One of the main issues you’re going to face while opening your self-service car wash business is financing. There are several ways to raise capital for your car wash business. One good way is through investors. But these investors need to be sure that you know what you are doing before they invest. However, you need a suitable business plan that pays close attention to your business’s aspects to convince them. Here is a guide to help create a great business plan.
While writing your self-service business plan, you should ensure that you consider all the business aspects. Your business plan must be presented in an orderly manner. With that said, a good self-service car wash business plan should contain the following.
While writing your self-service car wash business plan, you will provide an overview of the business. You will also write down your plans in the executive summary section. It comes first in your plan and should take only one to two pages. You can also choose to write it last.
In the opportunity section, you need to answer questions like: What services do you provide, and how are you solving a problem for your market? Who are your target market and competition?
Your business plan’s execution chapter answers questions like: How will you take the opportunity and turn it into a business? This section will cover your operations, marketing, and sales plan, your milestones, and metrics for success.
Company and management summary
In the company and management chapter, you need to describe your team and who you need to hire. You also need to provide an overview of your legal structure, location, and history if you are already up and running.
A financial forecast is an essential part of your business plan. Here, you will have to include a sales forecast, profit and loss (income statement), cash flow statement, and balance sheet.
The appendix section is a space where you can include product images or additional information. In the upcoming sections of this article, we will elaborate on your business plan to ensure that you build one that your investors will want to read.
Starting a Self-service Car Wash
To write a good self-service car wash business plan, you need to know everything about the business. Therefore, I have compiled a couple of things to do when starting up your self-service car wash business.
Raise Capital for Your Business
According to POSquote, you will need to purchase self-service car wash machines, and they can be costly. You should budget between $5,000 and $10,000. The bulk of your capital will most likely be spent on purchasing these machines. You can get investors to partner with you if the cash you have won’t be enough to start the business. If you have more than one partner, you need to decide on each partner’s percentage. The percentage will depend on how much the partner invested in the business. Doing this will help you avoid problems when it comes to sharing profit in the future.
Register Your Business
You will need to register a Business Name for your self-service car wash business. A company lawyer can help you get the business registration done for a small service fee. You may not necessarily need insurance for your self-service business. But it is not a bad idea to get basic insurance and be on the safe side.
Lease a Space
You will need to lease a space that you will use as the car wash bay. You should consider getting a space in the busy part of the town. Places like this are always expensive, but it is worth it. The lease agreement should be a long term agreement. It should give terms for continual renewal as long as the rent is paid in due time.
Order for Your Machines
Once you lease your space, you can reconstruct the place into single-stall bays. Ensure that each stall has enough space for car owners to pack and wash their cars. Once you finish setting up the bay, you should order the car wash machines.
I have found out that most people often ignore this aspect. You can’t set up the machine and let it run without proper maintenance. You need to schedule an appointment for regular maintenance for your machines. And this is achievable by calling a service technician twice a month for service. The technician will run a maintenance check on the machines, and this will make them last longer.
You need to purchase bookkeeping software or a journal to help you record your income and expenses. This will help you keep track of your business progress and also during tax calculation.
You need to be creative in advertising to get people to use your self-service car wash bay. Most likely, there are many other car washes around, so you should give people reasons to come to you. To do this, you will need a car wash marketing plan.
- Offer Discount – One good way to attract customers to your car wash bay is by offering discounts.
- Print and Distribute Fliers – You can also print flyers and distribute them to your friends and acquaintances.
- Classified Adverts – You can also advertise your self-service car wash on classified ads sites. People from your location will see these ads and get to know about your car wash.
Financing is a significant factor to consider while opening a self-service car wash. You can raise capital through investors, but you will need a good business plan to do this. In all, ensure your business plan pays close attention to all aspects of the self-service car wash business.