March 5, 2019 | Category : Business tips, |
When you decide to open a laundromat or a store, there are more questions than answers. Speed Queen will address 4 important points to enlighten those who would like to invest in a laundromat and start up their own business.
How do you develop a business plan for a laundromat?
A business plan distills all of the necessary information about opening a business or launching a project. This document specifically addresses the following questions:
- What products or services will I sell?
- What are my sales goals?
- Where will I start my business?
- What means are needed to open my laundry?
- What are my own resources? etc.
The business plan will also include market info: Is it a thriving, saturated, or niche market? Who are my main competitors and what are their strengths? How can I stand out? This last question is crucial and you should look into this carefully. Explain how your offering (products and services) addresses one or more of your customers’ needs, and how it differs from what is already on offer.
Compiling this document may seem like an onerous task: that’s why Speed Queen offers a turnkey solution that includes the development of your business plan. In other words, you’re not alone: our experts will be with you from the very outset, starting with the choice of location—the main success factor for self-service laundries.
What is the best location for my laundromat?
The major question that precedes the opening of any store is where to open its premises. Don’t just pick any city or neighborhood. You have to find a specific location, whether it’s a street, a university campus or a shopping mall. The goal is to find a busy area frequented by your target clientele. In the case of a laundromat, the mistake is to think that only students are interested in the services provided; Speed Queen clientele is also made up of seniors, large families, young workers, etc.
Yet again, our experts will help you to find the best site: one that is in line with your budget and that generates the flow of customers necessary for success.
The best thing is to open a laundromat in a shopping area. Your clients must be able to go off and do their shopping while their laundry is being taken care of. Our washing machines are locked and secured, meaning customers only need to be present for the drying phase (which can last from 10-30 minutes depending on the amount and type of laundry).
We invite you to visit our Laundromat Finder: where you can view the strategic locations we choose, as well as the prices and services offered.
How can I finance my project?
A laundromat requires the purchase of industrial washing machines and dryers, detergent dispensers, and furniture, as well as the installation of lighting and a water supply.
No entry fee or royalties
Speed Queen is a manufacturer of industrial machines and offers direct association without intermediaries nor entry fees/ royalties (as in the case of other franchises). Furthermore, Speed Queen offers internal financing solutions. Depending on the size of the laundromat and the number of machines needed, our investment may range from €50,000 to €70,000. Please don’t hesitate to contact us to develop a customized proposal.
Can I make a living from my laundromat?
This is one of the issues that most worries our investors. Speed Queen stresses that while a laundromat can be a prosperous and self-sufficient business, a single laundromat serves mainly as additional income. You have to open two or more if you hope to make a living from this trade. In general, our investors see the Speed Queen concept as a quick and uncomplicated way to supplement their income. This is especially true for retirees, whose pension is often insufficient.
To get the most out of a laundromat, you need to find a busy location, high demand, and a space large enough to install numerous machines. But it’s vital that you also stick to your budget.
We recommend that you open a medium sized laundromat, amortize the investment, collect the profit and—if the results are as forecast—consider opening a second. Our experts will be available to advise you.