Coin Laundry Business
Can you clean up with a coin laundry business?
The coin laundry industry is one which has changed markedly in recent years, as more and more people look for ways to simplify their lives. Today’s coin laundries often offer more than just washers and dryers - wash and fold service, delivery service, children’s play areas and even snack bars are often incorporated into today’s coin laundry centers to make them more pleasant, more convenient – and more profitable.
With competition growing fiercer among laundromats, customers expect more from their coin laundry. It pays – literally – to offer helpful, friendly attendants, free coffee and newspapers and even WiFi service. To some degree, your level of success will be predicated on your ability to visualize and implement the touches that can make your laundry stand out among the competition.
Building and outfitting a new laundromat can be pricey – as much as $200,000 to $500,000. As a result, many coin laundry operators begin by purchasing an existing laundromat and renovating it with modern conveniences and touches to attract a larger clientele. Another benefit of purchasing an existing coin laundry is that it already has an established customer base.
If you do purchase an existing coin laundry, be sure to indicate – in large, prominent signage – that the business is under new ownership. Distribute flyers and post them in grocery stores and student housing areas. Although student and other apartment complexes often have laundry centers, these are often overlooked by the management, who are generally more interested in the bigger bucks they collect from apartments than from the change they reap from a few machines. If your coin laundry has something special to offer, apartment dwellers will happily seek you out. Hire someone to pass out flyers door-to-door (check with municipal regulations first to make sure you don’t need a peddler’s license). And send off a press release to the business section of your local papers – especially the freebie ones – for a little free advertising.
When it comes to machines, be sure to do your homework. In addition to different makes and models of washers and dryers, you can also choose to either lease your machines or purchase outright. Each choice offers its own benefits. Consider joining the Coin Laundry Association. Communicating with other members will help you make educated decisions about your business, and provide support from others in your industry.
