Before you begin your laundromat business you should be aware that there are some significant mistakes that many new owners make. While owning your business can be life-changing, making a mistake early on in your laundromat ownership can be detrimental to the success of your business. There are four common mistakes that small business owners make that can cost them dearly. Here are the pitfalls to avoid when you begin your laundromat. Searching for coin operated laundry equipment dealers in NC? Call T & L today for savings.
Choosing a Bad Location
While this may not be the kiss of death, it can certainly make getting your business off the ground more difficult. Not doing your homework before leasing or buying a location for your laundromat can be challenging to overcome. Whether the site is bad because the demographics of the area don't support your business or the utility fees are too costly, putting your coin-op in the wrong place may be ruinous.
Not Understanding Your Lease
Without thoroughly analyzing your lease on your laundromat, you could find yourself locked into a location that is less than desirable or with equipment that may not meet your needs. The lease on your laundromat is your most important asset. The long-term viability of your business depends on the length and terms of your lease. Have your lease reviewed by a real estate attorney before signing off on or agreeing to the terms.
Ignorance Is Not Bliss
Connecting with your local commercial or vended laundry distributor can provide you with valuable insights and information about the industry in your area. Many potential laundromat owners fail to understand the time commitment and the financial requirements to be successful. Interacting with industry professionals and fellow store owners can help you decide if this business is truly right for you.
Buying Low, Selling High
Investing in a store that is struggling can help you get more for your money. However, many owners underestimate the amount of time, capital, and energy that it will take to turn a store from a lemon to a moneymaker. Changing the perception of an existing location or getting troublesome customers to move on doesn't happen overnight.
Owning a laundromat can help you achieve the "American Dream". Failing to fully vet the opportunity before diving in can mean that you are left with a business that isn't profitable, equipment that doesn't work, and a lease you cannot pay. Joining us for part two of this series to learn more.
Most Trusted Coin Operated Laundry Equipment Dealers in NC
Don't settle for taking over someone else's headache. Start your own coin-op with help from the professional team at T & L Laundry Equipment. We're the top-rated coin operated laundry equipment dealers in NC. For more than 40 years our team has helped new owners enter the vended laundry industry and run successful laundromats. Our goal is to be a partner in your success, not just another vendor. We proudly offer in-house financing on the latest Energy-Star rated washers and dryers from Speed Queen and Continental. We also carry products to help you fully outfit your laundromat. From bill changers to ergonomic folding tables and comfortable seating options, we have what you need to build your laundromat.
Call or come by the showroom today to put our team to work for you!
