Manage business expansion slowly
Expanding a laundromat or dry cleaning business can be important, especially if the owners have the funds to do it. However, taking measures to accomplish this needs to be done gradually, as forcing something may end up having notable financial repercussions.
Moving to a new space
If a business owner feels that it is a good idea to move from the current cramped location and find a place that’s more spacious, there are some things they should keep in mind before making the jump.
- Purchase or rent – Depending on the financial situation of the business owner, it could be a good idea to rent or purchase the property that the business will be in. Both have benefits, but it may depend on how comfortable the owner is managing the space with a landlord, or doing the work themselves.
- Customer travel – Location is very important. If the business is moving notably far away, it may need to engage a separate customer base, and essentially start from the beginning. This can be a major factor in where to move, so staying in the same general area may be ideal.
- Financial reward – Even with the new larger space, laundromat and dry cleaning business owners will have to determine if the costs associated with relocation is worth the change from the already-popular current option.
Another option to improve the income at an already successful laundromat or dry cleaners is to consider staying open longer. There may be some hurdles to this, and owners should keep in mind whether or not the decision will be lucrative in the long-run.
- Expand weekend hours – Gauging customers on opening longer may be better. After hours business or opening earlier with incentive pricing may make the change worth it.
- More employees – With new technology like remote cameras and auto lock doors it could be possible to open a laundry before an attendant arrives, but when adding more hours, businesses may need more people to look after operations. Whether it is just adding a part timer, or multiple full-timers, their pay needs to be considered as a part of the overall investment.
- Consider demand – Any major changes to a business schedule should be done to better accommodate demand from customers. If there isn’t a reason to stay open longer, then it may actually become a financial drain.
Sometimes the best move is an update or retool of an existing space. A cleaner look and added capacity could be all that’s needed to give a business a revenue boost. When considering this it may be a good idea to research the many financing options that are available for new equipment.