Self-service laundromats, also known as coin-operated laundries, are usually unmanned areas with commercial laundry equipment for the public to use and pay for. Today, you can find modern self-service laundromats that offer cashless payment options, besides accepting coins and notes.
These laundromats are highly-profitable businesses as they require fewer staff members and supervising. The most important things you’ll need are high-quality laundry equipment and laundry parts from places like Laundry Replacement Parts. But of course, starting your own business is no easy feat.
Here are tips to follow when you plan on opening a self-service laundromat:
Choose a Business Entity
Once you have a business name and chose to have a self-service laundry business, you need to determine what busines entity you’ll have when legally structuring the business. This will affect the way you pay taxes, the risks you’re exposed to, the way you’ll organize the business, among other factors.
You can start the self-service laundromat as a limited liability company, sole proprietorship, or partnership, all of which having their pros and cons. We recommend consulting with professionals when making this decision.
Write a Business Plan
Write a business plan, which must be comprehensive and actionable so you can begin earning from your business. There are business plan templates you can refer to or write from scratch. Regardless, your plan must include:
- Summary
- Business information like the structure and employees
- Market analysis
- Financial information
Register Your Business
Next up, you need to register your business and get the appropriate business licenses and permits, depending on your location.
There are states allowing business to register online, while others require in-person with paper documents. As for permits and licenses, you may need other specific licenses other than the general business license. For instance, you may need a water pollution control permit and health department license, depending on your location and additional services you offer.
Choose a Location
After you’ve done most of the work needed to begin the laundry business, you must find the optimum location. It’s best to go for a commercial space that allows plumbing and water line hookups. Note that these installments come at a substantial cost!
When looking for the best location, make sure that there’s a high demand for laundry services, particularly near rental units without laundry equipment. You can also have your laundromat near college students. Regardless of where you’ll stay in, prioritize safety and security, renting an area near a visible and safe aera.
Invest in Equipment
After securing your space, you must invest in quality laundry equipment and alliance laundry parts, so you can make your business operational. You’ll probably need over 10 washing machines and dryers, though this depends on your laundromat’s size.
Besides that, you’ll need other essential equipment, like:
- Change machines
- Laundry carts
- Security cameras
- Vending machines
- Soap dispensers
- Credit card payment systems
Do note that equipment, other than rent, will take a substantial amount of your capital, about $100,000 to $400,000 on average!
Wrapping It Up
Follow this guide to start your laundromat business now! Good luck.
