A Business Plan to Succeed in the Coin Laundry Industry

The coin laundry industry has a very high success rate, reportedly as high as 99%. Very few laundromats fail nationwide due to the sound fundamentals of the business. When you combine an industry with this high track record of success with a strong business plan, your success is almost guaranteed.

Reasons to Write a Business Plan

• It will be much easier to obtain financing with a well-written laundromat business plan.
• You are less likely to overpay for a laundromat because you’ve thoroughly analyzed the financial numbers of a store.
• You may be able to attract outside investors with a well written plan so that you don’t have to put up all the down payment money yourself.
• Finally, you’ll have the confidence of knowing that if you execute your plan, you will achieve your entrepreneurial goals of owning a successful business with a high rate of return.

Elements of a Good Business Plan

Don’t start from scratch with a blank piece of paper. Instead follow proven systems from experts who have gone before you and learned the lessons that they can share with you. Low-cost laundromat business books and guides are a great place to start your research!

Here are some basic elements of a laundromat business plan:

• A powerful executive summary that engages the reader
• A detailed marketing plan to attract customers to your store
• A thorough financial analysis with income and expense details as well as charts and graphs
• A plan to manage the business and pay off any loans or outside investors

The above components are common in most business plans. They are essential but not enough to ensure your success. Instead, you’ll want to include additional content to help your business thrive from the start.

You should include information about:

• How you will identify and acquire an existing laundromat with upside potential
• How you plan to avoid common costly mistakes
• Your hiring and training plans for employees
• Plans to increase the visibility of the laundromat from the street
• An inventory of every existing piece of equipment / machine
• Plans for renovating or remodeling the laundromat

Tip: Use our handy Laundromat Business Value Calculator to estimate how much you should pay for a laundromat. Use our Laundromat Income Calculator to estimate a laundromat’s gross and net income based on number of machines and common assumptions.

Successful Laundromat Ownership

The laundry industry has its share of successes and failures. Those that plan ahead and prepare by creating and implementing the best laundromat business plan available to them are most likely to achieve success.

A coin laundromat business is a stable and attractive business that can offer the owner 20% to 50% returns or higher with a little hard work, few employees, and no personal selling — without advanced education degrees or specialized technical knowledge.

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