Hi vmcintosh1, welcome to our community! What type of business are you planning on starting? Have you put together a business plan yet? If not, that's the first thing you'll need to do, and we have a great guide available that will be helpful in that process: Guide: How to develop a business plan.
If you tell us a bit more about the type of business that you are interested in starting, I know our helpful members will be able to give you more advice.
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Keep your money
keep your job
work part time at a laundpry place and you will have your answer
lease must be transferable
are you self employed because you have no salable in demand skill to sell an employer?
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This tips are absolutely brilliant vmcintosh! Thank you for sharing them! Very nice, the reason i love this forum. I am constantly learning new things every single day
I would like to start in the laundromat business. Purchase an already existing business or start a new one. I have found a business with my range. The owner is ready to sell and hasn't really done anything to keep the money flowing. It comes with 22 dryers and 29 washers
Profits about 60k annually
Monthly Expenses about 6k
Owner wants to sell for 60k but I talked him down to at least 40k
Yes I have already created my business plan.
I have been meeting with my mentor for about 1 month now.
What is your mentor telling you? Is he/she supporting you in this endeavor? What is he/she saying about the amount you have to invest in this new business?
Why is the owner selling the business? And why, at this time?
All questions to ponder and explore.
I have to agree with the discussion mod - A business plan is the FIRST and probably the most important step you need to take in establishing your business. I remember my fits meeting with my SBA advisor. The first words out of his mouth were "do you have a business plan". At the time i was under the mistaken impression that business plans were for peopel looking for a loan. Of course my assumption was incorrect, uninformed and totally misguided.
It took awhile but I have finally seen the light and have begun he development of a formal business plan. I'm glad that I saw the light. I now understand how vital and important this document is so much so that I host business plan training course on my website for my clients and prospect o view.
You'd be surprised how many small business owner have never drafted this document and used it int he structuring, panning and development of thier business
Hi my name is Joy. I would love talk about the business plan with you if you are interested. Thanks!
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Most small-business lenders will not fund start-ups and rarely lend less than $100,000 -- or more. Those that do, often embrace the U.S Small Business Administration’s Express Loan programs.
Even so, the loans are too small for typical bank underwriting and they rely on credit scoring to give you a quick answer within 24 hours. Your personal FICO score should be around 700. The banks also use a business score that projects your likely success based upon a multitude of esoteric factors.
Your cash investment must be from ten to 20 percent depending upon which bank you use.
The lenders typically have an extensive application online, do not require a business plan and only lien the assets in place at the time of closing. They do not require other collateral.
Best wishes for your success.
Former entrepreneur, commercial real estate and business lender
Currently business columnist, financial content provider, blogger
SCORE certified business mentor, coach, counselor
SBA's all volunteer, non-profit resource partner
SBA's 2006 National "Journalist of the Year"
Great advice, Jerry. Thanks for sharing your expertise with the members of the community. It's great to have you here.
The SBC Team
Laundry facility businesses are location dependent. Your location will determine your success level, and if and how many other competitors there are, and the population density to be divided among them, and the rental percentage in the location. Home owners rarely use a laundry facility and renters typically do, and most often room renters, and not apartment or condo renters or similar.
If I were to locate a laundry facility, I will only do it via online search and online map and I would definitely check the website of the laundry facility. Their website would provide me their hours, images of the facility, why I should use them, and how to get there. Website hosting, and all things related to websites are our expertise, which hopefully is clear from our name.
Know your customer base, and market to that customer base via your website and let them find you by mentioning your website on online directories, maps and search engine results.
I have about 20K and would like to start my own business. I know that's not a lot of capital but I have to start somewhere. I would really like to get a coin operated laundry but I know I don't have enough money. I just need guidance and ideas. Please help.