable?
Your pricing plan should reflect what you have to offer, your expenses, and the prices of your competitors. After reviewing the possibilities, where you decide to set the goal is your choice. You might aim to price your services on the lower end of the spectrum. You may target the top. Or, you may decide the middle of the pack is the best place. Your pricing plan should reflect that decision.
Branding, Target Market, and Competitors
Branding is a reflection of how you want your business to be perceived and the efforts that you make to create, deliver, and promote that perception. As you consider your brand, thinking about your target market, or your ideal customer, is crucial. What is the demographic, lifestyle, and motivation of the customers that you are trying to reach? What will appeal to them? You need to identify your target market so that you can be certain you’re aligning your offerings with their preferences. Meanwhile, you’ll also want to identify your competitors. Doing so gives you the chance to determine how you can stand out from the crowd.
Every business plan must include a financial assessment. Show a breakdown of the potential costs and a forecast of expected revenue.
Exploring how to write a business plan for a laundromat is an important step if you’re interested in opening one. While various templates are available online, it’s the effort that you put into creating your plan that matters most.
When you’re ready to start your laundromat, check out Laundry Solutions Company, a full-service provider of premium vended, on-premises, and multi-housing commercial laundry equipment. Since 1976, we have provided exceptional sales support, laundry design services, commercial laundry equipment (and leasing options), and laundry equipment service and parts. To learn more about our products and services, please call us at 800-383-9274 or online. We look forward to hearing from you!