Running a Laundromat is simple, but creating or maintaining a successful laundromat takes hard work. An owner does not need to be in the laundromat every day, but they must understand their customers, equipment and competition.
Below is a very basic list of responsibilities a store owner can expect when operating a laundromat:
For coin stores, this will generally take place twice weekly.
For card operated stores, this can take place less frequently, if desired by the owner.
Stock Vending Machines
Stocking of vending machines is normally done once weekly and can be supplemented by employees after the owner collects the money from the machines.
Audit Wash n’ Fold Stations
This is a general audit that runs concurrently with the collection of the store. It consists of checking wash n’ fold claim tickets and counting wash n’ fold income.
Managing and Directing Day-to-Day Employee Issues
An owner will need to set schedules of attendants, as well as assist in hiring, firing, and training.
Handling Customer Complaints
Attendants should be trained to handle most complaints, but an owner may need to address some customer problems.
Implementing Promotions
Promotions can play a major role in the success of a laundry. This can be as simple as having flyers printed and making sure the attendants pass them out, to more intricate marketing strategies.
Keep the Equipment in Working Order
Keeping the laundry equipment in working condition is crucial to the continued success of a laundry. Work with your local service technician to make sure proper repairs and equipment maintenance are being completed.
Monitor Competition
Get to know your competition. Know their strengths, weaknesses, pricing, and promotion strategies.
More Articles on How to Best Operate Your Laundromat:
You have to be a jack of all trades: When it comes to owning a laundromat, you're a plumber, electrician, businessman, marketer, janitor, and a million other things all rolled into one. You don't have to be an expert necessarily, but experience and basic understanding in these areas comes in handy.
The single biggest factor in the success of a coin laundry is the location. Since most of your customers are going to live within a few miles of your laundromat, you'll want to consider nearby competitors, visibility, amenities, and local demographics.
U.S. Laundromats post impressive numbers with a 95% average success rate and 20 - 35% profit margins. But whether or not your laundromat can meet (or exceed) these industry standards depends on some important factors.
A typical laundromat will have between 40 and 100 washers and dryers, so with new machines you're looking at a total cost of $32,000-$260,000. Maintenance and repair on a machine will cost between $120 – $500 per service call.
Are laundromats a good investment? Laundromats make great cash-flowing investments. With an average, unleveraged return of 20-30%, the average laundromat investment is far superior to the average real estate investment, which will produce between 7-10%. The average dividend yield for the financial sector is just 4.7%.
So, how much does a load of laundry cost at a laundromat? Most laundromats cost between two to four dollars per load. Commercial dryers cost about the same, making the total cost four to eight dollars per load. However, these prices often fluctuate depending on how much time the process takes.
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