Homework doesn’t end when you graduate from school. Before you open the doors of your new laundry business, after all, you will need to study the current market and learn the secrets of success. And unfortunately, if you forget to do your homework, the consequences will be far more dire than an F on an exam; without proper preparation and management, your entire enterprise might fall through. If you’re having trouble locating your study materials, use the laundry business tips below to begin your study session, forming specific strategies from this general advice.
Laundry Business Tips
Location, Location, Location
Never underestimate the power of a great location when starting up a small business. As you shop around for potential real estate, focus on locations that are near to your customers and easy to access. For example, consider purchasing a location near several apartment complexes, beside an ample parking lot, and/or alongside a major road. In addition, be sure that your location isn’t too close to another successful laundromat.
Know the Competition
Speaking of which, it’s important that you know your competition. How much do they charge? How well are they doing? How do they attract customers? Use a market analysis for help, and visit your competitors’ laundromats (without mentioning your own business) for a first-hand experience with their facilities and service.
Equipment & Efficiency
Old equipment may be cheap (it may even come with the shop if you purchase an existing laundromat), but it will cost you in maintenance and inefficiency. Your washers and dryers may break down frequently or require an excessive amount of water. So as you consider your business’s expenses, be sure to factor in water usage and electricity. And when you purchase new equipment, look for highly efficient washers and dryers to save money and reduce stress.
Believe it or not, some customers become bored watching their clothes spin in the washers and dryers. To increase your revenue, look for opportunities to add additional income sources to your laundromat. For example, do you have room for vending machines? What about arcade games? Could you offer a dry/fold service? Every penny counts.
Make Marketing a Priority
Especially at the start, make marketing a priority to get your name out there. Create a visually striking sign to attract passersby, and use flyers and promotions to engage and retain customers. Because it’s easier to keep old customers than find new ones, consider using a loyalty program to ensure that your customers are happy.
Expand Your Hours
Most laundry businesses are open from morning (7-9am) to night (10-11pm), but this may not be the most convenient schedule for your customers. If you live in an area with many third-shift workers, college students, or basic night owls, consider staying open 24 hours a day. Not only could this increase your revenue, but it might set you apart from competitors.
Build a Solid Reputation
When a customer (whether new or old) walks in the door, you want them to feel welcomed and pleased. Create a clean and attractive environment, train your staff members to greet customers, and always take customers’ critiques and concerns seriously. If your customers approve of your service, they will continue coming back and they might even spread the word about your awesome laundromat.
Never forget that your washers and dryers are the backbone of your laundromat. Without them, you would not have a laundry business. So even if you have to sacrifice other features to do so, do not neglect your equipment. Repair small problems now to prevent them from escalating, and schedule regular maintenance to ensure that your machines are safe and in good health.
Opening a laundromat can be a very lucrative venture, but only if you play your cards right. Use the laundry business tips above to upgrade your services, hours, location, staff, marketing, and more.
Finally, 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 and we would be happy to offer you more laundry business tips!