Looking for a reliable easy-to-start, flexible, and cash-generating investing opportunity? Opening a brand-new coin-operated laundromat has many benefits, including strong return on investment with attractive financing, no inventory or receivables, meaning no franchise fees, minimal upfront capital investment, which means less risk and virtually recession-proof, and a solid, steady income and growth potential without seasonal fluctuation. Ready to get started? Here are some industry tips from the experts at Scott Equipment.
Choose a Location
Once you’ve made the decision to open your own laundromat, the first thing you can do is locate the best spot possible. The most critical factor in the success of your new store is its location. Apartment buildings, other surrounding businesses, and a reasonable amount of traffic are usually preferable. If you can be by a bus line and have good access to a parking spot, that’s a plus.
Working with a full-service partner like Scott Equipment removes the stress and complexity of selecting a location by including a detailed demographic survey, an overview of sales and profit opportunities, a competitive analysis, and, if necessary, site options.
Few people opening their own laundromat business have the capital to open one up and operate right away, so many seek investors or financing solutions. We have partnered with Dexter Financial Services and Eastern Funding for qualified applicants. Both companies offer finance specials and can help match your store goals with a realistic budget.
Taking advantage of funding also ensures you’ll have more cash on hand to deal with any issues that may arise within the first year. Ultimately, financing enables you to buy high-quality equipment that will last and keep your customers coming back. Having machines that are mediocre, inconsistent, or old can cause someone to consider washing and drying their clothes at a different coin laundry.
Choose the Right Equipment Mix
You will be locked your rent or mortgage, however the equipment you select will have an impact on your cost structure. The cost of water, gas, electricity, and maintenance is determined by the equipment you select.
Next, the equipment mix from small load capacity machines to high capacity machines matters more to the bottom line than you would think. Larger machines can mean more loads per square foot. Larger machines often attract customers who need larger loads than their home washer can handle, such as blankets and sleeping bags. Large machines frequently have a higher profit margin.
Are you going to use a coin system or a card system? They each have their own set of advantages and disadvantages. Customers have traditionally thought of laundromats as coin-operated. Card systems make it easier to collect and count money from your laundromat. Card systems also have the advantage of float. It is all about deciding what is best for that specific laundromat.
Finally, selecting the right laundromat accessories improves the experience. Chairs and folding tables contribute significantly to customer satisfaction. Pre-fabricated racks help preserve a clean appearance and provide potential service technicians with access to the machines. Bill changers and carts are essential for customers.
People love it when they step into a store and are welcomed by someone. Focus on the laundromat attendant to help boost laundromat customer service. Attendants are the face of your laundromat and are also in charge of the smooth day-to-day operations of the store.
It’s time to Open!
Once you’ve decided on a location, equipment mix, and have staffed the sore you are ready to open! The opening be as detailed or as simple as you want, but having some form of grand opening special or grand opening event is a tried and tested method of attracting customers to your business.
A grand opening celebration is also a perfect way to meet other local business owners and join the chamber of commerce. You could even invite them to the event and provide them with a table where they can put coupons or freebies.
You’ve arranged your finances, chosen the ideal location, and are getting ready to open your new coin laundromat to the general public. In order to gain consistent, loyal, new customers, you have to provide them with great customer service, high-quality laundry machines, and a clean and welcoming atmosphere.
It’s also important to provide them with the best in coin laundry equipment, and state-of-the-art credit card laundry vending systems. Scott Equipment is part of EVI Industries the nation’s largest network of commercial laundry distributors. With Dexter Laundry coin-operated laundry equipment, you can be sure our coin laundry machines will provide a high level of satisfaction, both for your customers and for you as a business owner.
If you are interested in opening your own coin-operated laundromat, give the Investments Specialists at Scott Equipment a call!