Self-service laundry is one of the best business ideas novice entrepreneurs may want to consider. There is high demand, which makes it promising in terms of the revenue it generates. It is quite capital-intensive, but with the help of companies like Continental Girbau, they can extend financial assistance to those interested in building a laundry vending business.
The success of a vended laundry business depends on a number of factors. Among others, location is one of the most important. In the rest of this article, we’ll list the most important considerations when picking a business location.
Determine your Market
Identifying your target market helps to narrow down the location choices. For instance, if you plan to tap students, you should build your vended laundromat near universities or college dorms. If you want to target young urban professionals, on the other hand, pick a central business district as the location of your laundry business.
Evaluate the Competition
Choosing a strategic location for your vended laundry facility also requires a thorough analysis of the competitive landscape. Penetrate an under-served market. If the market is already saturated, it is difficult to establish a name for your business. Look for places with an existing demand that is not met by the current supply. If you choose to build a laundromat in a location with several existing competitors, make sure to proceed with a solid plan on how to be better than all other players. To do this, Continental Girbau, a provider of commercial laundry equipment, has a creative arm to help effectively market your business to overcome the competition.
Your business location should be accessible to your target market. It must be easy to locate. Find a place that is near main roads so that customers can easily reach your facility. It should be within walking distance from apartments and residential areas. It is also good if it is near restaurants, shopping malls, and entertainment centers, which will give customers something to do while they wait for their clothes. See to it as well that there is ample parking space. If the location is inaccessible and inconvenient, you will lose customers.
The location of the vended laundry business needs to be safe and secure. It should provide people with peace of mind when they are visiting. For instance, if it is in a dark and narrow alley, chances are, people won’t be interested at all because they are scared. If they don’t feel secure, customers will look for another alternative. Laundromats will also benefit from having surveillance cameras and an attendant on duty to give customers peace of mind. In some cities, self-service laundromats need to have an attendant, which is one way to keep the facility safe.
Location can make or break your laundry business. While it is expensive to build a vended laundry in a strategic location, the cost is justifiable.