New Year’s Resolution season is almost here, which means it’s the perfect time to focus on your entrepreneurial goals. Maybe you’ve always dreamed of owning a business. Well, what better way to do that than to join the approximately 30,000 Americans who make their living owning laundromats? Owning a laundromat is a steady, lucrative business that pays dividends even in tough economic times. However, there are a few things to keep in mind as you prepare to open your business. Read on to explore some of the finer points of how to open a laundromat.
How to Open a Laundromat
Consider the Costs of Opening a Laundromat
Before you consider opening a laundromat, it’s important to come to terms with the initial costs. The truth is that opening a laundromat often requires a hefty initial investment. Opening costs vary by region, but opening an average size laundromat will likely cost somewhere between $200,000 and $500,000, according to Entrepreneur.com. Of course, these costs are significantly lower if you’re purchasing an existing laundromat; still, it’s important to be aware of all of the associated costs, including business entity fees, commercial property costs, a water heating system, and municipal fees. Be sure to include these costs in your initial business plan, alongside a definitive plan for how your laundromat will become profitable over the course of several years.
Consider How to Set Your Laundromat Apart
As you put together your business plan, ask yourself one question: How will I set my laundromat apart from the competition? This might include attracting customers with extra services, like wash-and-fold laundry service. You might also consider additional amenities; for example, free wi-fi, USB charging stations, or a kid’s play area. Finally, consider ways to make your laundromat the most comfortable facility in town. Be sure to budget for furnishings like tables for folding and chairs for relaxing, as well as creature comforts like drink and snack machines.
Invest in Quality Equipment for Your Laundromat
Quality equipment is the cornerstone of the laundromat customer experience. Before you open a laundromat, ask yourself: Do you have a connection with a reputable laundry machine dealer? Speed Queen washers and dryers are the industry standard for durability and reliability. If possible, be sure to connect with a reputable company that deals in Speed Queen products. You might also consider upgrading to some energy-saving appliances. These green machines can be a huge plus for eco-conscious customers; they can also help you save money on your utility bills. Finally, be sure that you have a plan for regular maintenance. Remember: Broken machines can’t generate income, and a frustrated customer could be a lost customer.
Will 2022 be the year you finally take the plunge into entrepreneurship? Learning how to own and operate a laundromat is no small feat. However, with a solid business plan and a reputable equipment dealer, your laundromat can be a great source of passive income. Laundromats are community necessities, a fact that ensures you’ll always have customers. If owning a laundromat seems like an intriguing way to make money in the new year, check out the rest of our blog posts for additional tips.
If you own a laundromat or are planning to purchase one soon, check out Laundry Solutions Company‘s products and services. We’re a full-service provider of premium vended, on-premises, and multi-housing commercial laundry equipment. Our leasing program provides no mileage fees, no service fees, and no parts fees. You will be able to use high-quality Speed Queen equipment while enjoying a flexible lease and predictable payments. To learn more, please give us a call at 800-383-9274 or contact us online. We look forward to hearing from you!