There are over 18,000 laundromats throughout the US, but only a fraction of these facilities are successful. If you’ve been thinking of starting your own laundry business, there’s still plenty of room in this market to make a living or even a side income depending on your goals. Here, we’ll take a look at some core fundamentals of starting a successful laundromat to get you on the right path.
Making a business plan.
Before embarking on any business venture, it’s crucial to have a detailed business plan. You can think of this as your road map to reach your business goals. An effective business plan will provide you with the information you need to succeed and clear steps for growing your laundromat. Here are some things to include in your business plan:
- Executive Summary – A quick elevator pitch outlining your business model and strategy.
- Market Analysis – An overview of the local industry including competitor and audience research.
- Service – An explanation of what you’re offering to customers and why it’s in demand.
- Financial Projections – A detailed analysis of how much you expect to spend and how much you anticipate earning.
These are the core components of a robust business plan, but you can always add more for extra detail and insights. While a business plan is a great way to keep yourself on track, it’s also necessary for getting funding to start your business, which brings us to our next point.
Sourcing the capital.
Once you have a detailed business plan, you can begin looking for funding to start your laundromat business. Even if you have a considerable amount of savings, it’s still advisable to seek out funding from other sources to give yourself additional padding. One of the safest and most reliable places to receive funding is a laundry equipment manufacturer. Another good source might be your bank. Most offer sizable small business loans without requiring much on your end.
Whether you’re looking for more funding than a bank will offer or you want additional capital to get started, you could always look for angel investors or even friends and family members who are interested in joining your endeavor. Regardless of how you source funding for your laundromat, pay attention to the interest rates, repayment period, and other fine print. You’d hate for your source of funding to end up sealing your business’s fate.
Getting commercial equipment.
You can’t run a successful laundromat without the right equipment, making it critical that you find a reliable and quality provider. But how do you even know where to start? Luckily, Cleaning and Laundry Equipment makes it easy to get industry-leading commercial laundry equipment to make sure your business gets off on the right foot. All of the washers and dryers we offer are brand new, fully functional, and energy-efficient.
Our team will install your equipment at your new laundry facility and make sure everything runs smoothly. We even offer competitive financing options to help alleviate the financial pressures of starting your own laundromat. You don’t have to worry about finding a service provider either as the local Cleaning and Laundry Equipment team has experienced technicians to solve any problems that might arise. We’ll keep your equipment and your business running smoothly.
Choosing the right location.
Location is one of the most important factors determining the success of a laundromat. There are a number of factors to take into account when scouting out potential locations. Here are just a few things to think about:
- Size – You want to find a place that’s big enough to hold all of your equipment while still leaving enough space for people to move around comfortably.
- Cost – Reference your financial projections to determine how much you can afford in rent costs each month while still earning enough to grow your business and pay yourself.
- Local SDC or Impact Fee – these are the fees access for sewer and other developments needed to support the community. Depending on your area, these can add up fast.
- Competition – Make sure you’re not setting up shop down the street from another laundromat unless you’re confident you can outcompete them.
- Foot Traffic – You need to find a place with a high amount of foot traffic. This will make it easier to attract new patrons while making your store more accessible overall.
Dreaming of starting your own laundromat business but not sure where to start? The experts at Cleaning and Laundry Equipment can help you get the commercial equipment you need with competitive financing options too! Feel free to visit our site for more insider tips and strategies for running a successful laundry facility. Also, if you want to get your laundromat noticed by more people, consider joining Laundry Locations – a dedicated search engine for laundromats.