If you are looking for a way to make money with a business that isn´t too hard to manage, opening a laundromat may be the perfect choice for you. Taking your clothes to a place to wash them is something that has been done for ages, so we can say that laundromats are traditional businesses with great potential for success.
Running such a business, one that can function without employees, or can be run by one person, a few family members, or a few employees seems easy. Nevertheless, to create a place that has a big potential to succeed, you have to create a detailed laundromat business plan that will not only guide you through all the steps you need to take but will also help you find ways to make your place different from others in your area.
Expand on Your Idea
Laundromats aren’t a new thing, and there is a possibility that there already are some in your area. This is why for these kinds of businesses to succeed in today’s world, they have had to reinvent themselves. This means that you have to be creative and expand on your idea. Think of any reasons why people might choose one place where they will wash their clothes over another.
To choose you, most customers will expect a lot more quality laundry service, good products, and competitive prices. First of all, you should decide whether you will work as a self-service, you will have employees to provide full laundry service or both. Focusing on providing a superb customer experience is crucial but you should also consider providing a variety of services.
For instance, you can offer free Wi-Fi for customers, a lot of sockets where they can charge their devices, nice looking, comfortable furniture where they can wait for their laundry, and so on. To ensure that you will stand out, you can also think about offering additional services, such as dry cleaning, ironing, and sewing among others. You can also sell things, such as detergent, laundry bags, coat hangers, you can even put vending machines for snacks or coffee.
Focus on Your Financial Plan
Opening a laundromat isn’t the biggest investment if you compare it to some other types of businesses but it isn’t a small one either. A good business plan should take all the expenses you will have into account. Whether you have the funds, or you will apply for a loan, knowing your expenses in advance can ensure your success.
The expenses that should account for to make your financial plan are:
- Initial expenses – registering the business, purchasing the equipment, down payment for buying, or a security deposit for renting the place.
- Ongoing costs – utilities, rent, maintenance, insurance.
- Unexpected expenses – repairs, spare parts for the equipment.
Find the Right Location
When it comes to businesses like this finding the right location is probably the most important thing. To do this, you need to think about your preferences. For instance, you can go for a place where there isn’t a lot of competition, or you can look for a place where there is a lot of foot traffic. Both of these options can come with a lot of advantages if you think strategically.
If you open a laundromat in a neighborhood with little or without any competition, you can establish a good rapport with your customers, based on trust. On the other hand, if you open a laundromat in a busier area, the mere numbers may work to your advantage. A laundromat near business areas may work especially well.
Moreover, you should make sure that you learn everything about the area. Take the working hours of any institution or a larger business that is near you into account. For instance, if there is a school nearby, the parents may want to wash their clothes after dropping off their kids.
Identify Your Potential Clients in the Area
Once you know everything that is near your area, you should identify your potential clients. This can help you develop a marketing strategy. Aside from preparing physical promotional material that you can distribute; you can also take advantage of social media to promote your services.
Bars or restaurants are great potential clients for laundromats because they need clean tablecloths, uniforms, all the time. Moreover, you can make offers to loyal customers. For instance, if you are located in a residential building, you can provide discounts for your neighbors.
While there isn’t a business idea that is 100% certain to succeed, some are always more likely than others. With good equipment, good services, a well-chosen location, and a good marketing strategy, a laundromat can become profitable fast. And following these steps can help you plan out your new business and start strong.