The foundation of a good laundromat business plan will prepare you to identify a quality store location and purchase it at the appropriate price and terms. After purchasing your laundromat, how do you operate your laundromat so that it continues to turn a profit each and every month without you having to work there full-time? Read this article to find out some factors you should consider in your business plan with regards to profitable and efficient laundromat operations.
In your laundromat business plan, consider the following factors in operating your laundromat business.
- Employees: Will you have employees? If so, will they work part-time or full-time and what are their duties? How will you measure their performance? Hiring quality employees could be a great leverage point for your business – consider what your time is worth and what an employee can do vs. what absolutely requires you the business owner to do.
- Vendors and service providers: Investigate and compare local service providers and vendors that can provide services such as repairs and maintenance on the machines. Again, consider the value of your time here – you don’t need to be the one cleaning the store unless you enjoy doing it and have nothing better to do with your time.
- Advertising and marketing: What methods will you use to attract new customers to your laundromat and keep the existing customers? Who is your ideal customer and how will you reach them? This is the most overlooked area for laundromat business owners. Don’t assume people will find your store just because it’s there. Test marketing campaigns to see what works best to attract new customers to your store. Take advantage of the existing customer base and maintain their loyalty by keeping the store clean and implement small changes based on their suggestions.
- Hours of operations: 24 hours or 6am – 10pm are common. Learn when your customers visit your store most often. Adapt your store’s hours to the customers’ needs or cut down unprofitable hours to reduce expenses.
- Surveillance: It has become very popular to have cameras installed that record what happens in your laundromat in order to protect against liability, theft, or vandalism. You might want to consider some options for surveillance equipment and watch your store from the comfort of your own home! This will save you the commuting cost to check on your store most of the time.