6 Things You Need to Build A Successful Laundry Business
There’s nothing more exciting than starting your own business. With all sorts of technology and innovation, it’s a pretty exciting time to be in the laundry industry as well. If you’re thinking about opening a laundromat or you’re already in the process, you’ve probably got tons of questions. Some of the questions that we get a lot from potential investors and customers here at Huebsch is, “What do I need to get started?” or “What makes a laundromat successful?” Well, there’s no one-size-fits-all answer. It’s impossible to come up with the perfect laundromat recipe or foolproof strategy. However, in all our years of working with laundromat investors and laundromat owners like you, we’ve definitely seen some commonalities across successful laundromats and investors. With that in mind, we’ve put together a few of the things you need to build a successful laundromat:
1. High-quality commercial laundry equipment.
Of course, washer-extractors and tumble dryers are the cornerstones of any commercial laundry business. You want to look for equipment that’s built to last with advanced features that are going to improve your operation and attract customers — such as a convenient app-based payment system and an integrated business management system.
2. Start-up capital.
Any business is going to take some financial investment to get you started. How much money you’ll need to start your new laundromat venture depends heavily on your size, location, licensing, equipment, and multiple other factors. If you’re buying an existing laundromat, you’ll also need to consider the value of the existing business and any potential remodeling or renovations. In general, $250,000 is the average start-up costs for a coin-operated laundromat. Here at Huebsch, we offer competitive financing for commercial laundry equipment to help you get started in the laundry industry.
3. A great location.
Location, location, location. We can’t stress that enough in the laundry industry. The single biggest factor in the success of a coin laundry is the location. Since most of your customers are going to live within a few miles of your laundromat, you’ll want to consider nearby competitors, visibility, amenities, and local demographics.
Read now: 10 Tips for Picking the Perfect Laundromat Location
4. A strong team.
You can’t do everything — period. No matter how smart, capable, and business-savvy you are, you’re only as good as the team you have standing behind you. The right team will offer invaluable insights and advice, ease the workload, and, most importantly, help you and your business to grow. Generally, your laundromat team is going to be made up of a variety of internal employees and outside business partners. A few key people you may want to consider adding to your team include:
- A trusted laundry distributor to help with laundromat location scouting, financing commercial laundry equipment, laundromat design/layout, equipment installation, and more.
- An attorney to help with contracts and other legal issues.
- An accountant and/or financial adviser to help with taxes and other business expenses.
- A business coach/mentor to bounce ideas and challenges off of.
- Laundry attendants that provide top-notch customer service.
- A marketing manager or marketing agency that can help you promote your laundry business to the right audience.
- A cleaning and/or maintenance manager that keeps the laundromat looking great.
Remember, you want to surround yourself with hard-working, talented individuals that are going to make you and your business better.
5. A go-getter personality.
This almost goes without saying, but we’re going to say it anyway: You have to want it. Running a business isn’t for everyone. Any business owner will tell you it takes literal blood, sweat, and tears — especially when you’re just getting a business off the ground. To be an entrepreneur, you need to have the drive to succeed and be willing to put in the physical and emotional labor it takes to make your laundry business successful day after day. You need to be organized, dedicated, and ready to face whatever challenge comes your way. Running a laundry business is not always easy, but it’s always rewarding.
6. A learning mindset.
When it comes to running a laundry business, you can never know enough. The best business owners and entrepreneurs are the ones that adopt a learning mindset throughout their careers and continuously improve their skills. In the laundry industry, there are constantly new technologies and innovations to learn about. Plus, there are overarching topics like marketing, communication, and leadership that impact businesses across the board. Make the time for ongoing training opportunities, networking and professional development events, and keeping up with laundry industry insights and trends. Your business can’t grow if you’re not growing along with it.
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