Monday, November 25, 2013

Laundromat owner advice on starting a laundromat business

Making money in today’s economy can be a bit of a challenge for entrepreneurs. Consumers are making tougher decisions about where to spend their money. Things that were once considered necessity are being re-categorized as luxury. Some businesses will not be done away with no matter how great the recession. Coin laundromats are one of those businesses. Long gone are the days of scrubbing clothing on a washboard. Consumers don’t have time or posses the skills to clean clothing in any other way but with machines. A growing number of consumers do not have access to washers or dryers within the home. Even if they have a washer and dryer on their premises, the majority machines are not able to handle the size of large bedspreads. At some point or another, most people have to take a trip to the laundromat, because they are out of town, have an over-sized comforter, or suffer from a broken washer or dryer.

Getting Started:

Begin by visiting a financial lending institute that helps small business owners secure loans. Once the pre-approval process has taken place, you can locate a coin laundromat that is for sale. Try to find one that is what you consider to be, a drivable distance from your home. Purchasing an established business allows you to use your capital to invest in marketing, improvements, and repairs.

If buying a laundromat is not feasible, meet with a company that is professionally tasked to find a suitable location for establishing a new laundromat. Select a licensed commercial contractor with high reputations for good and effective work. Locate a reputable laundromat equipment distributor to purchase quality machines from.

How to be successful:

Laundromats that are open by 7:00am and close no earlier than 10:00pm, are highly effective. Those that use laundry services on a regular basis are in need an establishment that offers a variety of hours. These consumers are working around job situations and family needs. Staying open 24 hours a day offers the greatest benefit to customers, but will require additional safety measures to be put in place.

Hiring on a staff that will take pride in working at the store is not easily accomplished. Offering competitive wages will bring in a higher quality of working class. Having clean facilities, courteous employees, and informed prices will cause your laundromat to stand out.



So, if you are looking for a company that will stay steady with business, coin laundromats are a viable income source. You won’t be left to wonder if your business is going to make it if consumers take another hit to their pockets.   

- Joanna P.

Saturday, November 23, 2013

Things to consider from a laundromat owner

Owning a laundromat can be a lucrative business. It requires few employees and is a favorite business for owners that can’t be present all the time. However, one of the biggest expenses to consider is the existing equipment. In good shape, this can be your biggest money maker. On the other hand if the equipment is constantly needing services and repairs, the business owner must make a decision whether it is more advantageous to keep repairing or invest in new washers and dryers.

One of the best case scenarios is if the business owners has the knowledge and time to repair the equipment himself. This saves the revenue that would be spent in repairs. He/she wouldn’t have to wait on repair technicians and could keep the washer and dryers serviced and maintained for free. This might, however, reduce one of the selling points of having a laundromat – not having to spend tons of time at the business.

If a business owner is constantly paying someone to replace parts and repair the equipment in the laundromat, they have to eventually consider if it’s worth the time and money they are spending to maintain outdated equipment. Parts are expensive and a repairman can charge over $100 an hour. Since a laundromat’s equipment is a huge part of the value of the business, deciding if and when to replace the washer and dryers is a very strategic decision.

When deciding if it’s time to replace equipment, the business owner must look at the chronological age, efficiency, and obsolesce of the current machines. Another factor is how the equipment has been maintained. Machines that have been services regularly and looked after, will fare much better in the long run and will last years longer. If the machines are too old, however, servicing them will become an issue. It will be harder to find a qualified repairman and parts will become scant and difficult to find.

Efficiency is a top factor to consider, too. Great strides have been made in the last decade regarding washer and dryer water and energy use. Therefore, replacing the laundromat equipment will more than likely save the owner money in the near future, even if there is a need to spend money initially. There could possibly be a tax benefit, as well, to buying more energy efficient washer and dryers. This could add to the financial benefit, too. Updated and energy efficient equipment will dramatically increase the value of the Laundromat. If a business owner is thinking about selling in the near future, they should think strategically consider updating the machines.

Friday, November 22, 2013

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