Thanks for joining us for the second part of our blog series on budgeting mistakes that laundromat owners commonly make. You can see part one here and other blogs on setting goals for your business in 2017 on our blog. For over 40 years T & L has been helping coin-op laundromat owners start and grow their businesses. Our team of coin-op pros has put together a list of other areas where laundromat owners get tripped up when it comes to budgeting for their business. If you want to avoid over-paying on a commercial washer in North Carolina, be sure to give us a call for big savings.
More Budgeting Mistakes To Avoid Making In 2017
- Not being organized
With a passive income business like a laundromat it is easy to get disconnected and disorganized because you are not there every day. Making sure you stay in touch with your business and know what is going on and staying on top of your bills and expenses will keep your business thriving. Invest in a planned maintenance plan to help keep those unexpected costs at bay.
- Underestimating the tax man
Because most businesses have to pay a pro-rated tax, not budgeting properly can affect the dues you owe to Uncle Sam. Make sure you have the correct sales tax for your area and also make sure that when you file your taxes you provide all of the correct information. The IRS can audit your business at any time and you will be held responsible for any mistakes.
- Save a little money for a rainy day
Making sure you have a safety net in case you need it will bring a great sense of relief for you as a business owner, so do not forget to include savings in your budget. You could be using this money to upgrade your store or buy another one, but setting some money aside and putting a place for that in your budget is essential.
- Having a complete budget
Your budget has to include everything it takes to run your business. From the night cleaners that come in and wash the floor to the money you spend on potential property tax for your business, knowing how much money goes out each month in necessary expenses will give you a better idea of how much it costs to maintain your business. Make sure to include expenses for marketing and staff training in your budget. These are often overlooked.
- Do not over complicate things
If you have done your budget in a certain way for years and that has worked for you keep it. Just ensure it has all the important parts that you need to make your budgeting successful.
- Not knowing your target market
You might think that this has nothing to do with your budget, but it has a large impact. Where your laundromat is located might impact how much you have to spend on marketing, or how often you have to remodel your store each year. If it is in a fancier area of town, people expect more amenities and power and water tend to be more expensive. Knowing your target market and the surrounding area will help you budget for exactly what your clients are looking for.
Having a well laid out budget and a business plan will help your laundromat business soar this year. Know your goals and stick by them and remember a budget is there to show you your growth. It is a great way to measure where your money goes.
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