Starting a laundry business can be a very smart move for rental property owners. A laundromat is something your tenants will use and is a major selling point for your property. This guide will outline how you can start and successfully run a laundry business.
Things Needed For Laundry Business
First and foremost, you will need a plan. Starting any business without a solid plan is a recipe for failure. Ask yourself questions like whether you have the capital to start a laundry business, how much does it cost, how many machines you will need, what target demographic you will cater to and more. Thoroughly understand the commitment involved before you proceed.
Next, secure a location. You may choose to build a new adjacent building to house your laundry services or convert an existing area, perhaps in a basement in your rental complex, into a laundromat. If possible, you could also buy an existing laundromat and update it. You will then need to secure laundry machines. Maytag offers a full range of commercial laundry equipment that will help get your new laundry business started. As the centerpiece of your new business, you will want laundry machines you can rely on.
Laundry Business Training
It does not require much training to run a laundry business. You may need a skilled repairman on call to fix problems, although machines are often serviced by a third party. You will also need custodial services to keep the place clean and welcoming for your customers. For the most part, a self-serve laundry facility is more hands-off than running most businesses.
How To Promote Laundry Business
There are a number of ways you can promote your new laundry business. First and foremost, make sure your residents know that it exists. You can do this via a mass e-mail, flyers on doors or by placing a notice in their mailboxes. If your laundromat is cheaper than nearby competition, you can mention that in your promotional materials. If you want outside customers who are not tenants, you will have to pursue other marketing techniques. This should include local and online business listings, a website and social media profiles.
Requirements For Laundry Business
To run a successful laundry business, you will need to keep the facilities clean. Make them a place people will actually want to visit. One way to do this is to offer amenities your customers desire. This can include free Wi-Fi, a snack bar, wash-and-fold services and more. Get creative. You can also poll your residents on what amenities they might like included in the new laundry facility. You can then just install the most popular options.
Target Market For Laundry Business
There are a handful of target demographics a laundry business should be catering to. The most important is renters, students and others who do not own homes or do not have washer/dryer hookups in their units. Another specialized demographic, depending on the area, is vacationers who need to do laundry. This is generally only a significant demographic in tourist towns. Women make up a large number of laundromat customers, because while times are changing, women still primarily do laundry for their families. This is why it can be helpful for your laundry business to cater to mothers. You can do this by putting in a play area for children, for example.
You could also choose to target higher income families with your new business. Convenient services such as wash-and-fold and larger machines can be convenient services for working individuals or families. Whether you can target this demographic will largely depend on the income range and demographics of your existing tenants, as well as the location.
Starting a laundry business is a logical next step for many rental property owners. Respond to problems quickly and efficiently, offer unique amenities and market your new business effectively, and your laundry business will be in a good position to succeed.
Author
Sarah Smith