A convincing business plan will increase your chances of securing financing for your coin laundry business. This article will explore the fundamentals of a good business plan.
7 key elements of a basic business plan outline:
Executive summary
This section contains the highlights of your business plan. State the objectives, mission and keys to the success of your business. Be precise and clear.
Company background
Include information such as ownership, a start-up plan, location and facilities. Highlight the strengths of each point.
Products and services
Add details on how you are going to differentiate your laundry service from other similar operations. An objective competitive analysis would help your case.
Market analysis
This segment will show your knowledge of the industry. You would need to include information on market segmentation, needs, trends and growth as well as industry analysis. You could also highlight the low risk factor of the coin laundry business – not typically affected during recession as the service has become a necessity among urbanites.
Strategy and implementation
Define how you are going to attract and retain customers. Provide a specific timeline and targets to track results.
Management summary
Describe your organization and its personnel. Highlight relevant backgrounds and experience of your managers.
Financial plan
Provide projections of 3-5 years for start-up expenses, profit and loss, cash flow and revenue. Do not under or over-estimate your numbers. Consult an industry expert on this if you are new to the business. Don’t forget to include an exit strategy for your business to show that you have good foresight to plan for the future.
