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Laundry Business Plan in India | Marketing Plan For Laundry Service

Bada Laundry-Laundry Business Plan (2020) | Project Analysis


Laundry Business Plan in India

Laundry Business Plan in India is an attempt to give the in-depth details required to start a laundry business. I have tried to explain it to you in the form of question and answer. 

In some places the information is broken into points to understand in a simplified manner. This blog is designed to help you determine whether your laundry business idea is feasible to identify the problems you will be facing by converting your idea into reality.  And prepare yourself for starting your laundry business.

This blog features all the essential aspects you must consider before you start your laundry business. This will allow you to predict problems before they happen and keep you from losing your business ideas at the end.

The operation of a successful laundry business will depend on the following four conventions:

 

1    A practical plan with a solid foundation of dedication and

             willingness to sacrifice to reach your goal.

       2    Conversant with the required technical skills.

       3     Basic knowledge of managing your finances and record-     

              keeping and

        4    Market analysis.

As a new owner you will have to master those skills and techniques. If your business is to be successful, identify your reasons first.

 

Ask yourself why do you want to have your own business?

      Check the reasons that apply to you.  

·    Freedom from the nine-to-five daily work routine of being your own  boss.

·    Doing what you want when you want to do it to improve your standard of living.

·    Boredom with your present job.  

Some reasons are better than others, none are wrong, however be aware that there are trade-offs. For example, you can escape the nine-to-five daily routine, but you may replace it with a 6 a.m. to 8 p.m. routine.

Preliminary Analysis:

Major “yes” response to the questions mentioned below would indicate that your business idea has little chance of success.  

a)           Are there any causes such as restrictions, monopolies,

shortages. Does that make any of the required factors for

operations unavailable?

      b)    Such an unreasonable cost.

      c)    Scarce skills into our capital requirements for entry or continuing

             operations   excessively.

      d)    Is adequate financing hard to obtain?

      e)    Are there factors that prevent effective marketing?

A self-analysis for starting a business requires certain personal characteristics. This portion of the blog deals with you as an individual. 

Though the next set of questions are vitally important for your business success plan, it covers the physical, emotional and financial strains you will face in starting a new business.

     Q.  Are you aware that running your own business may require   

           working 12 to 16 hours a day, six days a week and maybe even

           Sundays and holidays do you have the physical strength to

           handle the work-load and schedule?

     Q.  Do you have the emotional strength to withstand the strain?

     Q.  Are you prepared if needed to temporarily lower your standard of

           Is living until your business is firmly established in your family?

     Q.  Are you prepared to go along with the strains they too must

           bear?

     Q.  Are you prepared to lose your savings in case your plan fails? 

Analysis

Finding a small business niche ranges from a manufacturer with many employees and millions of dollars in equipment and the service industry, obviously the knowledge required for these extremes business is far apart.

But for success they have one thing in common: each has found a business niche and are feeling that it is the most critical one.

If you face difficulty in your early planning to find your niche and determine the feasibility of your idea, getting into the right business at the right time is very good advice.

But following this advice may be difficult, many entrepreneurs plunge into a business, so blinded by the dream that they fail to thoroughly evaluate its potential.

Is your business idea feasible before you invest time, effort and money?

The following practice will help you separate good ideas from those bearing a high potential for failure.

Identify and describe the business idea you plan to start; identify the product or service you plan to deal with.

Answering “yes” to any of the following three questions means you are on the right track; a negative answer to all of them means the road ahead could be rough.

     1.    Does your product or service satisfy an unfilled need?

     2.    Does your product or service serve an existing market in

            which demand exceeds supply?

3     Does your product or service be competitive based on its quality,

     location or price?

Market analysis:

For a small business to start and be successful, the owner must study the market and to learn the market. You must analyze it as a process that takes time and effort, you don't have to be a trained statistician to analyze the market place.

Nor does the analysis have to be costly. Analyzing the market as a way to gather facts about potential customers and to determine the demand for your product or service. The more data you gather, the greater your chances of capturing a segment of the market.

Study the market before investing your time and money in any type of business. Venture the following questions will help you collect the information necessary to analyze your market and determine if your product or service will be sold.

The short exercise below will give you an idea of the kind of market planning you need to do. An answer NO to any of the questions indicates a weakness in your plan. So would your research until you can answer each question with that YES?

    1.    Do you know who your customers will be?

    2.    Do you understand their needs and desires?

    3.    Do you know where they live?

     4.    Are you offering the kind of products or services that the      

            will the customer purchase?

     5.    Will your price be competitive in giving value for money?

     6.    Will your promotional program be effective?

     7.    Do you understand how your business compares with

            your competitors?

     8.    Is your business conveniently located for the people you plan

           to serve?

     9.    Does there be adequate parking facility for the customers

            do you plan to serve?

Market Study:

Planning your new business so far has helped you to identify questions and problems you will face, converting your idea into reality and determining if your idea is feasible.

Through self-study you have understood your personal qualifications and deficiencies, and through market study you have learned if there is a demand for your product or service.

The following questions are grouped according to the function they are designed to help you prepare for opening the name title and legal structure:

     a)       Have you chosen a name for your business?

b)          Have you chosen to operate as the sole proprietorship and

Partnership or corporate business?

     c)      Have you found a suitable building in a location convenient for

              your customers? Can the building possibly be modified as per   

              your needs at a reasonable cost?

     d)     Will you have a lawyer check the zoning regulations?

     e)     Have you decided what items you will sell or produce or what

             services you will provide?

     f)     Have you decided on a merchandise plan based upon estimated

            size of sales to determine the amount of inventory you will need

            to control purchases?

     g)     Have you found reliable suppliers who will assist you in the

             Start-ups?

     h)     Have you compared the price, quality and credit terms of

             suppliers’ business records. Are you ready to maintain complete

             Record sales income generated and expense accounts

             Payable and receivable?

      i)     Have you determined how to handle payroll records tax reports

             and payments.

      j)     Do you know what financial reports should be prepared and

            how do you prepare them?

 

Finances: 

A large number of small businesses fail each year for a number of reasons for these failures but one of the main reasons is insufficient funds. Though many entrepreneurs try to start and operate a business without sufficient capital money.

To avoid this dilemma, you can review your situation by analyzing the following three questions.

1.    how much money do you have?

2.    how much finance will you need to start your business? and

3.    how much finance will you need to stay and run your business?

In order to answer the second question how much money will you need to start your business, you need to prepare an estimate of all your start-up costs.

Here is the list of items you may need to take into account, note that this list is for a retail business. Items will vary for services, construction, manufacturing and online firms.

Decorating, remolding and installing fixtures, equipment services and supplies, initial inventory costs, legal professional fees, licenses and permits, telephone utility bills, deposits, insurance, signs, and advertising for opening unanticipated expenses.

Now the answer to the third question is how much money will you need to stay in business must be divided into two parts immediate costs and future costs, from the moment the door to your new business opens a certain amount of income may come in. However, this type of income should not be reflected in your operating cost. You will need enough available financing to cover costs for at least the first 3 months of the operation.

Operational Expenses:

The following list will help you project your operating expenses on a monthly basis, typical expenses for one month may include,

Your everyday living costs, Employee wages, Rent, Advertising, Supplies, Insurance, Utilities, Taxes, Maintenance, Delivery, Transportation Miscellaneous.

Now sum up the total estimated monthly expenses and multiply it by three, this is the amount of cash you will need to cover operating expenses for three months.

Deposit this amount to a different savings account before starting your business. Use it only for those purposes listed in the above list because this money will ensure that you will be able to continue in business during the crucial early stages by adding the total start-up costs to the total expenses for 3 months. You can learn what the estimated costs will be to start and operate your business for 3 months. By subtracting the totals from the lists from the cash available, you can determine the amount of additional finance you may need.

Now you will need to calculate your operating expenses for the 1st year after the start-up. The first step in determining your annual expenses and to estimate your sales volume month by month.

Next, to determine the cost of sales, you may want to use a spreadsheet to do this. Once the business is started the primary source of revenue will be from sales, but your sales will vary from month to month because of seasonal patterns and other factors.

It is important to determine if your monthly sales will produce enough income to pay each month's bills. An estimated cash flow projection will show if the monthly cash balance is going to be subject to such factors as the following failure to recognize seasonal trends. Excessive cash is taken from businesses for living expenses to rapid expansion and a slow collection of accounts if credit is extended to customers.

Conclusion:

If you have carefully answered all the questions in this blog you have seriously thought about your goal.

However, there may be some things you may feel you need to know more about. Owning and running a laundry business is a continuous learning process. Research your ideas and do as much as you can yourself. But do not hesitate to seek help from people who can tell you what you need to know. As we conclude this blog, I feel more than sufficient information is included in this article to start a new business. 



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