How to Start a Laundromat Business

If you want a business that provides a steady source of revenue with relatively minimal supervision or work, a Laundromat business is an ideal option. According to Rhino Laundry & Dry Cleaning Specialists, it’s a good opportunity considering that majority of busy families including commercial establishments rely on service providers for their laundry needs. So this kind of business will thrive no matter what the state of the economy is. laundromat

Planning and self assessment is a prerequisite of the business

The first step towards opening your very own Laundromat or even any business is to plan for it. Some of the things that need to be planned include the location, your target market, the nature of laundry shop you are planning to establish, startup costs, the manpower or physical labor required, extra services, permits and licenses and including your readiness for the business.

The best location is to situate your Laundromat in a community where there are no or less competitors. But there’s nothing wrong if you choose to open your shop in busy or saturated community as long as you have a competitive advantage over those who are already servicing that location. Make a short study or survey of your target market. Ensure that there is an unmeet demand that your business will serve. If you are introducing some extra services or an innovation, determine whether the community wants to try them out.

Additional important factors to plan for are the startup costs including the need for manpower in the form of your shop’s attendees, janitor, or maintenance provider. Additionally, are you planning to put up an attended or perhaps a self-service establishment. Self-service Laundromats often involve coin operated laundry and dry cleaning machines or those using swipe cards. These especial machines can be more expensive outright but will eventually let you save on the number of attendees you need to hire.

Regulations when it comes to permits and licenses will differ from one state or locality to another. Thus, you might want to check and comply with legal requirements first before opening or even building your laundry business.

Finally, you also need to make some self-assessment. Are you really ready and fit for the business? Have you done your research on the several aspects of running the business? According to experts and existing Laundromat owners, expertise is not a necessity since most can learn the ins and outs of the business through experience but core business skills like marketing and accounting are musts.

Focusing on investment and returns

Investments required when opening a laundry shop is not really minimal. Opening a laundry and dry cleaning business will require you to spend several thousands and the largest shops with extra offerings and services cost even more. The bulk of your initial investment will go to the building itself and to the equipment. Operating costs which include energy, supplies, including manpower should also be taken into account.

When it comes to revenues, surveys of existing Laundromat owners cite that net earnings could range between -5% and 35%. Of course, revenues will be determined by several factors but most especially by the way you will handle your business.

You need to offer extra services or benefits

A good way for your planned business to survive and be profitable is to offer extra services or benefits. There are now Laundromats that feature convenient stores, entertainment or play areas within their premises, easy-to-use coin operated laundry machines, delivery or wash-and-fold services, and all other extra products and services that will earn extra money. If you have a unique idea that other laundry shops don’t have, you need to fully take advantage of it.