There are hundreds of nuances in the laundry industry that make it a great place to work, make connections, and earn a living.
But not everything is as it seems from the outside. There are some common misconceptions that new laundry owners tend to have when they take the leap into owning their first store.
I want to share a few of the most common issues in this article.
1. It Will Never Be Set and Forget
Coin laundromats are attractive to investors, especially if they’re unattended.
Many a newcomer to the industry has pictured buying a coin-operated laundromat with hopes that they can leave their business be and stop by to collect their profits every now and then.
But that’s a little too good to be true. There will always be elements that require a daily hand, such as:
- Cleaning the floors
- Wiping down the machines
- Stock the soap dispensers
- Clean the bathroom
- Empty the trash
- Wash the windows
And that’s just day-to-day. You’ll also have weekly, monthly, and quarterly tasks like maintenance. There are ways to lower how much time you spend, but never expect to set and forget.
2. Recession-Proof Doesn’t Mean Free Money
One of the biggest selling points that any old-timer can tell you about the laundry industry is that it’s largely “recession-proof.” When bad times come, people still need to do laundry.
But sometimes this makes businesses act like they’re just waiting for the next recession. That’s when people are going to flood to their business.
That’s not going to happen.
Recession or not, you need to drive customers to your business in an effort to grow your brand and revenue. That means investing in marketing through social media, a blog, or paid ads.
If you just wait around for customers to come, you’ll never be successful.
3. The Coins Will Pile Up
If you’re looking into starting a coin-operated laundromat, there’s one thing that you should absolutely be aware of:
The coins are a nightmare.
Just go to your bank and ask them what $100 in quarters looks like. Take them out of the roll, put them in a bag, and try to carry them. It can get heavy.
Then consider that every time you service your machines, you’ll need to gather potentially hundreds of dollars in quarters, roll them up, and take them to the bank. Either that, or you’ll have to hire someone to do it for you.
The task is never-ending.
Thankfully, mobile payments make short work of this task, and you can (and should) look into how to get them installed on your machine. They’ll make your customers happy, and you’ll have to deal with less coins in the long run.
4. You Don’t Have To Do It Like It’s Always Been Done
Innovation is amazing. It’s what brought us to where we are today, and continues to give us technologies, ideas, and paths forward.
If you’re looking into starting a laundry business in your area, don’t just settle for how it’s always been done. Try to find ways to grow and make the industry that much better, like utilizing mobile payment systems.
Check out how the Laundry Boss can help you create a successful business from day one - and cut through the clutter to be the boss you want to be.