Entrepreneurs who are looking for an operation that requires less of a hands-on approach may consider starting a coin laundry business. The business requires a substantial amount of planning and hard work during the start-up process. However, once the initial work is done, much less work is required. Research the market thoroughly. Even if there is already a laundry business in the market you are looking considering, think about how you can compete. This begins with providing higher-quality service. The location of your business will be critical to your success.
- Skill level:
- Moderately Challenging
Things you need
- Business plan
- Legal and tax documents
- Laundry equipment lease
- Wireless Internet access
- Vending machines
Conduct thorough market research. Develop a marketing strategy that will allow you to compete within the market. Write a concise business plan to guide you through the set-up phase. Include a mission statement, description of your business, analysis of the market and competition, a detailed marketing plan, financial documents and lease contracts necessary to start your business. A coin laundry business can be a profitable venture, but a comprehensive plan is essential.
Meet with local officials to determine what permits or licenses are necessary to run a coin laundry business in your area. File any necessary forms at the local level for permits and taxes. Meet with your local small business administration office. Discuss any questions you may have regarding the legal and tax documents you will need to file with state and federal agencies. Ask them to suggest a local attorney and accountant if you have any further concerns or questions. File the necessary forms.
Search for a property to operate your coin laundry business. A central location within the community is ideal. Towns with colleges or universities or communities with a high percentage of rental property are ideal target markets for laundry businesses. Refer to your market analysis in your business plan and select the best available location. Enter into a lease agreement.
Research laundry equipment rental services for commercial operations such as yours. There are a wide variety of rental options available. Select a package that provides regular maintenance. A well-maintained fleet of washers and dryers will keep your business competitive. Poor maintenance is a common complaint within the industry. Enter into a lease agreement.
Acquire a wireless Internet connection for your laundry business. Customers will appreciate the free service while they pass the time waiting for their laundry. Host vending machines within your building to provide snacks for your customers while they wait. You will be able to receive a percentage of the earnings from the machines as an added benefit. Focus on high customer satisfaction to remain competitive.
Tips and warnings
- Consider other options for entertaining your customers while they wait, such as video games or music.
- Deter vandalism to your property by selecting a building with large windows. Ensure that the building is well-lit at night.
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