Coin-operated laundry services are expected to grow by nearly 10% over the next few years. No wonder people are investing in commercial coin-operated laundry machines at a record rate. If you’re looking for a lucrative business opportunity, this might be the surest way to clean up!
Read on and learn how to get started in the commercial laundry industry. It might be the perfect way for you to create a successful future.
Getting Started With a Coin-Operated Laundry Business
Starting any business requires a detailed financial plan, market research, and a product or service to sell to customers. If you’re new to this industry, you can work with experts like Laundry South. Laundry South is a one-stop solution for everything you need to start your laundry business.
There are some specific items to consider when starting a laundry business:
- Know Your Budget – Before you invest your own money or seek funding for your new business, prepare a detailed budget. This will include the cost of your storefront, employee salaries (if applicable), and commercial coin-operated laundry machines.
- Find a Location – Some of the best locations for a coin laundry are near apartment complexes or college campuses.
- Purchase the Coin-Operated Laundry Equipment – You will need commercial-grade washing machines. Also, plan for dryers, steamers, and other appliances.
- Make it Easy For Customers – Give customers an easy way to change their bills for change. Invest in a high-capacity changing machine and plan to empty the coins from the machines each day.
- Decide Your Hours – Some coin laundries are only open during weekdays, others are open on the weekends, and some are open 24 hours a day and seven days a week. Depending on your location and foot traffic, you may need to adjust your hours over time.
Buy a Business or Start Your Own?
Some entrepreneurs love the excitement and challenge of starting a business from scratch. If you prefer a turnkey approach, consider buying an existing business. Stepping into an established business minimizes your risk, saves startup time and capital, and puts you in charge of an established brand and customer base.
You’ll also experience cash flow right away when you purchase an existing business. And if you need to secure financing, most lenders are more likely to fund an established company than a startup.
Always consult your accountant or business advisor before deciding on a new enterprise.
Your Next Business Could Really Clean Up!
As long as there are people, there will be a need for a laundry. Regardless of your geographic location, there is always a market for clean clothes.
The coin-operated laundry industry is growing and could be the right fit for your next business investment. If you’re new to the industry, consider working with advisors who can direct you in your planning. Consider whether you should start from scratch or purchase an existing laundry.
To learn more about starting or buying a business, please explore the rest of our site.
