Laundromats are a great example of a recession-proof business. They are a service that people constantly require, and the need for clean clothing will always be something you can rely on and utilize to help you build a business. Whether you’re supplying laundry equipment to those with no other access to washing machines and tumble dryers or you’re a one-stop emergency shop for when people’s home equipment fails, the sector is one that has thrived throughout the ages and has a greater return on investment (ROI) than other business avenues or sectors.
However, in the modern age, the humble laundromat can be revolutionized to help you better serve customers and increase your business’s profitability. This industry is not just about providing a basic service, but it’s a platform for innovation and growth. So whether you are a first-time owner of a laundromat or you want to boost profitability in an existing operation, these tips can be exactly what you need to spark new ideas and strategies.
Offer Add On Services
Add-on services for laundromats are not just about generating additional revenue; they also demonstrate the adaptability of your business in meeting different customer needs. These can include options such as pickup and drop-off services, ironing, dry cleaning, wash-and-fold services, repairs, and adjustments. You can also service awkward items, such as duvets and pet bedding, or offer carpet or upholstery cleaning products for rental. There are multiple avenues for you to explore to offer a more comprehensive service than simply the use of washers and dryers, and this adaptability can give you a competitive edge.
Strategic Pricing
Strategic pricing is a powerful tool in managing your laundromat business. It’s about setting different prices for services at various times of the day to maximize your revenue. For example, if you consistently experience a lull in business at certain times of the day, you can create time-sensitive promotions that encourage users to visit the laundromat during these periods. You can even invest in technology for laundromats to identify slow periods and remote trigger offers and incentives to draw people in or book services. This level of control over your pricing can make a significant difference in your profitability.
Improve Equipment
The older and more troublesome your equipment, the more likely people are going to find another laundry service to use. You need to repair your machines and equipment as soon as they break down, perform preventative maintenance on all machines to help reduce the likelihood of breakdowns, and purchase modern, high-tech, on-premises laundry equipment to boost the business and not contribute to its downfall.
Reduce Utility Costs
Utility costs and rising business costs can eat into your profits. And while there is no way of avoiding them completely or reducing them below a certain threshold, there are options you can use to help you keep bills as low as possible and consume fewer resources.
Coin-operated equipment can help you to avoid having machines running when not needed. Having different sizes of machines can also impact your consumption, as people can choose the size of machines they need to use. Investing in high-efficiency laundromat equipment can further reduce energy consumption, as can staying on top of regular maintenance and repairs. All these small actions can quickly add up and bolster, rather than eat into, your profits.
