Week 3 My Business Plan

I found a few business partners are willing to commit into the laundry business, which reduced the long hours as there is 2 more people to manage the business. We have approached SP to rent an room near the stadium for our business use and place to operate our equipments. We have approached SP that we are trying to start up a business in SP for entrepreneur, they offered us a huge discount for the rental a price of $250 as we are students and could not come out with large amount of funds. The Rental In SP Koufu cost $3500.We approached Easy Wash to rent 3 washing machines for a rental fee of 200dollar/month. Yup, I will be contacting those Sports CCA leaders to tell them about our business as they are our target customer as they often need to change off their drenched clothes. Andrew would be handling the social media platform,emails and building the website. Hao Pin would be in charge of contacting the supplier of handling the materials we need. So far, no one has started a laundry business inside the campus, we are the first to do it. If the response is good, we will buy washing machines, rent another room in the campus to further expand the business.Business registration fee and name approval fee is $50+$15=$75

We will need around $500-600dollar each month to pay for everything including material needed.

Lets say, each piece of shirt clothing of laundry cost 5dollar. We would need to wash 100 shirt at least to recover back the original cost.

Third month would be a key to decide the response as gradually the responses will increase. When we made enough money, we would buying washing machines as paying rent every month for the machine is not worth it in the long term. We also provide dry cleaning for the clothings.

We will also come out with package of 5 clothing for 20dollars.

Below is my Business Plan (As Saying Goes You Failed To Plan,You Planned To Fail)

1.      What is the name of your business?

"Your New Mother"

2.      What kind of business is it?

Laundry Service Business

3.      What makes your business the best?

No one in Singapore poly has operated a laundry shop inside SP which targets the sports

 cca people who often drenched their clothes.

4.  Where is your business located-at home, downtown, in a suburban mall?

It is located in Singapore Polytechnic, a room near stadium near SPGG.

5. What kind of customers are attracted to your business? Do you sell a product or service to homemakers, working women and men, children, music lovers, mechanics and so forth?

We target the sports cca people, and probably those who have no time to wash their own clothes at home.

6.How is your business related to your vocational area of study?

Nope it is not indirectly related, however i could apply what i earn from business infomation technology

course module to help my business, example social media marketing, setting up a website,business statistics,

entrepreneurship

7. Do you use any of your skills or interests in your business? Which ones?

Only event management skills, as it helps me to get in contact with those sport CCA leaders who

could recommend their fellow CCA mates to us and liaising issues with vendors and suppliers.

8. Who are your competitors.

Currently in SP, there are no competitors who offer laundry service, so basically all our target audiences

which is SP sports cca students will come to us.

9.How do you provide value for money to the customers?

Price is affordable compared with outside. We are 50cents more expensiver then Just Relax for laundry of

shirt. However, we do provide excellent service such as calling you to inform that your shirt is available for

collection upon finishing. We also provide delivery service in the campus for a charge of $3 if you are not

free to drop by the shop. Promotions details if have, would be posted on website, social media platform that

includes facebook/twitter.

10.  How are you going to promote your business?

Through social media platforms like facebook/twitter,Forums,Emails,Website and personal approaching

towards sport cca leaders to tell them we offer this service and posters on SP.

11.  Where is your business located?

Singapore Polytechnic; 500 Dover Road Singapore 139651

12. How are you going to charge your customer?

$5 for laundry, $5.50 for dry cleaning.

13. What is your startup cost and operational cost?

Startup cost would be $450 to pay for rental. Another $100-200 dollar would be the operational cost to

pay for materials, maintaining of website, phone bill,namecard,invoices,license, promotion materials

4p:
Price:Reasonable
Product/Service: Beneficial service
Promotion: 5 laundry for $20
Place: SP which is easy to locate and convenience to go for sp students.

Action Plan and Date of Completion

1) Think of a business plan completed. 29/04/2013

2)Comparing and determine our service price 29/04/2013

3)Setting up facebook/twitter page 29/04/2013

4)Setting up of a website 7/5/2013

4)Contacting SP, SP's sport CCA leaders,vendors,supplier 13/7/2013