ten need to know items before opening a business- applicable to many- targeted to laundromat / coin...

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

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.

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

Attorney

On-line

Local

OWNER

LocalINC

Business #3

LLC

Business #2

LLC

Business #1

LLC

Business License

�City

�County�County

�State

Commercial Bank Account� Setup a Business Bank Account

� Debit Card

Confirm bank has no fees to accept large amounts of � Confirm bank has no fees to accept large amounts of cash and quarters.

� Choose a business friendly bank

Insurance� Variables:

� Hours of Operation

� Inventory

� Income� Income

� Equipment Replacement Costs

� Previous Claims

� Credit Score

Taxes� City

� County

� State

Federal� Federal

� Sales Tax

� Business Privilege Tax

� Equipment Tax

� Employee Withholding Tax

Demographics

�Location

�LocationLocation

�Location

Planning, Zoning and Building� Electrical

� Structural

� Gas Piping

Signs� Signs

� Restrooms

� Accessibility

� Zoning Restrictions

Mentor

�Where do you go for advice

and support?and support?

Laundromat How To

� Information on Laundromat Renovations, Operation and

Management.

� LaundromatHowTo.com

� Ken@KBarInc.com

� 800-792-1941 Ext 2