Did your self-service laundry business measure up with your competition last year? The recent American Coin Op State of the Industry Survey, which offers store owners and operator the chance to compare their business to others in the industry, focused on the 2014-2015 business conditions and revealed that close to 60% of survey participants reported an increase in 2014 overall business. Despite the positive results for the majority, running a self-service laundry facility does not come without challenges, which is why it’s so important to be financially protected with the right Laundromat Insurance Policies.
In addition to obtaining the right amount of insurance to protect your Laundromat or self-service laundry facility, it’s important to be aware of the common challenges faced by those in the industry, as this will help you better combat those opportunities. For example, several major manufacturers recommend that investing in energy-efficient machines and operations could greatly reduce energy costs, helping with the facilities’ annual budget.
Rising rent prices nationwide is also a common self-service laundry opportunity. While nothing can be done to avoid the inevitable increases set forth by landlords each year, experts advise knowing your cost structure. Rent went up? How can you cut back in other areas, such as labor, equipment financing, etc.?
The greatest challenge facing these Laundromats, Laundrylux CEO Neal Milch says, is the rising costs attached to impact fees, regulations, and other government mandates which discourage business formation and risk-taking. Despite this, the State of the Industry Survey does show promising growth for the industry.
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 about this program as well as our Drycleaner Insurance coverages.