Operating a laundry business is a craft that takes years to perfect. Novice business owners are bound to make mistakes as they learn the ropes, but educating themselves and avoiding common pitfalls can protect not only their reputation, but their bottom line. Read on to discover how to avoid these common laundry mistakes, and protect your operation with a Coin-Op Advantage Insurance program.
Mistake #1: Underestimating the business.
Running a coin-operated laundry machine requires more than just making sure the machines work and collecting the cash. While the basics of running the business are straightforward, all aspects must be considered to be successful, including employee training, staff management, bookkeeping, marketing, machine maintenance, and more.
Mistake #2: Not having enough capital.
Often, new business owners fail to set aside enough capital reserves (money) to run the business once they take it over. To avoid this, you should begin with a good business plan that has realistic targets and a revenue model of best, likely and worst-case outcomes for the business. Included should be steps that can be taken to increase the business. Anticipating upcoming expenses are a must, but don’t forget that once you close escrow on the purchase of the business, you will need to spend some money to fill up the change machines and pay deposits for utilities, explains Coin Laundry Association.
Mistake #3: Going at it alone.
It may be tempting to be your only employee and do the maintenance yourself to cut costs. However, doing so compromises the time you have to run the rest of the business. Rather than being a lone ranger, invest in some quality and trustworthy employees and outsource maintenance if possible.
About Irving Weber Associates
At Irving Weber Associates, we understand how important growing your business is to your overall success. We offer laundry insurance programs such as the Coin-Op Advantage program and more, to ensure that you are financially protected the best way possible so that your business can continue to thrive. If you offer specific promotional services and are aiming to expand your laundry business, contact us today at (855) 764-7406 to get a better understanding of what we cover and how we can assist you.