5 Tips for Opening a Laundromat
If you’re considering opening a laundromat, there are plenty of choices to make and advice to consider in bettering your chances of success. While any business opportunity poses a certain amount of risk, the laundromat industry is a steady, recession-proof option. Review these five important tips if you’re considering opening up shop:
Tip #1 – Pick a Location
One of the most important elements of opening any business, including a laundry facility, is the facility location. No matter how excellent your services are, a poor location will restrict your abilities to be successful. You’ll want to consider the following elements before signing a lease or buying a property:
- What are the local demographics like?
- Is there ample parking?
- How expensive is the lease?
- Is this location easily accessible to all customers?
- Is there nearby competition?
- Are the utility services adequate?
Examining all facets of a potential location will ensure you aren’t met with any unwelcome surprises down the road. Generally, you’ll want to aim for high-traffic areas with plenty of surrounding retail.
Tip #2 – Evaluate Your Budget
It’s important to remember that there are plenty of expenses after your laundromat is remodeled and open to the public. When budgeting, don’t forget to forecast utility expenses, unexpected costs and city permits. Martin-Ray offers flexible financial services if you’re looking to invest without providing all the capital up front, as well as investment consulting for assistance in the process.
Tip #3 – Invest in High-Quality Commercial Laundry Equipment
The most important element of any laundromat is the equipment. You and your customers rely on washers, dryers and other machinery to work well and stand up to frequent use. It might be tempting to choose cheaper models to cut costs, but you won’t be getting the long-term value that quality equipment provides.
Tip #4 – Consider Add-Ons
Many customers are looking for laundromats that go above and beyond the standard wash-and-dry combo. Add-on services like folding, delivery, detergent and softener dispensers are not only convenient extras for guests, but can serve as profitable revenue streams for your business.
Tip #5 – Work with an Expert
Regardless of whether or not you’re an expert in the industry, having a fresh set of eyes to assist with the process is important. Hiring an experienced consultant can give you different perspectives on things like strategic planning, facility design, signage, and traffic patterns. Even if you know the business well, make sure you run your plans by an expert.
Don’t leave your success up to chance. Contact a Martin-Ray Laundry representative to get started on opening your laundromat business today!