Mat Wilcox, CEO, Wilcox Group, writes:
To start, it is vital for Executive Easy Wash to establish partnerships with existing and new condo developers in their target markets because without these partners on side there is no opportunity to deliver this service. In addition, these strategic partnerships will give substantial clout to the business plan and will provide direction for the marketing approach.
Once these partnerships are secured, Executive Easy Wash can launch a targeted direct mail campaign to building tenants. This is a perfect opportunity to target your audience with consistent, constant communication. Also, the company should target local real estate media to create awareness and generate word-of-mouth buzz. As the condo market continues to accelerate, many media outlets have regular segments and sections that focus on upcoming real estate opportunities, featured amenities and ownership issues. It will be time well spent to develop a targeted list that includes both print, online and broadcast media.
I would also advise that the company picks a very easy phone number and email address to make it easy for clients to remember!
I do have one question … how does the company plan to differentiate their service offering from the local dry cleaning and laundering shops that provide pick up and delivery at both customer homes or offices?
Mark Healy, partner, Torque Customer Strategy writes:
I've only seen an executive summary, so take all of this with a grain of salt
Positives
I understand the business — I get the market need, the value proposition and the basics on operations/execution (how the company will run).
I buy the market need — I am the target, and currently spend hundreds of dollars a month dropping off laundry and dry cleaning. The scope and ramp-up seems reasonable and well thought out — they're not trying to bite off more than they can chew at the start.
I like the relatively low initial investment — but could/should it be bootstrapped for 3 months for proof-of-concept?
Critiques
Couldn't the lockers be automated further — set up an account that links your profile to your locker number, then have the locker wirelessly send a signal when the door is closed/lock removed (would save even more hassle in that the customer would not have to email or bb the order in).
Even though it's an executive summary, subject headings and bullet points would make this easier to read/understand.
It's a bit thin on numbers — pricing (how much and how — invoiced?, credit card? — this will affect cash flows), costs that add up to $350K, revenues that add up to $550K — a pro forma P&L and cash flow statement on a second page would be helpful.
What's missing here, for me, is: comments on competitive landscape (Dove Cleaners?), approximate market size and estimated initial capture rate, marketing (how to get the word out), and management team (who?, track record in either entrepreneurship or cleaning or service industries) — in addition to the fulsome numbers.
What do you think? If you have any ideas on how this plan could be improved, or their challenges overcome, please click here
