Use of Funds:
The funds will be used to purchase an existing laundry mat and have working capital expand and grow the company. Some additions uses of the funds will go towards:
· Update the existing location
· Adding the best cost-effective equipment
· Helping attract customers with industry-best marketing solutions
· Installing and servicing equipment
· Supporting the business with technical support
Mission:
Washed Up Laundry Mat LLC will be a full-service coin-op laundry (washing, drying, and optional folding) service dedicated to consistently providing high customer satisfaction by rendering reliable machines and furnishing a clean, enjoyable atmosphere at a competitive price/value relationship.
Executive Summary:
The majority of people residing in urban areas live in apartments that have limited space. As a result, consumers in highly populated urban areas generally use laundromats rather than purchasing a personal washer and dryer. The urban population is expected to increase in 2024.
Colleges and universities account for a prominent share of demand for industry services. This is because the industry provides colleges and universities with coin- or card-operated washers and dryers. Therefore, when enrollment increases, more students purchase laundry services. The number of college students is expected to increase in 2023, representing a potential opportunity for the industry.
Our goal is to become the go-to destination for all laundry related services. We aim to create a space that fosters a sense of belonging, where customers feel comfortable laundering their clothes. At Washed Up Laundry we recognize the importance of supporting the community that supports us. Through charitable initiatives and partnerships, we will give back and contribute to the betterment of society, ensuring positive and lasting impact on the areas being served.
Business Description:
Washed Up Laundry Mat LLC will, upon commencement of operations, supply full washing, drying, and potential arcade and/or vending machines, and lastly optional folding services.
Industry experts have identified the following keys to success:
· Must comply with government regulations: Companies must comply with any municipal requirements regarding wastewater disposal policies.
· Effective cost controls: Effectively managing costs, including increasing utility prices, is important for success because profit margins tend to be low.
· Ability to compete on tender: For "route" operators, the ability to compete on a tender basis for provision of coin-laundry services to property managers, college and universities is crucial.
· Attractive product presentation: Providing a safe, clean and bright shop, with some value-added facilities and services, helps maintain customers and cash flow.
· Ability to quickly adopt new technology: To reduce costs, it is important to evaluate new energy- and water-saving washer and dryer equipment and the benefits of a card-based system.
· Access to niche markets: Identifying and serving niche markets allows companies to offer value-added services at prices above the basic wash and dry.
Products/Services:
Washed Up Laundry Mat LLC will also provide quality products to ensure clean washing of clothes as well as household retail products to meet the demand for easy access for the neighborhood. What will set Washed Up Laundry Mat LLC apart from the competition is our commitment to providing professional, friendly, prompt, and, most importantly, convenient services.
The Laundromats industry is split into two primary segments: washer services and dryer services. In addition, the industry provides dry cleaning services, commercial laundry services, as well as maintenance and repair services.
Washer services
Washer services are expected to account for 52.9% of industry revenue in 2023. The segment includes establishments that provide consumers access to washing machines. These washing machines can be operated by coin, card or by the store attendant. This segment includes revenue from washing machines located in laundromats as well as in universities, apartments, hotels, motels, and other multifamily housing properties. According to the Coin Laundry Association, the revenue generated from coin-operated washers is evenly split between laundromats and machines located in apartment housing.
Dryer services
Self-service dryers are anticipated to generate 34.0% of the industry's revenue in 2023. Dryer services include the sales generated from consumer use of drying machines operated by coin, card or by the store attendant. As with washing machines, dryer services include revenue from dryers located in laundromats as well as in multifamily housing properties, universities, hotels and motels.
Self-service dry cleaning
Dry cleaning services are expected to make up an estimated 4.9% of industry sales in 2023. This segment includes self-service dry-cleaning services and excludes dry cleaning services that are performed by attendants. Demand for dry cleaning services has begun to decline slightly, given the consumer shift to more casual clothing.
Commercial laundry services
Commercial laundry services include the revenue generated from operating washers and dryers in motels, hospitals, clinics and other business institutions that already own their linen or uniforms and need laundry services. Demand for commercial laundry services increased slightly over the past five years, primarily due an expansion in healthcare personnel. This segment generates is anticipated to generate 1.3% of the industry's revenue in 2023.
Other
The industry generates an estimated 6.9% of its revenue from maintenance and repair services for clothing such as garment alterations. In addition, industry operators generate revenue by installing replacement parts for laundry machinery and equipment used primarily in commercial or service industry establishments. Laundry facilities also generate revenue by selling merchandise to customers.