Laundromats are having something of a resurgence in today’s world, and it has never been a better time to be considering the laundromat business as a growth opportunity. However, as with any business venture, especially one like this that is attracting young entrepreneurs chasing passive income, caution is advised.
Start with a Fully Costed Business Plan
There are five key things that anyone looking at laundromats as an opportunity should consider. The first is a well thought out, researched and costed business plan. The obvious place to start is with the equipment, so research the prices of washing machines and dryers.
Your costings should also include fixed expenses such as rent and/or lease fees, and variable expenses like power and water charges. Once you have all your costs, work out a price per load and you should be able to calculate your potential profit.
All Good Businesses Start with the Perfect Location
Look at where all the competing laundromats are located and find areas where there is none. A good rule of thumb is to rule out any suburb that already has two or more laundromats. Often, higher income areas are forgotten when it comes to placing a laundromat, so these are perfect opportunities to establish a business serving a different type of clientele.
What is the Competition Doing?
If there is any competition close by, it is worth a look to see what they are offering and how your business can establish a “point of difference”. Are they in an area that would respond to promoting new, energy-saving eco-friendly machines? Do they have comfortable seating complete with free Wi-Fi? Are the premises always clean, fresh and well-maintained?
Source the Best Washing Machines and Dryers
Here at NLE Commercial, we have a comprehensive range of Girbau, ADC and Forenta machines including both coin-operated and non-coin operated options. These are perfect for the commercial end user and the purchase is backed up by a 24-hour service by our fully trained technicians. When you use our equipment for your new laundromat, your machines will be at maximum operational level.
Be Prepared to Offer Special Services
The best maintained laundries employ an attendant to keep them clean and safe, but this leaves scope for you to offer a drop-off service for busy and stressed out customers who live close by. You could also install a small snack and coffee bar for their convenience. These additional services will keep your attendant fully productive and be that “point of difference” that makes your laundry different from the competition.
Our economic dynamics are rapidly changing, and one of the biggest growth areas is in services. If you can strike the right mix of location, pricing and service, we believe that specialised, suburban laundromats that offer more than just a row of machines are the perfect semi-passive income generator.