The Laundry BizThe Laundry Biz

by The Laundry Biz

Having a plan is always helpful. Whether going on a road-trip or saving for retirement, having a plan can make a big impact on the outcome. For a small business, having a business plan is critical. Whether buying an existing laundromat or building a new one, make sure you have a solid laundromat business plan ready to go.

Laundromat Business Plan Success

It Is A Roadmap For Success

A comprehensive laundromat business plan is great for finding potential opportunity. While researching the details for a business plan, you will uncover things that will lead to new ideas. Info about customer demographics will help in deciding if a location has potential. Research on competitors might uncover new ideas for business operations, signage, or new services to offer. It can also identify weaknesses in the competition that could be turned to your advantage.

A well-rounded laundromat business plan will also include current laundry industry trends. These could be things like cash-less laundromats, 24-hour laundries, or the phasing out of top-loading washers. You might learn about new amenities or income-generators to add to the laundromat.

Most importantly, a good laundromat business plan will include the financial details needed to determine if the business is even worth buying or building. A Profit and Loss statement might also identify where money could be saved on expenses. We have seen plenty of laundromat profit and loss statements where the issues were blatantly obvious. These factors can lead to an buying opportunity when an owner is selling a business that they could have turned around. Sometimes, a mediocre business just needs a fresh set of eyes to see what is going on.

A Laundromat Business Plan Can Help Identify Problems

Identifying potential issues is even more important than finding opportunities. We have run across many red flags when putting together business plans. One time we discovered a lease announcement for a new competitor that was being built a half-mile away while researching the lease-space for a current laundromat.¬†We have discovered trends in city records where a neighborhood demographic was changing, or a new development was planned which would fundamentally change the customers’ access to an existing laundromat.

You might discover that a store is over-staffed or under-staffed when doing an analysis, . Or you could find out that another laundromat has a similar name that customers are confusing with your location. Yes, we’ve seen that before. And when the other location has a 2-star Yelp rating, it can really hurt your own business.

Laundromat Business Loan

Crucial For Bank And Investor Loans

Many people are saying that business plans are a thing of the past, but don’t tell that to a lender. Almost every lender will ask for your laundromat business plan, whether it’s simple or something more comprehensive. A well thought out plan will tell the lender a few important things:

  • The laundromat is financially healthy
  • There is either stability or opportunity for growth
  • An overview of the competition
  • You are serious enough to have researched the business

Some lenders will go through your entire plan… others might just flip to the financials. Either way, a comprehensive plan will convey the message that you have thoroughly researched a business in detail and are serious about making it a success.

Laundry Business Plan Template

A Free Laundromat Business Plan Template

We have seen some pretty simple business plans in the deals we’ve done. There are also deals that can be finalized with no written plan at all. It can take a fair amount of time to write out a detailed laundromat business plan. However, you will discover most of the important information anyway while you perform the due diligence for the business. If you already have the details, it only makes sense to put them into a good laundromat business plan.

We have put together a sample laundromat business plan that you can download for free. This is a format we have used many times, and is a good example of what a typical laundromat business plan looks like. You are welcome to use it for your own purposes. Just swap out the sample information with the details for your particular deal. Add your own unique photos and personal information and you are done.

If you would like to receive a copy of our laundromat business plan template, simply go to our homepage and subscribe.

The Laundry Biz
About The Laundry Biz
We help people interested in learning more about the laundromat business and can answer all questions big and small about getting into the business and running a successful operation.

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Laundromat Business Plan: Don’t Start Without One!