You’ve thought about it and decided to start your own business. You know you want a business that is mainly recession proof. There are many, but one particular business costs less to finance than most, is mainly recession proof, requires no employees except for the owner which will save you a fortune, requires very little inventory and provides the owner with unlimited franchise opportunities.
Owning your own laundry mat business can be a financial windfall. And the laundry mat business can garner investment returns as high as 40%, which is almost unheard of in most other businesses. And the best part is that a laundry mat is a basic need in any area. Another perk of owning a laundry mat business is the customers provide almost all the labor, saving you a small fortune in payroll and employee benefits. Of course, the franchising possibilities are practically limitless.
If you want to own your own laundry mat business, planning is the key to success. Unless you have the capitol to completely finance your own store, you will need to borrow from a financial institution. To qualify, you have to show the need for a laundry mat in the area you have chosen. Hopefully, you have chosen wisely. But that shouldn’t be too difficult, as a laundry mat is needed in almost every neighborhood, especially one with a large apartment community. You will need to show the financial lender a prospectus spanning at least 10 years. You will need to check with the lender to find out what they require in the prospectus.
There are many ways to increase the profits in the laundry business for the innovative entrepreneur. However, don’t get too greedy. If you set the machine prices too high, the customers can just go to a different laundry. I know one owner who offers free washing and drying to one customer per week. The customers don’t know what day the free washing and drying will happen, so it increases business through the work week, which can be somewhat slow at times.
Another way to increase your profits is by offering laundry services to your customers. Offer to do their laundry for them by charging so much per pound with minimum poundage required. The normal washer can hold from 10 to 15 lbs, per load. At $ .75 a load, a 10 pound minimum would give you $7.50. Drying would cost about $1. You’ve just made $2.50 more than the customer would have spent doing their own laundry. That service is great for construction workers who are single. Of course, that will require you to spend time at the store each day. But you need to do that anyway to keep the laundry clean. Nobody wants to do their laundry at a filthy Laundromat.
Owning your own laundry mat business can be very profitable, especially if you franchise. The average laundry mat owner owns about three Laundromats. So research and plan, and you will be a huge success.
Edward Dean is an accomplished website developer and author. To learn more about planning-is-the-key [http://cleaningfranchising.com/planning-is-the-key] visit Cleaning Franchising [http://cleaningfranchising.com/] for current articles and discussions.
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