Building a successful laundromat takes time, money, and a whole lot of effort. When you reach the green and your revenue is steady and stable, consider reinvesting your profits to further improve the business. If you use your money wisely, you can create a cycle in which your revenue reaps further revenue, allowing you to expand your business and boost your profits. To learn how to reinvest in your laundromat, utilize the helpful hints and words of wisdom below.
How to Reinvest in Your Laundromat
Laundromats have changed dramatically through the years, and customers are seeking out businesses that provide more than the bare minimum. By reinvesting in your laundromat, you can attract and retain customers and stay ahead of your competition. Plus, you may be able to reduce your utility expenses, maintenance, and downtime. Use the following pointers to up your game:
Replace your equipment.
If you would like to reinvest in your laundromat, look to your equipment first. It is your bread and butter, after all. Machines can only operate at their peak performance level for so many years, after which their efficiency will begin to decrease. So even if your washers and dryers are running, they may be frustrating your customers, costing you money due to repairs and downtime, and/or escalating your utility bills. Invest in high-quality, high-efficiency equipment that is strong and fast. You will be able to increase your prices, lower your bills, and improve your customers’ experience. Sometimes you can even write off this investment on your taxes through government incentives.
Expand your services.
If you currently offer only self-service washing and drying, consider expanding your services to attract new customers and increase your revenue. For example, you could offer a wash-and-fold service (with a higher price tag) or pick-ups and deliveries.
Offer additional amenities.
Waiting is an essential part of the laundry process, so why not improve your customers’ waiting experience through amenities? Free WIFI would be an undeniably great addition (if you don’t already have it), so your customers can browse the Internet or even watch videos while their laundry tumbles dry. You could also purchase a TV or an arcade game. Finally, consider installing some vending machines so that your customers can purchase snacks and beverages during a long laundry session.
Improve your facility.
Finally, take a look around your facility. Is it a space your customers and employees enjoy inhabiting? Is it welcoming and clean? Are your logo and signage attractive and eye-catching? Simple changes can drastically change the atmosphere of your laundromat, like painting the walls, purchasing new chairs, installing security cameras, or upgrading your lights. This will improve your customers’ experience, which can lead to more repeat customers, better online reviews, and a more positive work environment.
Now that you know how to reinvest in your laundromat, be sure to check out Laundry Solutions Company, a full-service provider of premium vended, on-premises, and multi-housing commercial laundry equipment. Since 1976, we have been providing exceptional sales support, laundry design services, commercial laundry equipment (and leasing options), and laundry equipment service and parts. To learn more about our products and services, please give us a call at 800-383-9274 or contact us online. We look forward to hearing from you!