Opportunity
Problem
East Meadow Long island and the area surrounding it are quite wealthy. More than 40% of the residents earn more that $70,000 each year. This is why they own nice cars and want them all to look great. Five car dealerships can be found within a radius of three miles. They will all need car washing services. There are many other local businesses who have company cars that require a clean appearance. These potential customers require a car wash that meets their needs and fits their budget. We’re happy to fill this need.
Solution
Soapy Rides offers three services to customers: exterior car washing, interior cleansing, and detailing. Soapy Rides offers high-quality services at an affordable price.
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. Many residents in the area own or lease new cars, and they place great importance on how they look. There are five car dealerships within three miles from the proposed Soapy Rides location.
Competition
East Meadow has one more hand car wash. It is relatively new and is competing with automatic car washes. However, it is not targeting the customers who seek quality cleaning.
Why Us?
Soapy Rides provides three services for customers: exterior and interior car washing, cleaning, and detailing. Soapy Rides does not have any competitors who are offering a comparable service at a low price.
Expectations
Forecast
Initially, the business will be funded by Mark Deshpande through a personal investment. Then, cash flow will finance its growth. While this will slow down the company’s growth, it will allow Mark to retain control of its direction. In year three, it is hoped that the company will be able to open a second location. It is envisioned that an outside loan or equity funding will be sought at that time.
Financial Highlights per Year
You will need financing
Mark Deshpande will invest $40,000 dollars to change the the location into a car wash.