By: Carl Schlotman, Jackie Patterson, and Andy Wolf
I. Executive Summary
Dormitory Laundry seeks to fill a service that is not currently offered at Queens. Dormitory Laundry would be the first and only laundry service offered at Queens University of Charlotte. Our service would allow students to enjoy more free time with the convenience of not having to do their laundry. This would give students more free time to do their homework to excel academically or enjoy their college experience. By supplying a laundry service that would pick up students clothes from their own dorm buildings, it will be very user friendly for Queen’s Students. Our product is unique ...view middle of the document...
We believe Dormitory Laundry is a viable business that explores a niche market with a unique service.
II. Business Description
Dormitory Laundry would be locally owned and operated business in Charlotte, NC. The three founders would work as a team to grow the business at Queens University of Charlotte. The company will be formed as an LLC because we feel that it gives us the most flexibility with taxes while having unlimited liability. Dormitory Laundry seeks to meet a desire for an on campus laundry service at Queens University of Charlotte. The start up cost of ____ will be funded by the owner/owners as well as family and friends if necessary. We don’t have enough of a growth business to seek an angel investor or venture capital funding. Dormitory laundry is a once a week laundry service that picks up the students laundry at their specific dorm building and return the laundry cleanly folded to the student’s dorm room.
III. Opportunity Analysis
We feel as the owners of Dormitory Laundry that we can serve the niche market of Queens University of Charlotte. The specific location allows us to concentrate our resources and minimize our costs. After performing our market research the customers demonstrated a desire for this service at a price that allows for a viable business. The value in our service is that very few people enjoy doing laundry and we give them the chance to not have to do their laundry. As we evaluated the opportunity we thought the best way to do so, would be by asking our customers directly. Our market survey provides factual data that there is a market for our service. In our market survey we made sure to get a diverse group of 50 students at Queens. Fifty percent of the students that were polled were on scholarship and the other fifty percent were not on scholarship. We asked twenty-five males and twenty- five females. We took 10 students from each of the five dorms on campus and made sure we got at least 8 students from every grade level.
When evaluating our business opportunity, the competition for Dormitory Laundry is unique. There are companies that do laundry for college campuses such as: My Campus Laundry, Campus Laundry Services, and Dorm Wash. These three market leaders in campus laundry services focus on schools with more than 8,000 students on campus. Our challenge is not competing with these companies but convincing students that using our service is worth the price. Another challenge we might face is that there is a low barrier to entry into our business. It only cost 11,000 dollars for the website and truck to get started. This makes it easier for new competitors to enter the market. To mitigate this risk we would have to establish a brand name and build brand equity. We would need to make sure we provide a quality service with great customer care to build a loyal customer base. The fact that we would be the only on campus laundry service doesn’t give our buyers much room for negotiation in price...