As the new year progresses, coin operated laundry facilities are sprucing up their looks, inventory, and marketing strategies. Both big corporations and small mom-and-pop shops are striving to better their business and garner more profits for the coming year and these updates are projected to do just that. As we take a closer look at the new developments in store for the laundry industry this year, ensure your facility is protected with a comprehensive Fabricare Insurance program.
January’s American Coin-Op Your Views survey demonstrated that 48.9% of coin laundry owners are planning to invest in their stores this year with 38.3% adding new washers and/or dryers, 36.2% will be increasing their prices, and 29.8% will be increasing their marketing efforts.
Further, the majority of shop owners project their business to be better than the previous year. To accomplish these goals, some respondents stated that their initiatives include lowering drying prices, reducing drop-off hours, improving lighting and signage, or even closing a store so another store garners more business, says American Coin Op.
Contrarily, there are naturally some business concerns, as well. The biggest apprehensions for owners is that utility costs will rise, causing their prices to increase. Other concerns include increased competition and outdated equipment. However, many owners believe their industry hasn’t changed much in the last five years and have already proven to implement effective business strategies.
At Irving Weber Associates, Inc. we understand what it takes to run a successful Dry Cleaner or Laundromat business, including investing in a comprehensive FabriCare Insurance Program to ensure that you are financially protected against legal claims. For more information regarding our products and services, please contact us today at 855-661-4557.