@sarahtoo Specifically the growth of the field is important information to have. You will need these figures when applying for the loan, the expertise and knowledge goes a long way. Especially since the person issuing the loan very likely doesn’t run a laundromat business.
Like how many have opened/closed?
For instance when I applied for a whiskey bar loan it was imperative that I showed the industry as healthy and a good option for the bank. So I explained how whiskey bars have expanded during Covid and whiskey sales are up 14% over the last 2 years (at the time)
You will need to show that you can fit into the local culture and that there is enough following to support you. How many local laundromats are already in business? How will that affect you? How do you offer a unique service that isn’t currently used in your area?
Unfortunately it takes hard work to open any business. Restaurants are definitely the worst and retail toward the easier. Laundromat seems light, but you’ll need to have someone or a connection to fix broken machines on the cheap.
Like how many have opened/closed?
For instance when I applied for a whiskey bar loan it was imperative that I showed the industry as healthy and a good option for the bank. So I explained how whiskey bars have expanded during Covid and whiskey sales are up 14% over the last 2 years (at the time)
You will need to show that you can fit into the local culture and that there is enough following to support you. How many local laundromats are already in business? How will that affect you? How do you offer a unique service that isn’t currently used in your area?
Unfortunately it takes hard work to open any business. Restaurants are definitely the worst and retail toward the easier. Laundromat seems light, but you’ll need to have someone or a connection to fix broken machines on the cheap.