Coin Laundry Marketing Plan - Ideas on Promoting a Laundromat Business

24 hour coin laundry

It is amazing how many entrepreneurs think that the laundromat business does not require much in the way of a marketing strategy. A common school of thought is that if you are in the right place then people will come and they will tell their friends and neighbours. While this is true to some extent, what these people don't realize that you could do so much better if you did have a marketing plan in place.

You need a good coin laundry marketing plan if you want to maximize the potential of your location. Basically, you should start by trying to understand your prospective customers and figuring out what kind of branding and services will appeal to them. Then set out a plan to bring them in to your coin laundry and treat them in a way that makes them want to return. Below are some coin laundry marketing ideas that you may consider incorporating into your business.

Market Research

Before you can truly understand the needs of your customers you need to identify them first. Study the area around your laundromat and try to put together some typical customer profiles. Not only do you need to know if the area has enough potential but you also have to know how to best serve the people living in the area. If you target students then you would need commercial washing machines with smaller capacities than you would if you targeted families. If you are in an upmarket area then you would consider also offering a 'wash and fold' service or partnering up with a dry cleaner.

Distinguish Your Coin Laundry From the Competition

If you will be facing some tough competition then you should look at how you can create a better experience for people than what is currently on offer. At the basic level you can offer better equipment that is more targeted to people's needs, but there is so much more that you can do as well.

Think of a way to design your laundromat to incorporate some unique facilities that you feel would be appealing to your target market. If your clientele include a large number of young mothers with children then you might consider having a small play area built in. Internet service, video games and snack counters are other things that you might try.

One way to distinguish your laundromat from others in your area is to design it with a theme in mind. You could have a 'retro' theme or an ethnic theme for example and use signage, wall space, TV and music to compliment this theme and to develop a unique experience.

Branding Strategy

Just like any other business, a laundromat needs to develop a brand that is respected and trusted in the market. Start out by choosing a great name and getting a logo designed as this will add to your image and help to enforce perceptions among customers that you are running a professional operation. Brand development is more about the customer experience over time and what they come to expect from you. Good branding is about making a promise to customers and always living up to their expectations.

Marketing with Advertising and Promotions

Laundromats can benefit from advertising campaigns just like any other business. Test out all of the regular local business advertising options and see which ones prove to be more effective. Set aside a small percentage of your profit each month for this purpose.

Flyers are a great way to get the word out about your coin laundry for minimal expense. Have some nice looking flyers printed up that highlight the facilities that you offer and then get them out into the hands of local people. Make sure that you distribute them using only methods that comply with local ordinances about such unsolicited mail drops. Make sure that you include a detailed map on the flyer so that everyone knows exactly how to find you.

There are all kinds of promotions that you can try to bring people into your laundromat and to generate some publicity. You c hold 'singles nights' for couples who are interested in dating while they do their washing for example.

Online Marketing

There are many ways that you can market you laundromat on the Internet. Once you have a website set up, the best way to start is by getting listed with some of the laundromat directories that are out there. These directories are the starting point for many who go online looking for a laundromat.

You can also look at having some 'search engine optimization' done on your website or buying some 'pay per click' advertising on Google or other popular search engines. If you target the right keywords then you will ensure that anyone looking for a laundromat in your area will find you.

Try to build up an email list so that you can keep in contact with your clients. Send them the occasional coupon or special offer to remind them about you. It is amazing how email can help you to re-connect with customers that haven't been in for a while.

Networking

One great way to market your laundromat is to network with other local business owners. One great example would be that of a coin laundry owner who is located in a tourist area. Travellers staying in local accommodation will often ask the owner or receptionist where they can find a laundromat. Under this scenario you would want to make sure that every local motel or backpackers lodge knew about you and would happily refer business to you.

Customer Retention

Lastly, and perhaps most importantly, you need a marketing plan that puts special emphasis on customer retention. If customers have a positive experience with you then they are likely to return and tell other people about you. If they don't then you risk losing them to a competitor. It is often said that it is more expensive to acquire a new customer than it is to maintain an existing one. A good customer could be worth hundreds of dollars to your business each year.

Focus on keeping your customers happy by always providing first class service. Ensure that machines are well maintained and that you respond to complaints promptly. Make sure that your store is clean, that customers know how to use the machines and that any attendants you have on duty are polite and helpful.

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24 hour coin laundry

24 hour coin laundry - Coin Laundry Business Opportunities - Make a Great Income With Laundromats

24 hour coin laundry

The laundromat industry offers numerous opportunities to entrepreneurs wanting to enter a stable, potentially lucrative business with low risk. There are many ways to enter the coin operated laundry business and there are many ways to grow your business once you have started. Here are some of the top coin laundry business opportunities.

Buy a Coin Laundry or Start Your Own?

Most entrepreneurs enter the laundromat game by buying an existing business. If you do your due diligence and find a laundromat that is performing well then this is a great way to get started with a business that is already profitable. You can guarantee yourself a good return on your investment if you know how to value a laundromat and negotiate the right price.

Starting your own coin laundry can be a much more risky endeavor with the startup costs and considerations that are involved. It is hard to know if a location will be profitable if you have no sales records to prove it. However, if you start your own laundromat from scratch and know what you are doing then the potential for high profits is far greater.

A Coin Laundry Chain

Many self serve laundry business owners only have one or two laundromats. However, there are excellent opportunities for savvy entrepreneurs to scale up to much larger operations that involve multiple locations.

The great thing about laundromats is that they can be left unattended for large parts of the day. One owner operator can easily drive around and service a number of locations. A more likely scenario though is that after your first one of two coin laundries are open you would hire attendants or janitorial staff. You could then focus on growing your business even more.

Laundromat Franchises

Surprisingly, franchising has not been a common practice in the coin laundry industry. The franchises that have sprung up are usually only local operations and there are currently no national franchises that we are aware of.

Some of the machinery manufacturers like Maytag offer deals that are similar to franchise agreements but have much easier terms. They will basically allow you to use their branding without charging franchise fees if you buy your equipment from them.

If you have spent time setting up laundromats and have refined your operating systems and relationships with suppliers then you may be in a position to become a franchisor. In exchange for lending your brand name and expertise to industry newcomers you can earn a percentage of their monthly profits. This will of course depend on the franchise agreement that you have with them.

Buy and Flip

Laundromats are usually fairly easy to sell if you can prove to buyers that they are profitable. As they are a fairly stable business you can generally expect to reach a sale price of between four and five times the level of annual net profits. Business brokers love to have laundromats on their books and would have no trouble helping you sell yours if it is making money.

Some entrepreneurs specialize in buying laundromats that are making a loss or performing well below their potential. They then pick them up for bargain prices, get them profitable, flip them on to new buyers and make a tidy profit on the deal.

The key with this approach is to learn how to spot good opportunities. You need to be able to identify coin operated laundries that have been poorly marketed and you must have a plan to turn them around. It may be that the current owner has badly misjudged the local market. By doing some remodelling or offering better solutions for local people in terms of machinery, services and atmosphere you may be able to increase the number of regular customers.

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Laundromat Equipment - Secure Your Store and Deter Crime

Toronto Laundromats Just Motivation About This!

Outside of the washer and dryer which generate revenue for a coin laundromat, the next most important piece of laundromat equipment is arguably the security system. A security system is not only protects the owner of the store, but it also protects the laundromat customers. This investment provides peace of mind to the owner and patron; it also will cause anyone thinking about committing a crime in the laundromat to think twice.

So, if a security system is so important, how many coin laundromats actually have security systems in place? Sadly, not enough. Here are just a few examples I've seen of laundromat security or the lack thereof.

No Security - Some stores don't have any security system at all. The store owner is either unaware of the benefits of investing in this kind of laundromat equipment or does not want to spend the money on this system at all.

Fake Security - Other laundromats have a sign that states, "Warning: Hidden Surveillance of Premises". However, upon further inspection, there really isn't a security system. This is like having a "Home Security" sign prominently displayed in front of your house when you really don't own one. While this might deter some potential crime from taking place in the Laundromat, what happens if a crime is actually committed? A store with an actual security system will have everything recorded as evidence for law enforcement officials.

Security in Disrepair - I've seen other stores that actually take the step to invest in security but then fail to maintain the equipment (i.e. broken cameras). If I notice this, do you think a criminal is going to spot this as well?
What to Look for in a Good Security System

Internet Capable
This feature is one of my personal favorites and a must for remote management. A good security system should allow you to view the store using the Internet any time. For instance, when I was speaking at a coin laundry association event in New Orleans, I was still able to check in on my store.

With this feature, I no longer have to be in the store every day. I wake up in the morning, walk over to my home office, and simply check in on the store. This kind of remote management allows me to not only observe my customers, I can also keep an eye out on my employees to see if they are doing what they're supposed to be doing.

By the way, the Internet service adds another perk. Although I had the local telecommunications company activate Internet service to my store so I could have an Internet capable security system, I was able to add free Wi-Fi service for my laundromat customers. This is one of those amenities customers come to expect to receive for free and will help you differentiate your store from the competition.

Number and Type of Cameras
The more cameras you have, the better. Here is just an example of how many cameras you might need.

Front and rear door (2)
Office (1)
Two different angles covering the change machines (2 or more)
The row of washers so there is no blind spot (2 or more depending on your store layout)
You're looking at seven or eight cameras at a minimum.

As for the type of cameras, you should consider a dome camera. A dome conceals the angles and is difficult to tamper with. In addition, it will keep the bad guys wondering if you truly have a blind spot or not because they will not be able to tell where the cameras are pointing at.

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Coin Laundromats - Watch Out for These Five Things When Looking to Purchase a Store

Toronto Laundromats

I am often asked what I personally look for when buying a coin laundromat business. There are five key factors that I pay attention to. If any of these factors do not pass the initial inspection, buyer beware.

Ancillary Income 

Don't forget to count the Ancillary Income that a store generates. This could be as much as 10% of the Gross Income and makes a big difference to the bottom line. Ancillary items are vending machines, soda and snack machines, video games, pay phones, internet kiosks, tanning beds, etc. 

The average margin on ancillary items is around 50%, so $1,000 a month of ancillary income would net $500 to the bottom line. Not bad, eh? Make sure you take this into account when adding up the Gross Revenue and coming up with your valuation of the store.

Age & Condition of Equipment 

When looking at a potential store, make sure you get the exact Make, Model, and Age (if possible) of each machine. Most machines have this information displayed somewhere on the machine. For top load washers, it is generally on the inside of the lid, or on the back of the machine near the top. Front load washers will often have this information on the inside of the door. 

Dryers will often have the model numbers inside the dryer door or on the back of the dryer. This information will be needed when you do your water analysis of the store. Pay attention to the condition of the equipment too.

 Most front load washers and dryers have a useful life of 15 to 20 years and top load washers, about 7 to 10 years. However, if well maintained, it is not uncommon to see dryers and front load washers lasting 30 plus years and top load washers lasting up to 15 years. Remember, this equipment is not the same stuff you buy at Sears for your house. It is commercial grade and built to last. 

If the equipment is old and run down when you are looking at a prospective store, you can look forward to a very expensive upgrade soon and increased maintenance costs until it is upgraded. Top load washers cost between $800 and $1,500 and front load washers start at $2,500 and go up to $9,000 or more depending on the size. 

Dryers can be $4,000 each. So take the condition into account when deciding on the price. Upgrading our store in Hayward, CA cost over $170,000 just for the equipment plus installation. You get the point.

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