Very few businesses operate without risks and anyone thinking about setting up a new business or buying an existing one should always measure the level of risk against the perceived benefits. Those with the desire to be their own boss will always take those risks, but there is no need to do it blindly. Risk management is almost considered to be a science these days, so there are processes that, when properly followed, can reduce risk.
What are Typical Risks for the Laundry Industry?
Let’s use the laundry business as an example. We must first realise that the risks associated with owning a commercial laundry may be different from those faced by owners of a public laundromat. Commercial laundries are large, industrial-type enterprises with many employees, large and complex machinery and corporate clients such as hotels, hospitals, care facilities and the like.
A Reputation Built on Quality
For these laundries, there are many risks but a couple of obvious ones immediately come to mind. From a commercial point of view, not being able to maintain a high standard of hygiene would be a significant risk. Their reputation would be built on the quality of their work, so any laundry returned to clients that was not scrupulously clean could result in the cancellation of contracts and loss of income.
Managing work health and safety risks needs constant attention as commercial laundries without safety procedures could be dangerous places in which to work. Continuing to operate with outdated and inefficient machines is a major cause of both poor product and dangerous practices, and to continue operating in these conditions is a major risk.
New Laundry Equipment Part of Risk Management
Installing new, modern, quality commercial laundry equipment would immediately reduce those risks to something manageable. At NLE Commercial, we supply and install an industry-leading range of the best quality washers, dryers, ironers and other equipment available.
Public Laundromats Need to be Inviting
Owners of public laundromats face different levels of risk, although many risk components are similar to those of the commercial laundries. Customer service is the key for public laundromats, so keeping the machines and the premises clean and inviting to users is important. Failure to do this will risk customers taking their business elsewhere, resulting in a loss of revenue.
Regular Maintenance Keeps Machines Operating
Making a healthy profit depends on keeping all the machines operating, so just like a commercial laundry, regular maintenance of existing equipment will reduce the risk of expensive breakdowns. Calling on us to replace ageing and inefficient equipment with new machines will reduce to zero the likelihood of these breakdowns.
All business is risky, but with the right attitude to risk management, owners can be confident of operating successful businesses that make healthy profits and survive into the future.