The area around East Meadow Long Island and the surrounding areas is very wealthy. 40% of residents make more than $70,000 per year. The residents have nice cars and want them look great. Five different car dealerships are within three miles of each other and will need car washing services to maintain their fleets. Many local businesses have company cars, and they need clean appearances. All these potential customers need a car washed that suits their budget and meets their needs. That is what we will gladly do.
Soapy Rides is offering three services to its customers: exterior washing, interior cleaning, or detailing. Soapy Rides offers high-quality services at an affordable price.
The area offers many benefits to the business in terms of its market. Over 40% of households in the immediate neighborhood earn over $70,000 annually. Many residents in the area own or lease new cars, and they place great importance on how they look. There are many car dealers in the area; five within three mile of the proposed Soapy Rides venue.
There is one other hand car wash shop in East Meadow. It is quite new and is trying to compete with automatic car washes by offering low prices. However, it is not targeting the customers who seek quality cleaning.
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.
Initial financing will come from Mark Deshpande’s personal investment. Cash flow will finance future growth. This will mean that the company will grow more slowly than it could, but it will ensure that Mark retains control over the direction of the company. The company hopes to be able open a second office in the third year. An outside loan or equity financing will likely be required at that point.
Financial Highlights per Year
Mark Deshpande will spend $40,000 to transform the area into a car wash.