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    2 Replies Latest reply on May 19, 2009 12:42 PM by phanio

    Opening a Car Wash

    idkmybffcms Newbie

      I have been detailing cars for the past ten years or so, and have gotten into it so much as to have been hired by local Mercedes-Benz/Porsche dealerships right here in Central, NY due to the quality of my work. Cars have always been and always will be, my life. However, I don't plan on making a five figure salary at a car dealership for the rest of my life. Business has always been a thing of mine, and have been recently somewhat successful trading small currencies on FOREX. A friend of mine whose uncle owns a chain of auto service centers, purchased a car wash locally and has been pulling in some serious profit from it. The best part is, there's really no 9-5 work shift - he can still work on cars in his free time. I talked to a guy with a company called Carolina Pride Car Wash Inc., and they informed me that they would write up a business plan, find real estate that's zoned adequately and on a high traffic roadway, and come up with all the costs of everything so I could send it to my bank for a loan. They said the SBA loan program, I would be able to start this dream of mine. After finding a prime piece of commercial real estate in Myrtle Beach, SC, and coming up with a figure of 1.45 mil as a final total cost, they said at minimum I should expect a yearly profit somewhere between $180k-240k on average. Sounds great. Only problem is, I can't seem to find a loan. With that SBA program, I believe local banks only cover 50% of the total cost? So I feel as if I'm stuck. The only thing I believe I have to put down is a rock solid business plan from a company that specializes in creating car washes, and about $50k. Even if the interest rates were high, I don't really care - as long as I can get it in motion. There's gotta be some way. Can anyone give any advice? All help greatly appreciated, thanks.
        • Re: Opening a Car Wash
          ggoodard Adventurer
          Please feel to view my profile, then send me an email ggoodard@aol.com

          thank you
          • Re: Opening a Car Wash
            phanio Pioneer

            The SBA will guarantee more than 50% - it is more like 90% right now give the new recovery act. If you have $50K - you are about a third of the way there. Get a SBA package - take it to a local SBDC - and let them help you complete it.

            Other options, find local investors that will help you. Get out and network in your community - even SC.

            Or, hit up your friends and family for a loan on the rest of what you need.

            Or, find alternative ways of raising the capital you need - by visiting our website.

            Business Money Today