Laundromats have been around since the 1930s, back when most people couldn’t afford to have washers and dryers in their homes. Things have changed since then but self-serve coin laundry facilities are still popular and a good investment. People who live in small homes or urban areas often do not have room for a washer or dryer so they rely on a laundromat.
There are over 35,000 laundromats in operation in the U.S., generating over $5 billion in revenue every year. It is a profitable business to consider if you do your homework and make the right decision. We’re here to help. Here are some tips for opening your own laundry business. When you need to buy the best coin laundry equipment in Raleigh, NC, trust in T & L to offer the best prices and customer service.
Tips For Opening A Laundry Business
Even though things have changed over the years, the basic premise of self-serve laundry facilities is to provide dependable equipment for people to use at their convenience. Some facilities may have televisions, WiFi, vending machines and childcare areas, but it is important to not overlook the reason why they are there. You want to choose high quality, energy efficient equipment that will last a long time.
If you are building a new coin laundry facility, you should consider location. Just like in any real estate venture, location plays an important part in how well your business will do. Ideal areas are near apartment complexes, dorms or in a shopping center with other businesses that offer services related to laundry demographic.
Sometimes it is easier to take over an existing coin laundry business. If you choose to take that route, whether you are buying the building or leasing it will matter. Have a lawyer review the terms of any lease or sale. You will not be able to move your business as easily as people in other industries, so you want to make sure what you think you are buying is actually what you are getting. T&L offers consulting services to help understand the industry better if you are new or uncertain about a particular existing laundry business.
When taking over an existing business, be sure to inspect each piece of equipment. If you have to invest in new washers and dryers, you will want to be able to negotiate that in the terms of the sale or lease. One of the biggest expenses in owning a laundromat is the equipment, so you don’t want to be surprised with more of an investment than you are prepared to make.
When purchasing new equipment, plan to buy washers and dryers that are durable and serviceable. Low priced obscure brands of equipment might make parts and service hard to obtain. Utility costs are another of the major operating expenses for the self serve laundry. Saving some money on inefficient machines may cost you more over time. Sometimes it is possible to spend more on inefficient equipment than it would cost to pay for efficient machines twice. That is how much utility costs add up over time. Whatever you do, know that you will have this equipment for a long time so be sure to make the right choice.
Additional income in the laundromat can come from installing vending machines for detergent, snacks and drinks. Some stores do well with video games. Wash-dry-fold and other contract type work is more profitable than self serve business and is worth the rewards of developing for stores in areas that support it. These can help give your customers added services and a good experience while also adding to your profitability. Nearby competition sometimes turns these additional income generators into essential services. For example, if you were spending the afternoon doing laundry, wouldn’t you choose the laundromat with the television, free Wi-Fi and a friendly attendant that keeps the place clean and can help you with your laundry?
Adding these bonuses can give your laundromat an edge over your competitors, but will also add additional costs. You will have to weigh the pros and cons of these luxuries to determine if they are a good expenditure for your business.
For The Best Coin Laundry Equipment in Raleigh, NC, Call T & L Now!
If you want to know more about building and running a coin laundromat, give us a call at T & L Equipment. We’ve been in business for over 4 decades, so we can give you valuable advice on how to successfully buy the best coin laundry equipment in Raleigh, NC, as well as, help you open and run a self-serve laundry facility.