In recent years the coin laundry industry has undergone many changes, once considered questionable locations where seedy business was conducted where one was not safe, where you grudgingly went once a week to boringly do your laundry. This however is not the case any more, laundromats are now welcoming, fun multi service centers which customers have come to enjoy.
More modern laundromats actually include laundry drop off and pick up centers, snack bars, video games and much more. There are even coin laundry centers where there is no longer the need to use actual coins, much like a debit card, credit card or phone card a swipe card is used and the cost of washing is drying is simply deduced from the card. There are generally attendants that are employed to help assist customers with questions and use of the equipment as well as keep an eye on things.
Opening a coin laundry could be a good investment, if done properly. Local chains aside, most laundry owners own only one store, there are a few who may own two or three so if this is where your plan is going you are off to a good start.
There are many laundry owners who fully take on the operating and running of their coin laundry, other keep a day job and manage their coin laundry on the side. Once you get going owning more than one coin laundry or a large coin laundry could generate more than enough for you to survive.
The amount of money that can be made in the laundry industry can greatly vary, experts say that one store’s annual gross income can be around thirty thousand to one million. The expenses which accompany running a coin laundry can range from sixty five percent to one hundred and fifteen of its gross income.
This indicates that a laundry which is generating thirty thousand a year will at best net ten thousand five hundred and would lose, at worst, four thousand five hundred. If a coin laundry is generating one million on a yearly basis, the profit could reach up to three hundred and fifty thousand or the loss could reach up to one hundred and fifty thousand, the expenses will have a lot to do with these figures.
Experts say that these margins of profit have more to do with those who own the coin laundry then they do with the store itself. If the owners run a clean, well and rapidly maintained location with systems that are energy efficient as well as excellent customer service, the profit margins they receive will be around thirty five percent.
Many people find the steady income provided by a coin laundry to be quite beneficial. This is a business which regardless of the economic state of the country will continue to bring in cash flow, Clean clothing is not a luxury, it is a necessity so regardless of the stock markets performance, people are going to have the need of a coin laundry.
There is no particular experience needed to start a coin laundry, as a matter of fact most people who have did so simply because they believed it to be a good business opportunity. That being said, as with anything new research is very important. If you are considering starting a coin laundry take the time to join an association, speak with laundry owners, read up on the subject etc.
As with starting any business, some background in business can be very important, in addition either a knack for repairing machinery or some background in machine work could be beneficial. By having experience in this area, the cost of repairs can be greatly diminished. Consider taking a course on the subject just to at least have some basic knowledge. The real requirements to being successful in this industry is sincere interest, enthusiasm, business savvy and customer service skills.
If however you assume that the laundry industry is all about clothing and machines to wash and dry said clothing well you are mistaken, it is all about people and service. As with any service industry, the way customers feel when there and how they are treated is precisely what will determine whether they return or not.
If you offer friendly service then customers will continue coming back. If you take the time to talk with them and inquire as to how you can better their experience they will feel important and you will have a better insight on what your customers need and prefer. This type of customer information can be very important, it will help you improve the quality of business you offer and attract even more clients.
Owning your own coin laundry, whether you hire help or take it on by yourself there are things which will have to be done every day. The store must be opened and closed on schedule, it has to be kept clean, the vending and change machines must be stocked and the money collected. You also have to know how often the machines are being used and which ones are being used as well.
To own your own coin laundry be prepared to put in the hours and the work, understand that the people who will help you be successful are your clients so customer service, a clean environment, working machines and well running store will be what your clients will be looking for and will equal your business success.
