The business life cycle is a commonly referred to set of seven stages through which most companies pass. Each stage is characterized by distinct focuses, challenges and sources of money.
As experts in the business life cycle as it pertains to laundromats, Eastern Funding is uniquely qualified to act as your partner throughout each stage. To help you get an idea of what you can expect and how we can help throughout the life of your laundry business, we’ve put together insights for each stage. The first part of this guide deals with the first three stages during which owners are building their business.
In the seed stage, your laundry business is nothing but an idea. During this time, your focus is on creating a realistic, dependable business model, gaining access to financing, saving money and finding specific opportunities.
We can help you to put together a realistic business plan and identify opportunities, and draft a list of the most important things to consider when moving forward with an idea. For example, are you looking to build a new structure or buy an existing one? Which investment will give you the best ROI? Eastern Funding has financing programs tailored to either option you choose.
Once you officially open for business, you will find yourself in the Start-Up stage of the business life cycle. Your focus should be on establishing a customer base, tracking cash flow and reaching a break-even point.
Eastern Funding works with you throughout Seed to Start Up, so we are aware and can assist with any changes to project costs, marketing efforts or any unexpected costs that may arise at the last minute. Our goal is to understand your goals and ensure that you have full support to the day that you open the doors to your new business.
Businesses reach the growth stage when they reach their break-even point. From here, the focus is on investing your profits in growing your business’ market share and increasing productivity while maintaining a high level of service to the customer base who has become loyal to your business.
Eastern Funding has ties to a network of successful laundry business owners who are willing to share best practices regarding marketing your laundromat, customer service, personnel issues and what areas would be a priority for reinvestment as you begin to build-up a cash reserve.
Next, we will discuss the business stages that arise once your company is already established. There are new and different challenges for these stages, and Eastern Funding can help your business to thrive in different ways.