Starting a laundromat business may seem simple but if you look a little deeper you will see that there is more to it than meets the eye. Some laundromat owners rush into it and end up misjudging the market, spending too much to get started or making other mistakes that lead to financial losses and business closure. Others end up doing everything right and enjoy the semi-passive income that this business model has to offer.
What separates these successful laundromat owners from the losers. Much of the difference comes down to the research, planning and preparation that is done before the coin laundry is opened for business.
To increase your chances of success in this business you have to do your research and gain access to quality information. You have to read everything that you can and talk to people who may be able to offer useful advice. Below I have set out some potential laundromat business information sources.
Books and Startup Kits
A great starting point is to do some reading on the laundromat business. There are many books for sale online. You can also consider purchasing e-books and online startup kits that you can download right away. Wherever possible, try to purchase information from someone who has had first hand experience in the business.
One great way to get information about the laundromat business is to talk to people who are already in this business. While it may be difficult to get them to really give you all of their tips and tricks, they may offer you some guidance if you are polite. One of the most important things to find out is what kind of machinery they are using and how their experience has been with it. How quick was the manufacturer to respond when their machines have broken down?
You may also find someone who has been successful and is willing to mentor you, providing that you are not going to be one of their direct competitors
Consider getting a job at a laundromat so that you can learn more about the business. Ideally you could work for someone who owns a chain of stores so that you could get an overview of how a successful operation is run. Even if you just got a job as an attendant for a couple of months you could learn a lot about the business.
One of the best sources of information to tap into when you are just starting out is local suppliers. Manufacturers and distributors of coin operated laundry equipment should be able to give you an enormous amount of information on the local industry and your expected startup costs. You should try to remain a little skeptical as their motivation will of course be to sell you machinery.
As a business owner you can benefit a lot in this industry by joining a relevant trade association. The Coin Laundry Association is the US serves laundromats at the national level and there are also many local associations as well.
Lastly, a great place to pick up information about the coin laundry business is online discussion forums. There are several sites on the Internet where laundromat business owners meet to discuss industry news and developments. The mood on these forums is usually fairly polite and helpful and people don’t mind if you ask questions.