Opportunity
Problem
East Meadow long island and the surrounding area are very wealthy. Over 40% of its residents earn more than $70,000 annually. The residents have nice cars and want them look great. Five car dealerships can be found within a radius of three miles. They will all need car washing services. There are many local businesses that own company cars. They need to look clean. These potential customers require a car wash that meets their needs and fits their budget. That is what we will gladly do.
Solution
Soapy Rides is offering three services to its customers: exterior washing, interior cleaning, or detailing. Soapy Rides has no true competitors that are trying to offer a high quality service for a reasonable rate
Market
The area offers many benefits to the business in terms of its market. Nearly 40% of residents in the neighborhood make more than $70,000 annually. People living in the neighborhood either own or lease new cars. They are very proud of how they look. There are a large number of car dealerships in the area–five within three miles of the proposed location for Soapy Rides.
Competiton
East Meadow also has a hand car wash. It’s quite new and aims to compete with automated car washes through its low prices. However, it is not targeting the customers who seek quality cleaning.
Why Us
Soapy Rides is offering three services to its customers: exterior, interior, and detailing. Soapy Rides is the only company that offers a quality service at a fair price.
Expectations
Forecast
The business will be initially financed by a personal investment by Mark Deshpande and will finance growth through cash flow. Although the company will grow slower than expected, it will still be managed by Mark. In year three, it is hoped that the company will be able to open a second location. The company will seek equity or outside funding at this time.
Financial Highlights for the Year
Financing Required
Mark Deshpande is investing $40,000 to turn the location into car washing.