If you’re a current or prospective entrepreneur looking for the right business to start, you should consider opening a laundromat. Laundromats are a dependable, cash-generating business that are very uncomplicated to create. Here are some tips on starting a laundromat business that can help kick your business venture into high gear.
Finding the Right Location
Choosing your location for your laundromat will depend on your target audience. Typically, laundromats will target areas with many low-income renters. Still, you might also want to consider college-age students or near large apartment complexes, especially if they do not have on-premises laundry. Find potential storefronts on busy streets with lowered speed limits and a glass frontage, so the inside is visible. It would help if you also tried to find a location near an anchor point, like a supermarket, so that guests can finish multiple tasks near the same area.
Investing in the right equipment and staff is crucial at the onset. Ensure you are preparing your business to run as efficiently as possible to save costs and maximize profits. You might consider looking for more environmentally-friendly machines which consume less power than others if you intend to start your laundromat from zero. Such devices may cost you more initially, but over the years they can save you thousands. Besides buying a sizable number of washers and dryers, aim for 20 to 30 originally. You will also need laundry carts, change machines, security cameras, vending machines, and credit card payment systems.
Once you’ve filled out the legal paperwork, have permits in order, rented a storefront, and installed your equipment, you will be ready to get the word out about your business. If your target audience is college students, for example, you may want to put up flyers and ads at local coffee shops or grocery stores that they frequently visit. Ensure you are practicing intelligent SEO practices with an easily accessible website with pertinent information such as an address, hours, and phone number. As reviews start to pour in on websites like Yelp, make sure you respond to each one, both good and bad.
Laundromats are a massive turn-key operation, capable of generating cash consistently with low overhead costs beyond the initial equipment investments. While these are just a few tips on starting a laundry business, many other business principles that apply to diverse types of industries will apply in these circumstances as well. With some strategic planning, you should wind up with a successful, profitable business.