We all know that when you toy with the idea of opening your own Laundromat or business, many questions arise. Speed Queen Answers 4 frequently asked questions from individuals who want to invest in a Laundromat and want to start their own business.
- How to Establish a Business Plan for Laundromat?
- A business plan combines all the key elements needed to start a business or start a project. In particular, this document answers the following questions:
- What products or services should be offered?
- What are my sales goals?
- Where should the business be located?
- What financial tools are needed to open a Laundromat?
- What personal resources do I have? Etc.
The business plan also includes relevant market information: Is the market promising, saturated, or a niche model? Who are the main competitors and what are their stats? The last question is particularly relevant and you should answer in detail. You should explain exactly how your product (i.e. your products and services) meets one or more customer needs and how it differs from your competitors’ products. Creating this document often seems complicated: therefore, Speed Queen offers an all-in-one solution with an integrated business plan. You don’t have to face this task alone: our experts give you advice and actions, starting with choosing a location, which are critical to the success of your Laundromat. Let’s read How to Start a Laundromat….
Find the best location for your Laundromat
Before opening any type of business, a key question arises: where to open a business location? It’s not just a matter of choosing cities and neighborhoods. A well thought out location must be found, be it a street, a college campus or a shopping mall. The goal is to find a high-traffic location, especially one preferred by your potential customer base. When considering the best location for a Laundromat, a common misconception is that only students are interested in this product. Speed Queen Clients also include retirees, extended families, professionals…Our experts will help you find the ideal location: an address that takes into account your budget and ensures the necessary customer traffic so that your company can be successful.
Ideally, Laundromats should always be installed in busy locations, where customers can shop, and the Laundromats take care of the laundry. Our washing machines are securely locked and customers only need to be present during the drying cycle (which can take 10 to 30 minutes depending on the type of laundry).
How is the project financed?
Opening a Laundromat requires purchasing a professional washer and tumble dryer, as well as detergent dispensers, furniture, lighting and water systems.
Please select a company name
One of the most fun parts of learning how to start a laundry business is choosing a trade name. Think of all the smart, catchy and memorable names you can think of-but make sure it describes your business, is memorable and easy to pronounce. Once you have an idea, you can see if your company name is available online in most states. The Secretary of State’s website is probably the best resource for checking the availability of a trade name, but some states, such as the Chamber of Commerce department, have various agencies that handle this business process.
If your company name is available, you may have the option to keep it for a while. This step is not required, but you can choose this step if you are not ready to register your business but want to make sure that no other business is named.
No threshold fees or royalties
Speed Queen SBA 7A Loans offers you direct cooperation as an industrial washing machine manufacturer without intermediaries, threshold fees or royalties (as is the case with franchising). Additionally, Speed Queen has internal financing options. Depending on the size of the Laundromat and the number of machines, the total investment is between EUR 50,000 and EUR 70,000. You are welcome to contact us so that we can provide you with a tailor-made quotation.
Is my Laundromat also producing enough?
Of course, this question worries most of our investors. Speed Queen noted that Laundromats can be a lucrative self-operated business model, but single Laundromats should be considered “additional income”. To be able to make a living from this business model, two bars of this type should be opened. Overall, the Speed Queen concept provides our investors with a quick and easy way to supplement their income. This is especially true for retirees, whose pensions are sometimes inadequate.
To get the most out of your Laundromat, you need to find a location with high traffic, high demand, and a suitable location with enough space for many machines. However, you must also consider your personal budget. We recommend that you open a medium-sized Laundromat, recover the investment cost, and consider opening a second Laundromat once the expected profit is realized.