Service Help Desk
5981 Tennyson St
Arvada, Colorado 80003 USA
+1 800.525.8248 toll free
+1 303.423.4910 direct
+1 303.430.0139 fax
623 S Service Rd Unit 1
Grimsby, ON L3M 4E8 Canada
866.658.9274 toll free
If you want to start your own business with a car wash, you should draw up a comprehensive capital requirement plan. This includes all items for which you will need money in the near future. It is important that you think long-term – you do not only need money at a certain time, but over a certain period of time.
A good capital requirement plan comprises six different points. These are as follows:
If you arrange all important items according to these six subitems and enter them in an Excel spreadsheet, you can easily keep track of them. For each item, you can display the subtotal and finally the total. This constitutes your capital requirement.
Basically, the safest way to do it is to make your capital requirements plan as detailed as possible. This is particularly easy if you have also prepared a business plan for your planned car wash. However, as a rule of thumb, you can keep in mind that you should be particularly careful if you want to persuade investors or take out a loan from a bank. They have a keen interest in seeing your business become successful and profitable, and are more willing to help you if your capital requirements plan appears watertight all around.
Somewhat less strict is the Employment Agency, which can grant you subsidies. But it is best not to take this fact as a reason to not to prepare your application carefully. After all, an application for funding can still be turned down if it seems to the persons making the decision that you have not thought the whole process through. And it is also important for you to work with the most accurate figures possible. In doing so, you will protect yourself from unpleasant surprises in the coming months.
If you want to calculate your capital requirements, you should carefully consider whether you are missing out on certain sums. From all the costs of buying the site and the car wash, to your own needs and staff costs, to taxes, insurance and repayments, you have to think in all possible directions. This is the only way to make your plan truly comprehensive, and the only way to make it look well thought-out and trustworthy for banks and investors.