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Soapy Rides Business Plan

Financial Plan

Forecast

Key Assumptions

Our Key Assumptions: 

1 – Everyone appreciates a clean car 

2 – Research and experience show that the average household income in the area is 70,000 so they can afford a 10 to 15 dollar exterior car wash once a week without sacrificing their essentials. 

3 – We assume current and long term loan rates will be 10% and tax rate will be 25%. We have planned our financing and our payables with this in mind. We will appreciate lower rates but will be profitable with higher rates in place 

4 – We assume that we have relationships that will result in deals that will be mutually beneficial. Mark’s family has been in business in the area for years and have contacts that like and trust him. This will help us get going. 

Revenue by Month

Chart visualizing the data for Revenue by Month

Expenses by Month

Chart visualizing the data for Expenses by Month

Net Profit (or Loss) by Year

Chart visualizing the data for Net Profit (or Loss) by Year

Financing

Use of Funds

Our startup Expenses are: 

Legal $500

Stationery etc. $400

Brochures $450

Insurance $200

Rent $1,200

Research and Development $300

Expensed Equipment $4,100

Signs $700

Building Materials $1,200

Building Labor $1,000 

total 10,050 

Sources of Funds

Mark will invest $40,000 to start. 

Statements

Projected Profit & Loss

2020 2021 2022
Gross Margin $139,824 $181,103 $218,907
Operating Expenses
Salaries & Wages $79,200 $128,520 $147,321
Employee Related Expenses $15,840 $25,704 $29,464
Rent $4,800 $4,800 $4,800
Sales and Marketing $6,000 $6,000 $6,000
Insurance $1,800 $1,800 $1,800
Startup Expenses – Listed in Use of Funds $10,050
Interest Incurred
Depreciation and Amortization $2,100 $2,100 $2,100
Gain or Loss from Sale of Assets
Income Taxes $0 $0 $0
Total Expenses $135,326 $189,047 $215,808
Net Profit $20,034 $12,179 $27,421

Projected Balance Sheet

2020 2021 2022
Cash $41,134 $55,413 $84,934
Accounts Receivable $0 $0 $0
Inventory
Other Current Assets
Total Current Assets $41,134 $55,413 $84,934
Long-Term Assets $21,000 $21,000 $21,000
Accumulated Depreciation ($2,100) ($4,200) ($6,300)
Total Long-Term Assets $18,900 $16,800 $14,700
Accounts Payable $0 $0 $0
Income Taxes Payable $0 $0 $0
Sales Taxes Payable $0 $0 $0
Short-Term Debt
Prepaid Revenue
Total Current Liabilities $0 $0 $0
Long-Term Debt
Long-Term Liabilities
Paid-In Capital $40,000 $40,000 $40,000
Retained Earnings $20,034 $32,213
Earnings $20,034 $12,179 $27,422

Projected Cash Flow Statement

2020 2021 2022
Net Cash Flow from Operations
Net Profit $20,034 $12,179 $27,421
Depreciation & Amortization $2,100 $2,100 $2,100
Change in Accounts Receivable $0 $0 $0
Change in Inventory
Change in Accounts Payable $0 $0 $0
Change in Income Tax Payable $0 $0 $0
Change in Sales Tax Payable $0 $0 $0
Change in Prepaid Revenue
Investing & Financing
Assets Purchased or Sold ($21,000)
Investments Received $40,000
Dividends & Distributions
Change in Short-Term Debt
Change in Long-Term Debt
Cash at Beginning of Period $0 $41,134 $55,413
Net Change in Cash $41,134 $14,279 $29,522