Overall, business was great for 2016 coin laundry business operators. According to a recent survey conducted by American Coin Op, approximately 79% of business owners reported that business was better for them in 2016 than in 2015. As higher prices were charged and more customers became available, this made for a successful 2016. As we review the industry’s success, prepare for your own this coming year with a comprehensive Coin-Op Advantage Insurance program.
Equal shares of 39.6% say their total laundry business performed “much better” or “somewhat better” than it did in 2015. Roughly 13% say that business last year was the “same as 2015.” A small percentage (8.3%) reported business being “somewhat worse in 2016,” and no one who took the survey described business as “much worse in 2016,” explains the article.
What’s more, over half of the store owners stated that a bigger customer base was to thank for their success, while 31% noted their increase in prices contributed to their business improvement. In addition, new improvements such as investing in new equipment accounted for 24% of coin laundry operated business success.
So, what’s to come in 2017? According to the survey, attracting new customers is the No. 1 business priority of 27.1% of store owners polled. Other respondents seek to “spruce up [their] store(s)” (20.8%), explore extra services or new sales opportunities (18.8%), add or update equipment (16.7%), increase vend prices and/or cut costs (14.6%), or “other” (2.1%).
Survey respondents are also hopeful about the income potential for this coming year. Almost 20 percent of respondents predict that their revenue will substantially increase in 2017, while 61.7% believe their sales will at least increase slightly.
About Irving Weber Associates
At Irving Weber Associates, we offer our Coin-Op Advantage Program which includes Coin-Operated Laundromat Insurance and Self Service Laundromat Insurance. We provide coverage for operations with active ownership, on-site attendants, and newer equipment under maintenance contract. We have comprehensive protection plans that include: general liability, property liability, equipment breakdown, employment practices and more. For more information on how we can provide you with our responsive claims service, call us today at 855.764.7406.