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Element 31. Quality of The Backup Plan > The Coin-Operated Laundry—Quality of t...

The Coin-Operated Laundry—Quality of the Backup Plan score: 3

We have already spoken about partnering in an emergency. What will you do if this business simply refuses to lift off? What is the quality of your plan? A Coin-Operated Laundry with an accompanying cleaners is not easy to back up. My sense is that this element should score low, a 3. How could we raise the score? We could sell the cleaning side to a competitor and retain an outlet status in the Coin-Operated Laundries. If your lawyer had been clever, you would be able to return the machines if the competition were too strong or if the manufacturer sold into your territory. You might then create a more traditional Coin-Operated Laundry with more competitive prices. Another possibility is to create a bazaar of sorts with a consignment setup—third-party cleaners would operate through your premises, Western Union would operate a money transfer business, a check cashing franchise could operate there, and a photography processing operation could be installed. Finally, tap the Internet[2] and determine if there might be assets you could acquire for a nickel on the dollar and position in your premises for a consignment type of business.

[2] For example see: www.bankruptcysales.com/home.asp

Element 31, Quality of Backup Plan score summary:
Weight 1 × Score 3 = Total 3



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