Laundromats are an important consumer service that will always be in demand. Here are some tips on what you’ll need to do to start a successful laundromat.
Choose a Good Location
Laundromats tend to do well in urban areas where there are a lot of apartment buildings. In cities with a high premium on square footage, people often don’t have washers or dryers in their unit. Many people who’s building’s have a washer or dryer for tenants’ use prefer going to a laundromat because it’s less expensive and they can do more laundry at once.
Insure Your Operations
You need a comprehensive commercial insurance package to protect your operations. You’ll have to insure your business against liability claims and also protect the value of your assets.
Invest in Equipment Wisely
The cost of equipment is a big factor in laundromat’s profitability. If your machines are in disrepair and constantly require service, it will cut into your revenue. Look for relatively new machines that are in good condition. Ideally, you should look for energy efficient models so you won’t have to spend a lot on your utilities.
Starting a laundry business takes a lot of hard work, but it can be extremely rewarding. Plan your budget carefully, and be prepared to deal with the unexpected.