How to Start a Carwash: 5 ways to raise capital - Professional Carwashing & Detailing

How to Start a Carwash: 5 ways to raise capital

Raising capital in today’s economy is difficult but not impossible.

One of the reasons most potential businesses never get started is due to lack of funding. Especially in today’s slowly-recovering economy, it can be difficult to raise capital for a new venture. However, there are always people willing to invest.

An article from NewsUSA posted on discusses five different ways you can raise capital for your new carwash:

  • Family and friends. Perhaps the most obvious and widely used method, borrowing from loved ones is one of the easiest ways to generate money, but be warned that it can lead to strained or even broken relationships if the business fails.
  • SBA Express. While the Small Business Association provides several loan options, SBA Express lets bank-qualified business owners bypass the usual SBA loan application and borrow up to $150,000. In addition, they will inform you within 36 hours of their lending decision.
  • Community banks. Large corporate banks cannot be nearly as flexible in their loaning terms as smaller, local banks can. If you need help finding these institutions, the Independent Bankers Association of America has access to 5,000 community banks and can lead you to a potential lender.
  • Crowdfunding. Crowdfunding sites such as Kickstarter and Indiegogo are a popular and relatively new way to raise capital. Sign up, set a reasonable funding goal and timeline, and watch day to day to see how many investors pledge to support your project. Note, however, that your project must reach its funding goal before time runs out, or you will not receive any of the pledged capital. In addition, the crowdfunding will retain a percentage of what you raise to cover its fees.
  • DPOUSA. DPOUSA is an online platform with a database of over 33,000 accredited investors representing over $500 billion in capital to which client businesses have access 24/7, 365 days a year. The DPOUSA Special Council, made up of 50 professionals from different industries, assists the clients.

Read the entire article here.        

You May Also Like

Summit Wash Holdings announces $200M+ growth investment 

PALM BEACH GARDENS, Fla. — The carwash company is committed to strategic growth opportunities in existing markets.

PALM BEACH GARDENS, Fla. — Summit Wash Holdings, a membership-focused carwash group established in 2022, announced in a press release it has received more than $200 million in debt financing to continue expansion in Central Florida, Connecticut and New Jersey.

Summit, which currently operates 54 sites, will use the funding to nearly double its location count with plans to surpass 100 locations by mid-2025.“This significant investment in Summit Wash Holdings marks a milestone in our journey,” said Dan Pittman, CEO of Summit Wash Holdings. “The funding supports brand expansion as well as our commitment to our customers and the communities we serve.”Established in 2022 and headquartered in Norwalk, Connecticut, and Palm Beach Gardens, Florida, Summit was initially formed through a partnership with Russell Speeder’s Car Wash, a 21-site family-owned carwash platform with locations primarily in the Northeast and Omaha, Nebraska.

Leasing your real estate: What you need to know

How to properly structure your lease to optimize the financial benefits of leasing.

How to properly structure your lease to optimize the financial benefits of leasing.
9 carwash small business owner tips

How to succeed in the competitive professional carwashing industry.

Driving Forward: The growth and opportunities in the evolving carwash market

A review of the real estate and market trends and issues of this industry.

Separating from the crowd

Use these strategies to thrive in saturated markets.

Other Posts

Equipment financing: Loan vs. Lease

Learn how carwash operators can reduce costs, improve efficiency and stay competitive by financing new equipment, exploring the benefits and key differences between Equipment Leases and Conventional Bank Loans.

National Carwash Solutions announces new CCO

GRIMES, Iowa — The new NCS CCO will leverage extensive experience in engineered products markets to enhance sales and marketing strategies.

Mark VII Equipment new CEO

ARVADA, Colo. — Mark VII’s new CEO, Uwe Scharfy, took his position on May 1, bringing a wealth of knowledge and leadership to the company.

mark vii logo
IGL Coatings USA welcomes new leaders

SARALAND, Ala. — The company has made a transition in ownership and leadership, passing the reins to Mike Karlen and Dustin Jackson.

igl new leaders