To operate a commercial laundry business is one the most recession-proof business, which has a typical ROI of 20% to 30%! It has been classified as one of the safest investments and has several benefits. It is great as a part-time job, require no prior experience, can be located almost any where and still be profitable especially so when located in minority community, low income neighborhoods. There are tax benefits and the equity grows fast.
Considerable things to start the Business:
It is recommended to have a business plan that is well thought out and carefully drafted. The next important step is determining what kind of a business entity it will be, properly estimating the startup, and operating costs. It will be very helpful if you can formulate a good loan proposal. The financial institutions and banks will look at your personal credit history; check your bank statements as well as your tax returns for the last three years, your credit profile and determine if you are worth investing in and if your business will have the capacity to help you pay off the loan. It will be easier to get a secured loan at a lower interest rate than an unsecured loan at higher interest rates.
Selecting the right number of equipments suitable for your operations, making sure they have provisions for coin operations is another feature.
Getting the necessary licenses and permits in order to operate legally is another important aspect to be dealt with carefully.
Determining if you are employing staff and if so how many, their wages etc. have to be determined too. It will be better to hire staff that can also fix any problems as well as undertake repairs of the machine.
Laundry businesses require 1500 to 5000 sq. ft. of retail space and are usually leased for durations of 10 to 25 years with option periods included in some cases. Select a shopping complex or an area with a large student or tenant population. Make sure you can afford the rent and get professional help of an attorney before signing the lease agreement.
Determine how you will advertise and market your services in your locality and device ways to retain customers. Try using leaflets distribution, which may be effective.
Determine the hours of operation; some Laundromats are open all day or use a timer system to open and close the door as per a preset timing schedule.
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