How to Open a Laundromat

Looking for information on how to open a Laundromat? Laundromats provide a vital service to the community. They thrive in urban and suburban areas alike, where the need for readily accessible laundry services is high. When located in a high-traffic area, Laundromats can be lucrative. Here are the key points you need to know to open your own successful Laundromat.

Determine Your Location
Location means everything when it comes to a Laundromat. If your Laundromat is located in some obscure side street, it raises two important problems. The first problem is lack of visibility. If potential customers do not see your Laundromat, they will not bring their clothes to you. Another problem with obscure locations is lack of security. For example, if your Laundromat is located on a quiet street, it may deter single women who are likely to feel vulnerable. 

Find a building that is located on a busy street. The building should be well-lit and should have plenty of accessible parking.

Things You Will Need
You will need money to lease the building and pay for the washer and dryer equipment. You should also consider furniture, such as folding tables, chairs, ceiling fans and clothes carts. If you plan on entertaining your guests, consider adding a television or two in your Laundromat. Gaming stations are also fun past-times and an added incentive for your patrons. 

Your start-up money will also go to utilities and housekeeping. Although Laundromats are relatively low-maintenance, you will still need to have a person sweep, mop, dust and clean the windows occasionally. This is especially true if you also plan to have a bathroom on site. You should also allocate a fund for any repairs you may need.

You should be aware of Laundromat insurance. This type of insurance will secure your business from theft, fire and natural disasters. Additionally, you will need to obtain a business license. This fee varies by the state. Your location may also need to be inspected for fire hazards and potential safety issues. If you are selling snacks, soft drinks or laundry detergent, you may also need a vendor's license.

Get Funded
Your business will need funding. Your start-up funding will be sum of your all your costs for at least one year. You should not consider any prospective income from the Laundromat as part of the funding. Your start-up capital should be all the money you will need to put into the business to make it successful. If you choose to obtain funding through a small business loan at a bank, you may be required to create a business plan first. Your business plan is a concise and logical outline of how your business will operate and its ultimate goal. With a solid business plan and the proper funding, you will improve your chances of becoming a successful Laundromat owner. 

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