Learn & Grow

5 mistakes you're making while trying to grow your laundromat

Posted by Charlie Pasquale on May 30, 2019 2:07:00 PM

5 Mistakes You're Making While Trying to Grow Your Laundromat

Every business owner makes mistakes. It’s part of being human.

But that doesn’t mean you have to blindly walk into a situation that can cost you money or frustrate your plans. It’s best to be proactive.

I want to help you stay away from costly mistakes, so I’ve put together five common areas where I see laundry owners start to struggle:

1. Prioritizing “Affordable” Purchases Over Quality Ones

I’m all for saving money when I can, but you should never mistake saving money for success.

For instance, buying an “affordable” camera system for an unattended laundry may seem like a good idea. But when you check your footage later and can’t make out any details, you’ll see that your purchase wasn’t as great as you thought.

Or, if you buy affordable laundry equipment that breaks often, wastes your utilities, or damages your customers’ clothes, then you’ll undoubtedly regret your money-saving priorities.

2. Blind Trust in Employees

As a business owner, you need to know that you can trust the people you hire. Employee theft costs a global $48.9 billion each year, and you don’t want to contribute to that statistic.

Spend time ensuring that the employees you hire are trustworthy and capable of completing the tasks you give them. A little investment upfront is worth it.

3. Not Knowing Customer Opinion

Your customers vote with their wallet - but they will share their opinions with their family, friends, and Internet strangers.

So even if sales are good, you need to know what your customers think about your business.

That means giving them the ability to review your business with tools like Yelp and Google My Business. Or, you can collect in-store or email surveys that give you even more direct feedback.

You can then take your newfound knowledge and improve your business according to your customers’ needs.

4. You Offer Low, Low Prices

When you’re new, it’s tempting to think of every competitive moment in terms of price. If you offer a better service for less, why wouldn’t customers come to you?

That idea may work for a while, but you’ll quickly find that it’s unsustainable. Low prices mean you have to win more customers to stay afloat.

And if you’re competing on price alone, what’s going to happen to your customers when you try to raise them? They’ll leave.

Set accurate prices from day one if you want to avoid the awkward exodus of dissatisfied customers.

5. You’re Just in it to “Collect Quarters”

The laundry industry as a whole is famous for being “recession proof.” This leads to many new owners who think they can buy a store and collect money as it pours in.

But that’s not an accurate picture.

Every business will need maintenance, regular check-ins, and tons of administrative work. Be willing to put in the hours, or at least be willing to hire someone who can help you.

If you’re only in it to collect a paycheck, you won’t be successful. Plain and simple.

Conclusion

Growing a laundry business will take time - but it’s not impossible. If you aspire to own multiple stores and create a laundry empire, do your best to avoid the mistakes I’ve outlined in this post.

And as a bonus tip - take steps to modernize your business. Consider adding a mobile payment system to help decrease your costs and increase your control as a business owner.

All it takes to get started is a few clicks - schedule a free demo now!

Topics: Building a Laundry Business

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