How to Start a New Coin Laundromat
As long as people live in condominiums and apartments, there will be a market for coin laundromats. While starting a new coin laundromat can prove lucrative, the start-up costs are high. According to Entrepreneur.com, costs will fall between $200,000 to $500,000 (see References). It may take some time before you break even. However, having a comprehensive business plan and an excellent locale can get you there much faster.
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Instructions
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Decide what services you will offer. You may include a snack bar, television, kids' play area, arcade games, vending machines, coffee and tea, and dry cleaning services. Consider your patrons. If you intend to market to professional young people, consider how your laundromat can make their lives more convenient. At the same time, identify how you will present your business. Consider playing classic movies, country music or cartoons, or hanging classic movie posters.
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Find a location. Consider high-traffic areas near condominiums and apartment buildings. Check out trendier areas downtown, near universities or near newer developments. While you may be able to compete some by offering a cleaner laundromat and additional perks, many customers just want convenience. Avoid starting your laundromat close to another one.
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Obtain the necessary permits and licenses, such as a sales tax permit, fire department permit, air and water pollution control permit and sign permit, as well as a business license. Incorporate your business and obtain a federal tax identification number. You may be subject to sewer connection fees.
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Purchase equipment and supplies. These include top- or front-load washers, dryers, water heaters, soap vending machines, laundry carts, soap, trash cans, clocks and cleaning supplies. Visit Vendingconnection.com (see Resources) for a directory of coin-operated laundry equipment for sale. Purchase business cards and store signage. Vistaprint.com offers the ability to design your cards (see Resources).
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Advertise your business. Submit your coin-operated laundromat to online directories, and advertise on college bulletin boards, at local restaurants around town and at apartment or condo buildings.
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References
Resources
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