Do you want to start a coin laundry company from scratch? Or you need a sample coin laundry business plan template? If YES, then i advice you read on.
A coin laundry also known as a Laundromat is a type of wash room or laundry hall, where you make payment with either a coin or swipe your credit card in order to do your laundry. Unlike the conventional laundry where the laundry is handled by the laundry firm’s staff, this coin laundry is more of a self service laundry shop.
A coin laundry business is one of the easiest businesses to start and make money and you can start with at level you wish depending on your financial capacity. For this article, I will explain why it is easier to start and successfully run a coin laundry business and also how to start a coin laundry business.
Why It Is Better to Start and Successfully Run a Coin Laundry Business
- Easy to Start-: The business is very easy to start and you don’t need any extra technical or business knowledge to get started. It just requires capital to purchase your equipments, space to run the business and basic accounting knowledge and little advert to get the word out of the services you offer, for you to start your Laundromat business.
- The Laundry Market Is Not Affected By Economic Meltdown-: Everybody needs to get their laundry done even in bad economic recession. And the business has an all year market; it is not a seasonal business. So you are sure of customers once you get the word out of your laundry services.
- High Returns-: The initial profits you will make the first weeks you start the business may not be much, but as more people get to know about your Laundromat business, you will begin to see a high turn over from the business. Since you don’t need maintenance to keep the business, and the business will virtually runs on its own, so the return on profits you get from the business will be on the high side.
- Not Labour Intensive-: Unlike other business types, the coin laundry business does not require much labour to run; it runs almost passively in its own. You can easily run the business on your own without extra hands.
But if you must employ staff for the business, the key staff you may need for your business is a person with a basic knowledge of accounting for keeping your record books, and somebody that will check in every few hours to ensure that things are running as normal; and finally a maintenance man that can come once in a while to look at your machines.
Starting a Coin Laundry Company – Sample Business Plan Template
1. Draw a Business Plan for Your Coin Laundry Business–: You need to develop a clear business plan for your coin laundry business. The business plan should contain the following; the amount of capital you wish to invest to start the business, how many machines you wish to start with, how you wish to advertise the business and the business goal for the next one to five years. Here is a sample laundromat business plan template you can start with.
2. Register Your Business as a Company-: If you wish to run the business as a small home business, you can skip this step. But if you plan to grow the business into a household name one day or a chain Laundromat, you need to register the Business Name as a company. A lawyer can help you go through the process of registering the business as a legal entity.
3. Get a Location for Your Business-: Location of a business contributes to the success or failure of the business. You need to get good location to situate your Laundromat business, possibly an environment that doesn’t have much Laundromat competition and slightly populated.
Also, the place should be easy to be located by anyone who needs to make a quick laundry should be a good idea for a location. The ideal location should be big enough to contain the number of laundry machines you need for your business.
A small home coin Laundromat business can be run in your house’s garage as long as your house is located in a very accessible location. If you are leasing the location for the business, ensure you make a long term deal of over seven years, and the deal should be renewable. You don’t a situation where you have to move the Laundromat to another location within two years of operation.
4. Purchase and Install Your Equipment-: it is time to purchase and install most of the equipments you need to run your coin Laundromat business. Some of the equipments you need for your Laundromat are: washing machine, drying machine, industrial pressing machine, solar panel or inverter to generate power, unless you have a steady 24 hours in your location. Branded nylon for customers to package their laundered clothes, and a payment machine that will allow customers to insert a coin as payment for the laundry or POS machine to swipe credit card for payment.
5. Create Awareness for Your Laundromat-: Chances are that your coin Laundromat business isn’t the only one in the area. Even if it’s the only one, you need to advertise your business for customers to come patronise your services and you need a laundromat marketing plan to do it.
You can advertise your new business by organising a free wash day to launch the business, printing fliers to share in the neighbourhood, through word of mouth, have a discount coupon for anyone the introduces a new client to use your Laundromat services.
6. Accounting-: You need a précised accounting or bookkeeping method to keep track of your financial progress and your payable taxes. You can take a basic accounting or bookkeeping course online or employ a person with a basic knowledge of accounting to handle your financial records.
At this level, I have discussed the reason why your coin laundry business can be very successful and steps on how to start your own Laundromat business. And finally, as long as there is no stiff competition of Laundromat businesses in your location, you can easily start and grow your coin laundry business.
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