The education behind business endeavors tends to be fairly broad, and leaves little room for specific industries. Most of the industries that fail to be mentioned are ancient in practice, having been used since the beginning of civilization, like the laundry industry. Establishing a successful laundromat is no easy feat–especially since the world has adapted to buying their own machines, using a friend or relative’s, and landlords have adjusted to putting the equipment into their buildings. So, what should you know before embarking on this business journey, and what will make your laundromat a success?
1. Your Business Plan in Its Entirety
It sounds simple enough: You know your business and you know how it is to run. However, constructing a business plan that will discuss every aspect of your company is crucial before opening shop. What services will be provided? Will you have specialized services, like wash and fold or delivery? It is important to understand who you are marketing to as well, so establishing a target audience is key. Whether it is college students, stay at home mothers, small or large families, or business men and women, you must understand your desired customer base and to offer services accordingly.
2. Your Competitors
If the demographic of your area tends to be younger, it is safe to say that the target audience will be college students or young professionals. Your competitors will have already been providing a service to them before you open your business, so it is important to communicate to the public what makes your place different. Emphasize your discounted prices, specialized services, or updated equipment. According to Laundry Equipment Services, Conducting research that determines how your competitors have been doing will benefit you, too. Improving areas that your competitors lack in will draw in more consumers.
3. The Ins and Outs of the Industry
Before decorating your laundromat, did you consider the wait times for your services? If so, you probably incorporated plenty of seating, magazine racks, and televisions that will allow your clients to relax as they wait for their clothing. If you also knew that doing laundry was a social experience, you should have incorporated conversation pieces into your establishment, like paintings, sculptures, and generally upbeat decor. Understanding the efficiency behind your profession will help you buy the best equipment and supplies as well.
4. Your Location
Knowing your target audience does not necessarily make them attainable. A broad industry such as this one tends to have room for multiple audiences, so considering a location is always crucial. Renting a space close to apartment buildings, gyms, or college campuses is a great means to increase profit and to gain business exposure. Avoiding renting a space near competitors is key, and a consideration to parking should always be made to improve customer convenience.
5. How to Market
Marketing is a very diverse, competitive industry that can make or break a business. Certain industries have it easy when it comes to marketing, and they are simply able to advertise prices, but laundromats must distinguish their services from their competitors through every form of advertisement. Creativity reigns supreme in this industry, so constructing unique designs, like door hangers to hang on the doors of nearby buildings, is a great way to catch the eye of prospective consumers. If you have couches, free Wi-Fi, televisions, and specialized services, marketing those is advantageous. Lure new customers in by offering one free wash; retain them by providing a discount for every tenth wash. This is an industry that gives way to local marketing, so researching the locals, their ideals, and what they would enjoy seeing is essential.