Planning on starting a laundromat? Great call.
Starting a coin-operated laundry business can be extremely profitable due to its huge market size and growth potential.
Anyone can start a laundromat, but you need a detailed business plan for raising funding, applying for loans, and scaling it for good.
So, in this article—we’ll discuss what the laundromat industry looks like, steps to make your business setup process easier, and finally, how to write a laundromat business plan.
Before you start writing your business plan for your new laundry business, spend as much time as you can reading through some examples of cleaning & maintenance business plans.
Ready to get started? Let’s roll!
Industry Overview
According to IBIS World, the Laundromat industry is reported to be a 6 billion dollar market in 2023, with 19,375+ operating laundry businesses employing over 52960 employees in the United States.
Although a slight downturn in recent times, the coin-operated laundry market is expected to grow at a compound annual growth rate (CAGR) of 9.4%.
These laundromats are a great help for students, professionals staying in dorms, or anyone who doesn’t have time to do their laundry—so it is a no-brainer that it could be a potentially profitable business venture.
Additional services like pickup and drop facilities can be an added advantage to your business, as it increases convenience for your consumers.
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Things to Consider Before Writing a Laundromat Business Plan
Pick a convenient location
A convenient location is central to your business’s success. The location should be close to hostels, dorms, or apartment complexes to make it easier for your customers to access your service. After all, who would want to walk miles with all that heavy laundry?
Decide upon additional services
Coin-based laundries are gaining attention due to the additional services they have to offer. Your busy customers would highly appreciate services like pick up and drop, ironing, etc.
Having these services up for grabs makes it more convenient for your consumers and also gives you additional business opportunities.
Hence, it is a good practice to make a list of services your target audience would prefer to have and arrange resources for the same.
Pick a legal structure
Legal structures decide the taxes you pay, the risk to your personal assets, and many other aspects of your business. Hence, looking into your options and selecting the one that fits the best for your business is essential. Look into all of your options and pick one after considering all of its implications.
Gather market information
Know all there is to know about the industry, current market trends, target audience, preferences, competitors, their business and marketing strategies, and so on. This is one of the best business setup practices out there. It helps you understand what you are getting yourself into like nothing else. Hence, gather all the available information before getting started.
Chalking Out Your Business Plan
Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample Laundromat Business Plan for you to get a good idea about how perfect a Laundromat business plan should look and what details you will need to include in your stunning business plan.
Laundromat Business Plan Outline
This is the standard laundromat business plan outline which will cover all important sections that you should include in your business plan.
- Executive Summary
- Mission Statement
- Management Team
- Keys to Success
- Financial Summary
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- 3 Year profit forecast
- Company Summary
- Ownership
- Startup Summary
- Startup cost
- Products and Services
- Features
- Market Analysis
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- Industry Analysis
- Market Trends
- Market Segmentation
- Corporate Executives
- Middle-Class Households
- Business Owners
- Visitors
- Sport Clubs
- Strategy & Implementations
- Marketing Strategy and Sales Strategy
- Pricing Strategy
- Advertising Strategy
- Sales Forecast
- Financial Plan
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- Important Assumptions
- Brake-even Analysis
- Projected Profit and Loss
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
After getting started with Upmetrics, you can copy this sample business plan into your business plan modify the required information, and download your laundromat business plan pdf or doc file. It’s the fastest and easiest way to start writing your business plan.
Download a sample laundromat business plan
Need help writing your business plan? Here you go; download our free laundromat business plan pdf to get started.
It’s a modern business plan template specifically designed for your laundromat business. Use the example business plan as a guide, and start writing your plan on your own.
The Quickest Way to turn a Business Idea into a Business Plan
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Write your business plan with Upmetrics
A business plan software like Upmetrics is the best way to draft your business plan. Getting started with this tool is a breeze thanks to the step-by-step instructions, customizable templates, and the library of 400+ sample business plans included.
So, whether starting a laundromat business or planning to grow an existing one, Upmetrics is the tool you need to create a business plan.
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