Ten Need To Know Items Before Opening A Business http://www.laundromathowto.com/blog/ten-need-to-know-items-before-opening-a-business Watch The Video On YouTube http://youtu.be/AKdirU_KTZ8 Everybody likes a Top 10 list and these may not be the Top 10 but they are certainly the big ones. This information is targeted to a Laundromat / Coin Laundry but most will apply to any small business. The percentage of small businesses that fail during the first few years is actually a very sad number. Thousands of people have a dream and open a small business. They have the dream but not all of the information. This list has been developed from my own experience. I currently operate 3 successful Laundromats and was fortunate enough to have some guidance at the start and learned the rest very quickly. Unfortunately some of the items came as a surprise. More Information is available at: http://www.laundromathowto.com/ Watch The Video On YouTube http://youtu.be/AKdirU_KTZ8

1. These items are targeted to Laundromats but
Ken Barrett
Ken@KBarInc.com
800-792-1941 LaundromatHowTo.com
These items are targeted to Laundromats but
apply to most Brick And Mortar Businesses

2. What Is Your Why?
This is the most important part.
Ask Yourself “Why Do I Want To Do This?”
Before you start any business you need to have a dream
and a vision.
Once you know your Why, then you can start.

3. Certified Public Accountant
CPA
You are going to run a business, not a
hobby.hobby.
Make sure you get the right advice up
front and your business is set up right.
Tax ID – EIN

4. Attorney
On-line
Local
OWNER
Local
INC
Business #3
LLC
Business #2
LLC
Business #1
LLC

5. Business License
City
CountyCounty
State

6. Commercial Bank Account
Setup a Business Bank Account
Debit Card
Confirm bank has no fees to accept large amounts ofConfirm bank has no fees to accept large amounts of
cash and quarters.
Choose a business friendly bank

7. Insurance
Variables:
Hours of Operation
Inventory
IncomeIncome
Equipment Replacement Costs
Previous Claims
Credit Score

8. Taxes
City
County
State
FederalFederal
Sales Tax
Business Privilege Tax
Equipment Tax
Employee Withholding Tax

9. Demographics
Location
LocationLocation
Location

10. Planning, Zoning and Building
Electrical
Structural
Gas Piping
SignsSigns
Restrooms
Accessibility
Zoning Restrictions

11. Mentor
Where do you go for advice
and support?and support?

12. Laundromat How To
Information on Laundromat Renovations, Operation and
Management.
LaundromatHowTo.com
Ken@KBarInc.com
800-792-1941 Ext 2