This service is offered to the individual(s) who have made the decision to go into business for themselves . These individuals are entering the laundromat industry as a means to do so. They see the potential for making a good return on their investment. They will become the owners of the laundromat, only they may have little to no experience in this area or this may there first time running a business. This line of service is designed to address their needs. Their needs include but are not limited to, finding a potential laundromat, or building a new one or remodeling an existing one. Evaluating the worth of their potential new business using multiple sources of information, including the utility bills, and stated income of the laundromat in question is vital. How to successfully run a laundromat is just as important as being able to buy one. You wouldn’t buy a bike for it to sit in the garage. You have to know how to ride it successfully. Buying a laundromat is only part of the equation. Running it successfully and profitability is the other half of the equation.
Running a laundromat is complex, challenging and rewarding. Everything from marketing it to the public, setting the hours of service, security, vending machines for detergent, dryer sheet to soda and snacks demands the attention of the owner. Keeping the place clean, getting broken machines fixed, weekly collections of money, hired employees, are all part of a successful laundromat. It is an “A to Z” process of being a successful owner, manager, employer, a valuable business in the community and a good citizen.
Wash, Dry and Fold in House (Inside an existing Laundromat).
This is an emerging line of service that has shown itself over the last few years. You see laundromats offering a service called Fluff & Fold. Customers come in, drop off their laundry, they usually pay by the pound, and they get a drop off stub letting them know their laundry is secure, and will be ready for picked up the next day by a certain time. Some laundromats have also added a pickup and delivery line of service. There is a substantial margin of profit for this service.
Wash, Dry and Fold Delivery Service
This line of service is based on the Fluff & Fold in House model but takes place in a space built or remodeled just for this purpose-Fluff & Fold Delivery Service. This model avoids the work of running an active laundromat with walk in customers, and all of the work that comes with that space. What is needed for this type of business is a good location, adequate space, equipment, staff, a good App that directs people who need this service to your website or phone, and at least two delivery fans. This model has you going out to the customer, picking up their laundry, giving them a pickup slip that states their laundry is secure, and will be delivered to them the next day at a specific time. There is a substantial margin of profit for this service.
All of the consulting services offered above are done at the cost of $300.00 per hour.
Due Diligence Report
This is a detailed analysis of the laundromat you want to purchase. The goal of this analysis or study is to determine the truth of what is being said of the laundromat on the listing. Using my unique method of evaluating utility bills and reported income and other pieces of information, I will be able to determine if the laundromat’s monthly net income is accurate. This report will allow you to make a solid determination if you want to purchase or walk away from this specific laundromat. As someone who is buying a laundromat, this is really the only way to know if what you are paying for the laundromat is really worth it.
The Due Diligence Service is offered at $3500.00. A written report will be created for each laundromat and provided to the client. Each laundromat is a unique entity requiring a significant amount of time and expertise to evaluate. This is a fee charged per laundromat.
Managing a rebuild of an existing laundromat or overseeing the construction of a new laundromat requires laundromat expertise, significant time and people management skills. When you rebuild an existing laundromat or decide to start from scratch and build to suit your own, you will need and want someone who knows the laundry industry standards as well as the application of those standards in the real world. Don’t just trust someone who is good at construction. Hire someone who can oversee those who have the skills to do the work of rebuilding or new construction and the installation of equipment so that the end product, the finished store is built for success. Success in all aspects involves considerations for the daily operations, people flow, correct mix of equipment, issues of ingress and egress, signage, just to name a few.
The project manager fees are 3.5% of the total cost of the rebuild or new construction.