Universal Laundromat

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Laundromat Business Plan

Management Summary

The business is managed by the owner, who has extensive leadership and management skills as well as an innovative and creative character. Unlike most laundromat businesses, Universal Laundromat will have an on-site staff person(Maintenance/Cashier) dedicated not only to store and machine maintenance but who also acts as a cashier to the retail business within the laundromat. As part of the management philosophy, this Maintenance/Cashier person will be carefully evaluated for friendliness, professionalism, efficiency, and honesty. The salaries are shown in the personnel plan table. As Mr. Mihn Duong already has a steady income from his power tool shop, his salary will be less than what would be expected if this was his sole source of income.

5.1 Management Team

Minh Duong is an ambitious, hardworking, philosophical leader and businessman. He has extensive business experience, and knowledge in various fields including retail sales, service and the Internet industry. Over the years, he has started various small businesses ranging from offline retail sales of a wide variety of products and services to online hosting services. He has extensive leadership skills as he had been elected to be President of five different clubs in High School. In college, Minh had founded two organizations at the University of California, Berkeley. In addition, he had also been elected to various leadership roles such as President and Vice-president of three different large organizations with membership over 500 members. School-wide, Minh had been fortunate to be elected by the student body of the university to be a Senator in the student government. During his term of office, he headed the Finance Committee that dealt with over $500,000 in student fund allocation. Moreover, he also headed the Student Affairs Committee as well as the Computing Facilities of the student government. Realizing his service and efficiency, fellow senators elected him to the board of directors of the Berkeley Student Foundation, the largest scholarship foundation for minority students sponsored by the Associated Students of the University of California. There, Minh dealt with the decision process of fund allocations to top high school minority students throughout the country. In the business world, Minh currently owns a permanent Flea Market Power Tools Shop at the Berryessa Flea Market in San Jose, CA. He is also the President/CEO of a small start-up Internet company providing business solutions to other businesses. He is currently working with five other colleagues at his college on that business. In academia, he is currently working with Professor Bradford Delong, a former Bill Clinton's Foreign Policy Advisor Committee member, as a Research Assistant on  a book titled, A Time Series of Changes Due to Globalization. Independently, he is currently working on a research paper titled, "Is Chinese Reform Sustainable? Is It Different?"

Minh is currently a fifth year Pre-med, Pre-MBA student with a triple major in Economics, Mathematics, and Statistics. He is currently 22 years old. He came to the U.S. on Nov. 7, 1990 from Viet Nam. After finishing his college education, he plans to achieve an MBA from Harvard Business School and an MD from John Hopkins Medical School.

5.2 Personnel Plan

There will be one Attendant/Cashier employee whose duties include store and machine maintenance, and being a cashier/retailer for the small retail business in the laundromat. As time progresses, we will expand to include full folding service. Depending on the demand for the service, we might add more personnel. The current salary for the existing personnel is $700/mo. With the added duties and responsibilities, it's reasonable and possible to increase salaries.

As for machine maintenance, this will be outsourced at Xuan Repair Services. This is an on-call independent repair service. They have been known within the community, as one of the reliable and prompt repair services. They usually service within the same day. It's been estimated to cost approximately $150 per month for maintenance.

Personnel Plan
Year 1 Year 2 Year 3
Production Personnel
Maintenance Contractor $1,650 $1,650 $1,650
Other $0 $0 $0
Subtotal $1,650 $1,650 $1,650
Sales and Marketing Personnel
None $0 $0 $0
Other $0 $0 $0
Subtotal $0 $0 $0
General and Administrative Personnel
Owner $22,000 $24,000 $24,000
Maintenance/Cashier $7,700 $8,400 $8,400
Subtotal $29,700 $32,400 $32,400
Other Personnel
None $0 $0 $0
Other $0 $0 $0
Subtotal $0 $0 $0
Total People 2 2 2
Total Payroll $31,350 $34,050 $34,050

5.3 Handling of Money

Money from machines will be collected twice a week by Minh Duong. It will be counted by a counting machine and deposited directly into the bank account. The collection time will vary to maximize security of revenue.