LAUNDROMAT BUSINESS PLAN TEMPLATE
Everyone understands how important hygiene is. Hygiene is a practice that is considered very seriously in our society; if not for anything, but the sake of one’s health.
Doing laundry is part of our hygienic practice routine which is quite important, and which one has to always give attention to.
However, as our society grows, a majority of us have become too busy to find the time to do our laundry by ourselves; this where the services of a Laundromat come in.
If you are very interested in starting up a Laundromat business (from the name, laundromat/self-service), I would strongly want to believe you must have carried out your research on the necessary preliminaries which must be undertaken before getting started.
If you have already undertaken the necessary preliminary steps, by now you must be in a very good position to write a business plan for your Laundromat business.
Here is a sample business plan for starting a card or coin-operated laundromat business.
Laundromat business is a full-scale universal laundromat service that details washing, drying, ironing and folding. In the Laundromat process, we use state of the art laundromat machines and technologies to provide customers with premium quality laundromat services at a competitive and affordable price.
The current speed of technological advancement makes the timing for Laundromat just right.
To provide innovative and customer friendly laundromat services.
Competitive priced convenient user friendly professional services.
The increasing demand for laundromat services in our fast track world and our passion to satisfy this demand has prompted us to start Laundromat. This idea was materialized when we found a convenient location for our business after several months of searching.
This is not to deemphasize our professional knowledge and expertise which has made Laundromat a hot-selling business opportunity with immense potential.
Currently, we have a shop at 57 Avocado market were we process laundry. This Laundromat business generates a monthly average revenue of $4,500. Of this value, the shop generates an average profit revenue of $2,500. Looking at the growth potential of the coin-op Laundromat business, it would just be sensible of us to expand and grow our business.
Our growth, in this case, is highly dependent on the injection of additional capital into the business. This is why we are seeking an additional $150,000 in loan financing. This loan will be settled by the cash flow from our business at Avocado street market and from and our expanded laundromat business.
The business assets will be used as collateral for the loan along with the steady stream of income it brings with an additional $75,000 initial down payment.
Our professional experience is a highly required add-on.
Products and Services
As mentioned earlier, we use the latest and high-quality laundromat machines and technologies to provide you with a full- service laundromat service. We have 38 washers and 24 drying machines to meet the high demand of our customers in record time and at a competitive price.
Our wide range of services includes, but is not limited to washing, drying, folding (optional), game arcade, laundromat supplies, and retail household products.
With development comes more work. People are so engaged that doing their laundromat now poses a very serious issue. Virtually everybody wears clothes so consequently everybody needs to do laundry.
We prospect our attractive package would bring our way customers of all ages and from all works of life. For every branch that we set up, we expect our customers to come from the remote vicinity of the shop.
Customers will come with their laundromat to the shop, which will be more or less a recreation center, give the laundromat for processing and leisure out their spare time while they wait for their clean cloths. Even though there are a lot of businesses offering laundromat services, we add the value of premium quality services at competitive rates.
One of the best methods of advertising is through word of mouth. We are still planning a newspaper ad campaign.
However, we intend to market our services through a referral system. Where 2 free washes are awarded to any person who refers another to patronize us. Also, any referred new client is given an introductory free wash.
Another attractive factor will be the clean environment, friendly and prompt services and needless to say reliable machines we will be using.
Management Team Overview
The management of Laundromat is headed by a very innovative person with extensive experience in leadership and managerial skills.
Unlike most laundromat businesses, Laundromat as an onsite maintenance team to make sure all machines are maintained in optimum conditions. This is to take care of time lags that may be created as a result of broken machines and ensure prompt services for all customers. This team will also double as warm, friendly customer’s receptionists.
Dr. Erab Chong the founder and chief executive officer of Laundromat global is a hard-working, ambitious and philosophical leader and businessman. He possesses a vast experience in business, retail sales, and internet marketing. These attributes make him uniquely qualified for the job of propelling the business forward at a fast rate.
Over the years he has founded and exited several businesses ranging from offline retail businesses to online businesses.
As you can see, this article is not a detailed business plan for Laundromat but a form of an outline to guide you through a Laundromat business plan.
In this section, this is where you present your financial projection figures. It is very important because this is the section that investors or lenders will look to, to convince them of the genuineness of your business. Here your annual financial reports will be shown alongside your projections for at least three years.
Tables and Charts
Your market strategy, SWOT analysis, financial analysis all will require charts and tables. Save all your tables in creating a laundromat business plan for this section.
Since cash flow is the numerical value with priority, a section has to be created for it so that it is well presented for easy assimilation.
BUSINESS NAME: New York City Laundromat.
- Executive Summary
- Our Products and Services
- Vision Statement
- Mission Statement
- Business Structure
- Market Analysis
- Sales and Marketing Strategy
- Financial Plan
- Sales Forecast
New York City Laundromat is a Laundromat business that has been fully registered to operate in New York City, United States. We will be very focused on offering our quality services to our customers not only in New York but in the entire United States.
We are in this business to make profits; hence we will do everything to get to our goal. To start up this business, we will require a total of $1,000,000 which will be sourced from the owner, Thompson Philip, his family members, and from his bank.
Our goal in the industry is to become the number one choice for customers who need Laundromat services. We will do well to provide our customers with quality products and services.
OUR PRODUCTS AND SERVICES
New York City Laundromat is a registered and standard Laundromat business that will be well-positioned in the industry to become the number one Laundromat business in the United States. New York City Laundromat will be located in central New York City, United States. The following are the products and services which we will be particularly interested in providing our customers:
- Dry cleaning services
- Self-service washing
- Folding and packaging of washed and ironed clothes
- Coffee bar
- Home Delivery services
- Open Wi-Fi services
Our vision in the industry is to become the number one choice for customers who need Laundromat services all over the United States. Our sole aim of being in this Laundromat business is to make profits, thus we will do everything possible to make sure of that.
Our mission in this business is to position our business as a reputable Laundromat business which will not only be very interested in providing for the needs of its customers but even surpass every expectation at their hearts.
New York City Laundromat will become a business that will be specially groomed into the number one Laundromat business in the United States. Therefore, we will take very seriously anything that will help us put our business into that position. One of such things is to have a very strong business structure. We will ensure to fill the following positions of our business with experienced, determined, honest, and hardworking employees:
- Chairman Executive Officer (owner)
- Accountant / Cashier
- Laundromat Attendant
- Marketing Officer
- Coffee Café manager
- Security Personnel
In the United States, it is not uncommon to find Laundromats include additional services to what their businesses offer. Some of these companies offer coffee services or any other supplementary service which can still go along with the business offerings.
The following groups are what we have found to make up our target market:
- Business Owners
- Busy individuals, and corporate executives
- Visitors / Travellers
- Sport Clubs
SALES AND MARKETING STRATEGY
We have been able to seek the advice of sales and marketing experts to help us draft out the most suitable sales and marketing strategies to employ in our business. However, we will ensure to provide only quality products and services and make sure to provide a standard and safe facility for our business. The following are the various ways we will make sure to promote our Laundromat business and take hold of the market:
- To start with, we will make sure to open our Laundromat business in a grand style by throwing a party and giving out a free trial to all customers for the first week.
- We will make sure to distribute our business cards, flyers, and brochure to all of the various groups who need the services of a Laundromat business.
- We will make sure to station our billboards at strategic locations within several cities in the United States.
- We will promote our business by advertising on local newspapers, radio and TV stations, and on social media sites such as Twitter, Facebook, and Instagram.
- We will establish employee and customer loyalty packages to reward and encourage our employees and our customers
Source of Startup Budget
A total estimated amount of $1,000,000 is what we will require to fully launch our Laundromat business in New York, United States. This figure is based on thorough research and a feasibility study that we were able to carry out.
This figure is as high as this simply because we will also be offering coffee services.
A large part of the startup budget, totaling $600,000, will be sourced from the owner’s bank. The other portion, however, will be sourced from the owner’s savings and his family members. The owner, Thompson Philips, has so far contributed a total of $250,000, while the final $150,000 will be sourced from his family members.
Below is the sales forecast for New York City Laundromat for the first three years of startup. This sales forecast is a calculated estimate which is based on thorough research on available data in the industry. It will provide us with the necessary guidance to help us achieve our financial goal.
First Fiscal Year $100,000
Second Fiscal Year $150,000
Third Fiscal Year $200,000
Above is a laundromat business plan sample. This business plan sample, however, has used ‘New York City Laundromat’ as the business name. The business will be located in New York City, United States, and it will be focused on delivering its services to customers not only in New York City but all over the United States. Mr. Thompson Philips will be the owner and CEO of the business.