nrclark

I have been considering the idea of running my own business for quite some time now. I'm looking for some small business owners from Canada to start an open discussion about everything from start-up, to ... leaving it all for our kids to piss away when we are ready to retire. (and everything in between)

I'll kick it off by asking you'al about business plans. How important are they and what considerations should be given when putting one together? Or is this even the right place for me to start ... ?

All i have is an idea, and i realize that (starting), running a small business is a "twenty-four-seven" life ...

I dream about it, I think about it all day, and i can't wait to set things in motion. But first, i thought i should pick the brains of some of the brightest people i know. <----- shameless ass kissing to get people to contribute.

Here we go ... i hope

Leto

what kind of business are you entertaining? Some require solid business plans and startup capital while others, such as consulting, only require the cost of incorporation (about $300 give or take).

nrclark

Thanks for taking time to respond Leto ... I'm thinking about a simple laundramat 15-20 units each, but i also want an area where customers can relax, chat, have a coffee, maybe some music in the background. Have you ever been to a "chapters" type bookstore? ... Thats what im after.
I know i'll really have to take a close look at the cost of rental properties per square meter to determine how much "lounge area" i can incorperate. (i'm assuming that would be covered in a business plan?)
Every laundramat i have ever been in, all they have are a few hard ass chairs and a couple of two year old magazines.
The location im looking at is close to a fairly large college with a lot of single type rental units. (and none of the units i've looked or the people i've talked to in the area have laundry facilities)
The closest laundramat is over a mile away, and its a run down piece of crap.

Leto

in this case, I think that business plans are important. I don't know how much capital that youhave, but you may have to approach banks and/or landlords with a plan.

I find that the government of canada website has a really good wealth of information on startup of small businesses:

http://www.cra-arc.gc.ca/menu-e.html

I found it very helpful. You may find something about business plans there.

- remember, natural gas is cheaper than electricity when using driers...

hagatha

My only advice at the moment would be let an accountant do your taxes. I started my business back in '98 while holding down a couple jobs but now I do it full time. Every year before I got an accountant, I had trouble with the tax man and I was nailed for big $$$$.
My accountant lets me write off sooo much, its amazing. I wrote off two trips I took last year !!!! Its like Revenue Canada just rubber stamps your return if a certified professional does it.

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highthief

Laundromats and self-serve car washes - they make more money for less work than anything else you can think of. If you've got the capital to get started and a good location, you're golden.

Good luck.

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beavstrokinoff

There is laundrymat in Nelson B.C. that is pretty much what you plan on doing. It does a smokin' business.

skier

You really need a good business plan- It solidifies your ideas and wishes into achievable goals and it really helps you identify the kinks in your business idea and also if it is even viable in the first place. If you need a loan to start off your business you will almost certainly need a business plan to show that you will pay back the bank or lending institution.

location is very important in starting a laundromat. Where are the other businesses located? What is your target demographic? Is your market large enough to support your business? Is the location you've picked close or far away from those other businesses? If it's close what is your "hook" to pull customers away from an established business already in place?

Laundromats have a high startup cost, involving the purchase of commercial washers and dryers, installation of infrastructure to support the water and energy they'll need, and the store itself. You would like a lounging area. How much will you pay in soundproofing to make that area comfortable? Wireless? couches and comfy chairs? You have to compile a list of how much all this will cost and your expected revenue month to month and see when this will break even. Can you afford to eat those costs for a few months (or years?)

All important considerations.

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