Starting or expanding your coin laundry operation will require financial investment. There are many ways to secure the fund you need – you could take up a bank loan, borrow from family and friends, or even try crowdfunding.
Whatever method you choose to use, you’d still need to convince your potential investors that your business plan is viable and would give them a good return for their money. Here are 3 important tips to make a good pitch:
- Don’t oversell
Have you seen a fantastical advertisement that makes you not take a product seriously? Yes, overselling your business proposal has the same effect. It is fundamental to be realistic about your business model and its potential. You need to present solid and detailed actionable plans in your proposal to show that you have indeed thought through this venture.
- Optimal pricing
Pricing affects profitability. Your business proposal will need to include pricing of your coin laundry services. You need to set a rate that people in the neighbourhood you choose to operate in are willing to pay. A reasonable and market-relevant pricing can be obtained through comprehensive competitor analysis. You also need to justify your pricing based on your coin laundry’s Unique Selling Proposition (USP).
- Risk vs. Return
The most important thing that a business investor wants to know is the Return on Investment (ROI). This parameter must be measured in tandem with your business risk. When presenting this section of your coin laundry business plan, focus on facts and numbers based on current market trends. Realistic data definitely makes a more convincing case compared to just empty promises.
No one will part with their money to invest in your coin laundry business if they are not convinced that it will have a decent chance of being successful. Hence, you need to craft your business proposal based on a well-thought plan supported by relevant market data and trends.
If you need further guidance on starting your coin laundry business, contact PLE Laundry Equipment Sdn. Bhd. for a consultation session at 016 – 262 2965 or 03 – 5633 6405.
