Should I open a laundromat, you ask, or would that be risky business? Although we can’t answer this question for you, we can help you consider the pros and cons of opening a coin-operated laundry. Each person’s situation is different, after all, and some people are better suited to becoming owners of a laundromat than others. To get started, ask yourself the questions below and answer honestly. Your responses will help you evaluate your chances of success.
Should I Open a Laundromat?
How involved are you willing to be?
Some people think of a laundromat purely as an investment opportunity. However, the most profitable businesses have an involved owner who frequently visits the store and keeps an eye on things. Although you could manage your business from afar, you will have a more successful outcome if you dedicate yourself to the laundromat.
Will you work with a distributor?
Owners who choose to “go it alone” often find that they don’t have the experience and knowhow necessary to open and maintain a coin-operated laundry. If you hadn’t planned on working with a distributor, we urge you to reconsider. A distributor can offer excellent post-service support, assisting with market analysis, design and layout, repairs, maintenance, and more.
Can you find an affordable space in a great location?
Location is absolutely crucial, but it is also important that you don’t overspend on your location. If you spend too much at the start, you’ll waste years trying to pay back your initial investment. So before you fully embrace the idea of opening a laundromat, scout around and conduct a bit of market research to find the optimal location.
Can you afford a large initial investment?
Opening a laundromat will be expensive, and it will take some time to earn back the money you spend at the onset. Have you saved up enough money? Can you afford the investment? Are you willing to take a risk? Your expenses will vary, of course, based on your location, the size of your store, and the choices you make regarding equipment and employees, but you will undoubtedly need a large initial investment to get started and make your business profitable.
Do you have a plan for attracting and retaining customers?
The bread and butter of a laundromat are the washers and dryers. So if you’re thinking of opening a laundromat, be sure to invest in quality machines that are highly efficient. In addition, consider what your customers will appreciate. Cleanliness, a wash-and-fold service, and high-capacity machines will all be appreciated. Finally, don’t get into the laundry business simply because you have a great idea for a new gimmick. Remember that your business needs a solid customer base in order to thrive, not random customers popping in and out.
What are your expectations and goals?
Don’t expect your business to be immediately successful. Although optimism and hope are important for a small business owner, they should never overshadow the logistics of the situation. Opening a laundromat is risky, and triumph will take time. If you have unreasonable goals, you will set yourself up for disappointment.
So what do you think? Can you handle the responsibility? 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!