Are you currently running a cleaning service, or interested in starting up a laundromat business? One might think that running this business is as simple as wash, rinse, and dry; however, there is much more to it than that.
It’s a Business!
A laundromat is a business, just like any other. The goal of a business is to make a profit for its owner. However, if proper care is not given to implementing a plan, your finances may be what are eventually taken to the cleaners.
What is a Business Plan?
Before creating a business plan, one must know what a business plan is. Simply stated, a business plan is a statement of business goals, or the reasons why these business goals are attainable and the plan for achieving said goals. The plan may also contain background information about the specific business and/or information about the ownership.
Goals are at the heart of an effective plan. However, if the goals are not effectively set, the plan will be useless. The business goals must be realistic, attainable, measurable, and thoughtfully considered. All members of the laundromat ownership should be involved in the goal setting process. Key employees may also be able to provide insights that would be helpful to setting effective goals.
Benefits of a Business Plan!
The main benefit of an effective plan is to create a vision of where the business will go in the future and give the ownership a plan to get there. For example, if owners are seeking to double the revenue of a business, the plan will give detailed goals and a way to accomplish them that if followed will help the business flourish.
Additionally, a plan is almost always needed if the franchisee needs financing. Banks will rarely finance a small business, if the business does not have a well-written plan in place.
Help in Writing a Business Plan!
You may be saying to yourself, “I have no idea how to write a business plan.” This is okay. There are many professionals who can help you write a business plan. Accountants, attorneys, and financial consultants will all be happy to assist you in this process. If you do not already have an accountant or attorney, one of the best ways to find a good professional is to ask other small business owners who their accountant or attorney is, and ask if they are satisfied with their services. If so, these professionals may be able to help you with your plan.
After putting your business plan in writing, it is important to remember to be flexible. Business conditions will likely change from year to year, and you may need to adjust your goals and plans to meet these changes. It is a good idea to review your plan at least annually to see what changes need to be made.
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