So you’ve decided to enter the laundry industry! Congratulations, you’re entering into an industry on the rise, with plenty of opportunities for new owners and operators. The laundry business is a stable market with plenty of demand — as long as people need to clean their clothes, the laundry industry will stick around. It’s resistant to recessions and offers a stable source of income. Laundromats have a lower barrier to entry than most businesses and are some of the most accessible businesses to start.
Even when entering a stable industry like the laundry industry, it’s important to have a business plan. Having a solid plan will make sure that your new business has everything it needs to succeed. Remember the 5 P’s of success – “Proper Planning Prevents Poor Performance.”
Entering the laundry industry can seem like a huge task. For that reason, it’s important to have a solid business plan that details things like:
- Payment methods
- Target market
To buy or build?
When entering the laundry business, making the choice to buy or build a laundromat is an important decision to make. Both have their perks and downsides – new construction can use newer machines and payment systems custom-tailored to what you want, while buying existing is more cost-effective and a faster way in. If you decide to buy, there are 6 things you need to consider.
In today’s economy, investing in a stable business is one of the best things you can do for your portfolio. Laundromats are stable, fairly recession-proof and a great way to earn income with flexibility. Check out our other resources to learn more, and if you’re interested in coin/card hybrid systems or fully card-based payment systems, contact us! CCI is a leader in the laundromat payment industry and can help you with any payment solution you need.