If you cannot afford to hire full-time employees, you can do two things: hire commission-only sales reps and/or hire interns. With commission-only sales reps, you only need to pay them what they earn. Interns from colleges and universities often work for free or next-to-nothing, and get college credit in return. The drawback, though, is their short-term availability, mostly during summer and spring breaks only. Or you can hire dedicated people who are willing to work for nothing in exchange for equity, should your company succeed. There are a lot of talented people who are willing to work for less in exchange for assurance of a slice of the corporate pie once the company succeeds.
This is particularly true for Internet start-ups. 3. Maximize networking potentials by participating in business organizations. Business and trade organizations are rich sources of contacts – from potential investors, customers, partners or mentors. Moreover, it would help you keep yourself updated of the latest industry news and developments. For home-based workers, participation in business and trade organizations is your perfect excuse to step out of the house!
• Find a location that needs a Laundromat. A high-profile location, such as a spot on a busy street with good visibility and plenty of parking, is a necessity for a business such as this to succeed.
• 2Contact the city or county department that handles business licenses and request an application.
• 3 Ask what other requirements there are for opening a business. You may be required to have insurance, or you might have to follow certain restrictions for the area.
• 4 Go to the Franchise Tax Board to get a wholesale permit, if required. This will allow you to purchase goods without paying tax if they are to be used in your business.
• 5 Research Laundromats. Decide if you want a fully automated Laundromat, or a partially automated one that includes additional services such as ironing and folding.
• 6 Decide whether you want to purchase a franchise or open an independent business.
• 7 Make a business plan. You’ll need to have all of the aspects of opening and running the business worked out for the short and long term.
• 8 Get financing. Unless you have a lot of money lying around, you will need to borrow money to build.
• 9 Advertise your new business. Let people in the area know that you’re open for business.
• 10 Keys to a Successful Laundry Service
Since this business is relatively easy to start, you may face tough competition. It’s easy to overcome this challenge by focusing on ways to differentiate your laundromat from the competition. Stand apart by operating the cleanest, safest laundromat in town, charging slightly less per load than your competitors, offering environmentally friendly laundry facilities, and providing unique laundry services such as on-site pickup, delivery, and wash-dry-fold services. Know your customers’ needs, too – you may have a variety of different types of customers to work with. What one needs, the other may not bother with. If you know who they are, you can tailor services exactly to them.
Expanding Your Laundromat Business
Are you wanting to expand the business you already own? Consider speaking with competitors that have a coin laundry for sale. Find out why they are selling and where they may have failed. Strengthen your service depending on what they reveal. Maybe a 24-hour service would result in higher revenue? [pic][pic][pic]Work hard to establish contracts with local companies, as these are filled with potential customers. These customers may have dry cleaning needs or drop off and delivery needs, so cultivate your services to make and keep them loyal to your business. As you gain experience in the industry, expand your operations into other cities or states. Attract customers by adding unique concepts to your laundromat such as a beer and wine bar or internet cafe.
What Laundromat Expenses Should You Expect?
Your initial purchase or leasing of laundry equipment, location and insurance should be at the core of your expenses. Utility expenses are also vital to the actual day-to-day workings of a laundromat business – electricity and water must be available at all times. Taxes and city, state, and federal licenses and fees must be paid in a timely manner, too. Letting customers know your specials, your location, and your services keeps your business healthy. Advertising expenses can come in a variety of formats. You can pay for contract labor to insert your business flyers door to door, or you can choose to advertise in a local newspaper or become the local little league’s sponsor and get your name printed on their uniforms, for example. Other expenses associated with a laundromat business might include office rent, office supplies, salaries, contract labor, professional fees, non-equipment rental, travel, and vending.
• Most laundromat buyers overpay by 25% or more for their stores because they don’t know how to analyze the business properly. What’s more, some coin laundromats even operate at a loss rather than a profit. In fact, many of these laundromat owners must sell their business within 1-2 years, losing tens of thousands of dollars. Worse yet, most of this could have been prevented if they had the right information to buy and operate their laundromat business.
• Fact #2: Owning a laundromat is no different than running any other business. In fact, it’s easier than you think… if you know what to do.
• Fact #3: Managing a profitable coin laundromat should only take about 5 – 15 hours a week on average when everything is set up correctly… Unfortunately most people never reach this point where they can enjoy the laundromat lifestyle because they did not receive the proper information at the beginning. [pic]Thursday, October 21, 2010
I’ve owned Coin Laundromats for over 7 years!
In that time, I’ve developed and perfected a proven formula for buying a laundromat in the right location that will maximize your laundromat profit for years to come, and mitigate the risk of your laundromat business draining all your hard earned savings. I’ve compiled all my knowledge into a one-of-a-kind downloadable guide called, ”Secrets of Buying and Owning Laundromats.” This guide is guaranteed to teach you the most important things you need to know about buying a coin laundromat and greatly reduce the risk of paying too much for your laundromat business. I know this is a bold statement and may even sound a bit overconfident… but it’s true and I’m prepared to back it up.
Here Are Three Good Reasons To Believe Me When I Say You Can Live The Stress-Free Laundromat Lifestyle Too
One: I would not be promoting something I haven’t done myself. It has taken me seven years to develop and perfect everything I’m sharing with you. I am living proof that my system works. If it worked for me, an absolute beginner when I first started over seven years ago, I know it will work for you too! Two: In the past seven years, I have taught over 9,500 people through my exclusive Laundromat Success newsletter and other educational products. I have a proven track record teaching others my system for laundromat success.
Three: I’m the only person in this industry that will let you keep the entire Laundromat Secrets product FREE if you’re not 100% satisfied. I do not believe anyone else in this business is willing to put their money where their mouth is and stand behind their products like I am. And let me tell you… This system works like a charm especially for any of the following circumstances. • If you already own a laundromat business, but aren’t happy with the profits you’re already making, my system is the right solution for you.
• If you just bought a coin laundromat and have no idea how to run it properly, this system is exactly what you need to succeed.
• If you’re thinking about owning a laundromat business and you want to make sure you get started off properly, this is for you too. I think you’ll agree that my product is unlike anything available on the market today.
After you read Secrets of Buying and Owning Laundromats, you’ll be AMAZED at how I take the mystery out of this business and explain things so anyone can understand the ins and outs of this business.
Here’s just a taste of what you’ll learn…
• The best way to enter this business while avoiding the most common pitfalls in this industry
• How to identify profitable laundromats for purchase and avoid the not too obvious money-losers that will drain your bank account
• What laundromat equipment to select so you can squeeze the maximum amount of profit out of your coin laundromat
• Ways to negotiate your lease terms so you can put even more money back into your pocket
• How to obtain financing outside the traditional banks
• The best methods to improve safety as well as reduce the risk of theft and vandalism
• Different marketing strategies that increase your profits and keep your customers coming back to your laundromat Sound interesting? If you agree, check out a preview copy of my eBook. Use the scroll bar on the right to view the first 13 pages of the eBook. Secrets of Buying and Owning Laundromats (Preview)
Entrepreneurship refers to starting up and operating of your own business. This is a professional endeavor that requires independence, creativity, hard work and risk taking. However, if you combine these attributes with careful planning, your ability to succeed increases dramatically.
Successful entrepreneurs are pioneers who have taken risks that paid off.
They know how to take a dream and make it a reality!
2. Expert Advice
Not only does MAGIX Laundry Systems stay on top of industry trends, we have consulted with hundreds of Laundromat owners around the country. MAGIX Laundry System’s management are able to talk with you to discuss your current needs as well as your long range plans. We will provide a strategic and tactical review of your business plan to maximize the potential of your success.
Our consul ensures that the growth you anticipate tomorrow is considered in your plans of the Laundromat you purchase today.
3. Great Location
The key to great location is a steady flow of traffic created by other businesses, offices, residential neighborhoods and schools. Think in term of traffic density and convenient access, meaning the more customers that can easily enter and exit the location, the more opportunities for potential customers to visit your Laundry.
4. Detailed Business Plan
Can you imagine building a house without a blueprint? Likewise, you should never start building a business without a detailed business plan. The business plan forces you to think through strategy and answer all the tough questions before you have to face them in reality.
While all aspects of a business plan are important, it is critical that you have a realistic sales and profit forecast. An unrealistically optimistic sales forecast will most likely lead your business into trouble.
5. Careful Site Planning
An efficient, customer friendly location is the goal of careful site planning. However, in addition to the building location, you must consider numerous aspects for the site to be optimally laid-out and legal.
A professional site layout includes ample space around the entire building, straightforward customer flow, and sufficient waiting, drying areas.
6. Quality Equipment
The way to make money in the Laundromat business is to have your operation up-and- running. Having Out of Order signs on your equipment drives customers away.
7. Creative Marketing
Once you buy your Laundromat, you need to work on marketing and advertising programs that will bring in customers. These programs don’t need to be expensive, but they do need to be creative. Advertise your new business with on-site signage. Try distributing coupons, adding a frequent-washer program, and/or partnering with local businesses.
The important thing is to experiment with a few marketing programs until you find the ones that work for you.
8. Pleasant and Clean Facility
Once you have customers coming to your laundry, it’s important that they have a good experience. First and foremost, their clothes must be cleaned well – so be sure all of your equipment is functioning properly. Second, your Laundromat should be clean and tidy, so customers have a pleasant experience and are happy and want to return.
Always consider your customers’ total experience when they visit your location.
9. Preventive Maintenance
The best way to ensure uptime of your store is to complete preventive maintenance on your equipment. There is nothing more frustrating than having an unexpected shutdown due to an equipment problem, especially on a busy Saturday or Sunday. Planning for preventive maintenance allows you to maintain equipment during non-peak times.
Remember the old adage: “An ounce of prevention is worth a pound of cure!”
10. Dedicated Industry Partners
The more people that want to help your Laundromat be successful, the better. Everyone at the MAGIX Laundry Systems headquarters, are there to help you in any way they can. We believe in one guiding principal: do whatever it takes to help store owners that use MAGIX Laundry Systems consulting services be successful.
By ensuring that you are successful, we build a lifetime business relationship that benefits everyone.
Courtney from Study Moose
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