Business Plan and Financing

It’s important to create a business plan that ensures you and your lender that you have enough cash flow to service the debt and have enough left over to make the venture worthwhile. Most financial institutions will require 30% down.

Some of the main points to consider when you are creating your business plan are: the reasons for going into business, describe the coin laundry store you have chosen and the criteria used to select this store, a current Profit and Loss statement for the store and a simple cash flow statement.*

To move ahead you will probably need to obtain financing. Preferably this is done with the assistance of your full service distributor partner. It is also helpful to work with a financing organization that has had experience with financing coin laundry operations or at least small business.

Don’t let customers leave because they are standing in line. Design for your peak periods, traditionally shown to be Friday through Monday.

The most common mistake is not having enough drying capacity. A good ratio to plan for is one washer to every commercial tumble dryer. A tip for saving space is to utilize stacked commercial tumble dryers instead of single pockets. Stacked commercial tumble dryer allow you to get two commercial tumble dryers in the space of one opening.

With numerous control platforms and activation options available, don’t limit yourself by selecting the lowest cost option only to find you have eliminated features that will increase your store’s marketing flexibility and customer appeal over the life of the equipment.

Find a distributor partner that can provide three dimensional views that allow you to picture what your store will look like before it is built.

To learn more read: Finance