If you’re striving for success as a small business owner, laundromats are a reliable bet. They’re recession-proof businesses that profit consistently and are essential in their neighborhoods. Let’s explore the basics of how to start a laundromat business.
How to Start a Laundromat Business
Did you know that a well-managed laundromat can generate hundreds of thousands of dollars in profit a year? Not every laundromat can have that kind of success, but the ones that do are usually run by business owners that did their research before they opened their doors. Learning how to start a laundromat business is the first step.
Step One: Market Research
What’s the most essential part of opening any business? Most business owners would tell you it’s doing enough research to ensure your business will have a customer base. To make sure your laundromat is well-trafficked, there are a few things you’ll want to research before you plan to open:
- First, ensure the area in which you want to open your laundromat can support its success. Most laundromat customers are renters who live a short distance from the business. Can the neighborhood provide the customers you need?
- Next, start looking at your competition. Which laundromats are operating in the area already? Do they have a lot of customers? Are they in good condition? Can you identify needs they aren’t serving, like wash-and-fold laundry services?
- Finally, determine what resources you have and need to get started. Do you have a location selected? Enough start-up capital to purchase equipment? What gaps do you need to fill to be successful?
- It can also be helpful to identify informational resources that can guide you as you launch your business. Professional groups like the Coin Laundry Association can provide all kinds of valuable resources, as well as industry blogs.
Step Two: Define Your Business
If you’ve determined that the community you want to serve can support your business, that’s a significant first step. But what kind of services can your business provide? Before you open, be sure you have a solid business plan in place by answering these questions first:
- What kinds of services will your laundromat offer? Will you run a full-service laundromat?
- How will the money work? What are your projected start-up costs and monthly expenses? Do you need to purchase equipment and other supplies? If you need more money to open, how do you plan to secure it?
- What will your customers’ experience be like? How much will services cost, and what must customers do to access them? How can you make their experience as easy as possible?
- What other administrative work needs to be done? Do permits need to be signed? Before you open, do you need to consult a lawyer or other experts to ensure everything is in order?
Step Three: Get Ready to Launch
Once you’ve done your market research and business plan, it’s time to get ready to open your doors. Give yourself a leg up by advertising to the community via mailers, social media, and whatever other avenues make sense for your business. You can even plan an opening day celebration with discounts and freebies to introduce yourself to the neighborhood. Your first impression matters, so make it count!
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These are the basic things you need to know about how to start a laundromat business, but there’s always more to learn. Check out our website for information on purchasing equipment, laundromat best business practices, and more.
Ensuring your laundromat is stocked with energy-efficient washers and dryers is vital for its success. If you’re looking for a reliable distributor, check out Laundry Solutions Company, 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 can use high-quality Speed Queen equipment while enjoying a flexible lease and predictable payments. 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!