Opening a coin-operated laundry business is not for the faint of heart. You’ll need determination, business savvy, a great location, hardworking employees, and reliable equipment. Without careful preparation and strong management skills, your business could fail like so many small businesses do. Wondering how to start a coin-operated laundry business? To get off on the right foot, use the tips and tricks below.
How to Start a Coin-Operated Laundry Business
Be sensible. Why do you want to open a laundry business? If you’re only doing it because you spotted a store for sale or you have a new gimmick in mind, we urge you to reconsider. Your business must have a solid customer base if you want it to thrive: plain and simple. Most of your customers will simply be looking for a place to do their laundry quickly, affordably, and conveniently. If there are already several laundromats in the area, investing in another would be a huge risk.
Hire a reputable and helpful distributor. If you find an excellent full-service distributor, you will essentially be hiring a partner. Your distributor will help you with a market analysis, the layout of your store, efficient equipment, quick servicing, essential supplies, and (most importantly) constant support. Their expertise cannot be underestimated.
Choose your location with prudence. If there’s one feature that can make or break a business, it’s the location. Your location will affect your customer demographics, your competition, physical amenities (parking, egress, visibility), and more. Invest in an excellent location with visible signage and advertisements.
Create a feasible budget and don’t over-finance the store. First, although it is important to choose a great location, that doesn’t mean you should spend more than the building is worth. Avoid over-financing, as it will only dig you deeper into debt. To create a financial plan that is viable in the long term, carefully evaluate your costs and your expected revenue. Then, create a detailed and feasible budget.
Create a solid plan for marketing, maintenance, repairs, etc. If you want to run a successful laundromat, you will need to form a complete plan before you begin. This plan should take into account marketing, maintenance, repairs, insurance, taxes, rent, utilities, vending costs, accounting, and miscellaneous extras (supplies, additional services, etc). Do your homework beforehand, so that you’re prepared when disaster strikes. In addition, never underestimate the importance of preventative maintenance. It will cost you more upfront but help you save money in the long run.
Listen to your customers. Although the customer isn’t always right, you would be a fool not to listen to their feedback, questions, and concerns. If multiple customers have trouble operating the machines, for example, perhaps you should make the directions more clear. Or if several customers show interest in a fold-and-dry service, consider adding it to your business model. Your customers are the lifeblood of your business, after all.
So what do you think? Now that you know how to start a coin-operated laundry business, are you ready to begin? If you’re interested in opening a 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!