Congratulations on deciding to start your own home based laundry business! Now that you have decided this is the right opportunity for you, it's time to get to work on all the details that will ensure your success and drive your business. Launching a business can be full of challenges, so here are some things to consider as you begin to move forward in your new business.
Have you owned your own business before? If the answer is no, one of the best resources available to you are local business groups. Many of these groups work as a small business owner support network. Many business owners offer mentoring or free classes to help new business owners get up and running. Take advantage of these seasoned entrepreneurs and utilize their services as you start your business. As an added bonus, these people are your ideal clientele for drop off laundry service! It's a win-win.
Make a plan for your business. In creating your business plan you should identify who your target customer is, how you will run your business, what you will charge for your services, and what type of payments you will accept. These details are critical to the success of your business. Need help creating your business plan? Not sure what to include? Search online and find a business plan template that you can fill out or use your new found entrepreneur network for recommendations on where to start.
Make a budget and get your financing secured. Beginning a business is exciting and expensive. Know what expenses your business will have to start, monthly and annually. Planning for things like quarterly tax payments, business or retail licenses, website hosting, and marketing expenses will help you understand where you need to set your prices so that you can turn a profit in your business. Open your business bank account and schedule an appointment with a small business accountant to help you forecast your quarterly tax payments, help you understand potential write-offs, and draft an initial operating budget. Be sure to ask about equipment depreciation and other possible deductions you have identified. Know what your accountant will need from you in the form of documentation to support your deductions and prepare your taxes. Keep these items in a designated place throughout the year to minimize end of the year headaches.
Square away the legal stuff right away. Register for your business name, taxes, licenses and permits so that you aren't held up by the paperwork. In many cases, you will need these things to obtain financing for loans or equipment. Meet with a small business attorney to discuss any concerns you have about liabilities or other personal issues that may interfere with your business.
Call your insurance agent. Now that you are including a business in your home, you may need to increase your policy coverage or change your policy type altogether. Your insurance agent can advise you on what coverage limits you will need for any equipment you acquire as part of your business.
Once you have your business plan completed, your financing secured, and you've talked with professionals about financial, legal and insurance concerns, you're ready to start your business. Join us for our next post when we discuss how to market your business, pricing your services and other logistics of owning your own at home commercial laundry.
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