How to Open a Coin Laundry
Location is critical for coin laundry businesses. Areas with a large number of rental properties, college and university towns, and vacation destinations are all ideal locations. Up-to-date equipment and regular maintenance should be another area of focus. In a competitive market, a well-maintained laundry will be essential for your survival. Careful research, planning and hard work at the start of a coin laundry business will allow you to spend less time on the business once it has launched.
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Instructions
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Research the market in your area carefully. Focus on researching demographics for locations of interest. Rental areas are ideal locations for coin laundry businesses. Research your options for coin laundry units in trade and consumer magazines at your local library. Brainstorm ideas that will allow you to compete.
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Write a detailed business plan based on your research and brainstorming. Define your business goals in a clearly written mission statement. Describe your business in detail. Include a market and competition analysis as well as a marketing strategy. For example, you might offer lower rates or more efficient machines than the competition in your market. Provide details about the coin laundry units you would use, location possibilities and financial projections for your first year in business. Attach any documents that will be necessary to form your business at the end of the plan. The plan should detail your first year in business.
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Fill out and file a business and tax registration form. Because customers will be entering your property and using your washers and dryers, you will need a certificate of occupancy from local officials. You may also be subject to other local permits or regulations specific to your area. Check with your local and state authorities for specific regulations in your area.
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Meet with an insurance agent to set up insurance for your coin laundry business. Special considerations for your business will be claims of injury on your property. You will also want coverage for any damages that may occur to your property. Describe your business in detail so that the agent can put together a comprehensive package.
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Select a location for your coin laundry based on your market research and budget considerations. Set up your laundry in an efficient manner. Lease or purchase coin laundry units based on your research and budget. Look for units that are easily maintained and are up to date. If you lease, you may be able to select a maintenance plan to avoid the hassle of maintenance.
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Advertise your laundry business in local newspapers and other publications. Market your services by posting on community bulletin boards, apartment lobbies, and at any local colleges in your area. Join your local chamber of commerce to take advantage of their collective advertising resources.
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Tips & Warnings
Be sure that your equipment is properly maintained to avoid loss of business to competitors.
Consider providing vending machines and wireless Internet access as a convenience to your customers.
Make sure you are in compliance with local authorities prior to opening your doors to the public.
References
Resources
- Photo Credit laundry dial image by Sirena Designs from Fotolia.com
