5 Common Blunders to Avoid When Opening a New Laundromat
Considering whether or not you should buy that laundromat or open up a new location in your city?
Before you pull the trigger consider these five common blunders that new owners and laundromat locations often encounter.
And if you see one or more, change your plans accordingly!
1. You pick a poor location.
Foot traffic, household income demographics, and other factors all play into how many customers you can win in your local area. If you start with a small pool of potential customers, it won’t end well for you.
2. You buy a location that misreports their income.
If you’re purchasing a laundromat that’s already in existence, make sure that you can verify bank statements, check sales receipts, and take readings from utilities. These will paint an accurate picture of how much the store brings in each month, and could prevent you from buying a misreported store.
3. You don’t have backup money.
So you started a new location and spent a lot of money fitting it out with new equipment. Do you have enough money to get through the next 6-12 months while you’re building a customer base? If not, you should reconsider your plan of action.
4. You try to do it all on your own.
As a new store owner, you’re interested in cutting costs and maximizing profits. That often leads to an attitude of “I’ll do it all myself.”
That’s a bad idea. It will likely result in long days and stressful nights while the work piles up. Hiring good help is essential as a new laundromat owner, so don’t skip this essential step.
5. You underestimate how complicated running a laundromat is.
A lot of newcomers to the laundry industry think that owning a laundromat is simple. You just have to keep the lights on and the machines running - Field of Dreams style.
But there’s a ton of work that goes into owning a laundromat. You need to keep it clean, manned, do taxes, and so much more. If you think it’ll be a walk in the park, you need to reality check before it’s too late.
Be the Boss You Want to Be
Starting out as a new laundry owner will have a learning curve, but that doesn’t mean you have to go it alone. Partnering with us here at The Laundry Boss can help you turn a profit quickly and build a laundry empire to be proud of. Schedule a demo today!