When contemplating where to open up a new Laundromat, there are various factors to consider. Whether you want to relocate your current business or venture into the Laundromat industry, the following recommendations can help to ensure your business is successful. In addition, inquire about a Coin-Op Advantage Insurance program to safeguard your operations.
Demographics- Typically, Laundromats are the most successful where the surrounding population is 30-50% renters. Further, lower to middle income populations who earn less than $35,000 per year and have an average household size of 2.3 or more tend to use Laundromats, according to American Coin-Op. This information can be gathered from the U.S. Census website if you are unsure of the local population’s statistics.
Location- Ideally, Laundromats should be clearly marked and visible from the street. In addition, your lot should provide ample parking for your customers to attract business. Next, consider opening up shop next to grocery and convenient stores to boost traffic.
Competition- While too much competition can be detrimental to your business, no competition whatsoever likely means the demographic does not match your criteria. A sound marketing plan can promote your business over the competition if you have incentives and value. This can range from folding options to drying services if your competitors do not offer them.
Infrastructure-Laundromats should be large enough to accommodate all of the utilities, sewer specifications, and allow convenient flow and usage of the facility. In a shopping center location, this might mean purchasing conjoining buildings, if applicable, to be adequate.
At Irving Weber Associates, we have a unique understanding of the Laundromat business. Our specialty programs offer protection to financially secure your business in the best way possible to ensure your success. For more information, contact our experts today at (855) 764-7406.