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Are you a laundromat owner or potential investor that wants to learn ways to continue increasing revenue while minimizing the costs of operations? We don’t want you to cut costs on things like commercial laundry parts from shops like Laundry Replacement Parts, but there are other things to do that won’t compromise your operations but will still have you save and earn.
Read on for those tips!
1. Control your utility costs
Because of the nature of the laundry industry, utility costs are higher compared to small businesses. That’s why it’s crucial to manage your business’ utility costs effectively. Understandably, managing utility costs is a massive challenge among laundromat owners; they can spend as much as 22% of gross revenues on utility bills!
One thing to control the utility costs is investing in high-efficient commercial laundry equipment.
2. Upgrade the older machines
Has your laundry equipment been around for years to the point simply switching out dexter laundry parts won’t help it regain its former glory?
If you keep these machines, you may actually end up losing money in the long run. If your machines suffer from downtime because of their old age and low technology, it will interrupt services, thus creating poor customer experiences. Plus, it would increase your repair costs, which could have been used to get new laundry equipment instead.
If you’re on a tight budget, there are stores that offer excellent installment plans, while other companies allow financing and renting of commercial laundry equipment.
3. Streamline laundry equipment repairs, replacement, or services
In the laundry industry, it’s crucial to keep your laundry equipment in top working order to be successful. Doing so will enhance customer satisfaction, improve machine efficiency, and decrease utility costs. Plus, regular repairs and servicing allow equipment to last longer, preventing costly equipment failures.
Make sure you build positive relationships with your laundromat suppliers and repairers, who understand the business and can appropriately streamline any necessary machine maintenance and repairs. They can also quickly replace your commercial equipment when needed.
4. Create pricing and promo strategies
When you understand the business, you’ll be able to create strategic promos and pricing to maximize revenue. For instance, if you identify the slow periods during the business operations, you can create time-sensitive promos with lower pricing to boost your sales at low-peak times.
5. Add other revenue streams
The majority of laundromats would have customers waiting for hours on-site as they finish their laundry. There are other things you can do to bring in additional sales as they wait, such as:
- Laundry services like wash-and-fold, delivery, dry cleaning, or ironing
- Vending machines for laundry products or snacks
- Entertainment such as free WiFi or television sets, which encourage people to stay on-site and spend money on other things as they wait
- Arcade games
- Hybrid laundromats such as adding cafes, workspaces, convenience stands, or even child play areas
Wrapping It Up
Continue earning even more with these tips above, and you can gain further success as a laundromat owner!
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