A coin laundry business plan is one of the easier documents to create because it describes a known need and the financial model you'll need to prepare has mostly basic inputs. The important factors in the document for a coin laundry are the location you'll occupy (how many people can it serve?) and the net profit the venture can claim after paying for all of its overhead, including things like machine maintenance, which can sap revenues. Of course, a well-run laundromat also experiences some neat upsell opportunities. High-margin necessities like detergent, dryer sheets, and softener can be sold from vending machines at a tidy profit, as can basics like soda, candy, and coffee. The best questions to answer in your coin laundry business plan are these:
• Where are the nearest competing laundromats?
• How many washers and dryers will you have on-site?
• What are the ongoing OpEx?
• How long a lease will you sign (or will you seek to own a building?)
• What are the personnel needs?
• How will you use the capital you raise?
Typically a lending document, the business plan for a coin-op laundry station will only need to show a three-year financial forecast to meet the standards set up by the SBA and regional banks. The model should show how you will allocate the seed money, followed by the all-important first year in a monthly detail. Cash flow, revenue, profit and loss, balance sheet, and a break-even point should all be shown. MasterPlans can help develop the market analysis or take the entire financial plan off your hands. Our team of experts has worked on dozens of laundry companies since 2002 and we'd be happy to assist you. Call a consultant at 877-453-2011.
