Everybody has to do their laundry. So, there’s a captive market waiting for anyone who ventures into the industry. That said, just because there’s a market doesn’t guarantee you’ll be successful.
Running a new venture requires some skill and at least a little bit of luck. Here are a few ways you can improve your odds of turning a profit.
1. Inspect Your Machines Regularly
First and foremost, as with any business, your overhead can make or break the business. Inspecting washing machines isn’t a glamorous activity. Still, if you check on them frequently, maintenance costs will be much lower.
Remember, it’s almost always less expensive to maintain a piece of equipment than to repair it. Such small savings might not seem like a big deal at first, but they’ll add up at the end of the year. Businesses that keep these things in mind always perform better.
2. Use Technology to Automate the Process
Back in the day, laundry machines would only accept cash payments. For the most part, they wouldn’t accept anything other than old-fashioned coins. Nowadays, with a laundry card system, people have a lot more options. These systems let customers pay using their debit or credit cards. Plus, they can even use contactless payment methods such as Apple Pay.
The goal is simple. Each time a customer shows up they should have something they can use to pay. If there are only coin-operated machines, you’re losing a substantial portion of your customer base. Think about how many people must turn around and leave because they can’t pay. Technology can change that entirely.
By casting the widest net possible, you’ll generate more revenue. Not to mention, you won’t even have to increase your overall traffic. Converting more of your existing traffic into customers has the same result. Either way, net monthly revenue increases.
3. Surveillance Systems Are Essential
Besides maintenance, vandalism is one of the highest costs associated with laundromats. Fortunately, business owners have more options now than they did 30 years ago. Today, you can quickly set up a surveillance system.
Capturing footage of any possible intruders provides peace of mind. If anything ever does happen, you’ll have something to show the authorities. On top of that, you can easily file any insurance claim.
Try getting a camera system with at least 30 days worth of continuous recording. People don’t also notice when something happens right away. Installing a system with plenty of video storage is your best bet.
4. Investing in Higher-Quality Equipment Pays Off in the Long Run
Sure, you might be tempted by some of the budget laundry machine models. They might cost as much as 20% less initially. Still, over time, cheaper models tend to have more problems. Meaning, you’ll have to shell out more for potential repairs. At the end of the day, purchasing quality equipment tends to be a better overall investment.
5. Working Face-to-Face With Customers Might Be Helpful
A lot of businesses forget just how important the human element of their enterprise can be. Without your customers, you’ve just got a bunch of machines sitting around. Don’t be afraid to show up at the store and talk to people. If you can be personable, it might make them more likely to return. Plus, if they really like the owners, they’ll be a lot more likely to tell other people about you.
6. Market Your Location and Services
Marketing is still the name of the game. If people haven’t heard about you, how can they do business with you? Get creative and look around for inspiration. Put up an advertisement on the local city buses. Consider who your customers are and who will be the most likely to see your ads.
7. Leverage the Power of Social Media
Finally, the most successful modern businesses take full advantage of social media. It’s never been easier for people to find you online. By building up a positive presence there, you can drastically up the odds someone checks you out. Ask your customers to leave you a review before they leave. That way, you’ll slowly build a reputation.
Successfully Running a New Laundromat
Running a new laundromat is the same as launching any other business. At first, you’ll feel a little overwhelmed. There are many aspects to consider like financing, buying the best machines for your budget, and marketing your services. But, as you learn the ropes, it will start to feel a lot more natural.
