The Key To Successful Laundry Investment

05 May

1. Make sure there are numerous apartment complexes and small single-family dwellings within a one to two-mile radius of the location. Several may offer inadequate laundry facilities or non-e at all.

2 . Consider servicing the growing needs with lower income and ethnic communities. These areas typically feature larger families that depend on coin laundries. Like according to US 2000 Census figures, the Hispanic community is the fastest growing population segment in the country.

3. Make sure there is good visibility from the street and ample parking. Flags, roof signage and the colors orange and red always attract attention.

4. If you're considering a store in a strip center, make sure many other stores in the center are the type that will attract customers to your laundry.

5. If you're considering a freestanding store of 4, 000 square feet or larger, consider choosing one large enough to accommodate increased retail services in the future. Today, many storeowners enjoy additional revenue streams from add-on services and factories, such as fluff and fold, a tanning salon, dry cleaning, a snack shop or convenience retail store, just to name a few.

Keep in mind that however important, and it is of critical importance, "location" is just one key element inside your overall success. In addition to choosing the right location, you'll need to address costs, lease negotiation, the equipment mix, layout, décor together with pricing, which are all based on the marketplace and the competition in the area you are considering.

Ilene Fudim is a nationally recognized skilled in the coin operated laundry industry and a contributing editor to the Laundry Center Marketwatch newsletter. She has ended up instrumental in helping launch many successful coin laundry businesses.

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