Laundromat Insurance: Methods of Financing a Laundry Business
When an individual or group decides to open a laundry business, they have many important considerations to make. Most of those considerations involve money. While ensuring that they have the right Laundromat Insurance Program in place is essential to protecting their assets, the first thing aspiring laundry owners should keep in mind is how they will finance their business to begin with.
There are a couple different methods laundry owners can implement to finance their business. They may choose to go the route of traditional financing, or equipment leasing. There is of course a good amount of equipment involved when it comes to a laundry business, and therefore the latter option will typically be more expensive than traditional bank financing. Financing a laundry business, however, is not impossible.
Various sources provide a few ways that laundry owners may be able to negotiate a business lease, which will significantly affect their financing plans. Business leases can be complicated, and often any type of lease will contain issues for an individual who has not considered or is unaware of the options available to them. Overall though, it’s imperative that these business owners have some negotiation skills under their belt; it is crucial to the success of their business.
Start Low. This is the first ‘rule’ in place when it comes to negotiating a lease. If a laundry owner immediately quotes the target price of the leaser, chances are they won’t be able to get much negotiating done at the end of the conversation.
Barter. If a laundry owner is willing to pay more monthly to get a longer lease period, they should say so. The key is to use the word “if”… “IF I receive this, I’ll pay this.”
Be positive. When it comes to negotiating lease terms, it is of course a business arrangement. However, being civil and friendly during the process will gain laundry owners trust from the leaser. A positive atmosphere could go a long way in achieving desired results.
These are just a few of the tips to negotiating a lease. At Irving Weber Associates, Inc. we understand the challenges that laundry owners face. Through our Coin-Op Advantage product, we protect Laundromats with broad Laundromat Insurance coverage, experienced risk control, as well as educational resources and unparalleled responsive claims service. Please contact us today for more information.