The laundry business is one of the most robust and stable in the country. These services are always in demand, and most individual businesses are around for decades in one location.
This makes laundry the perfect industry for entrepreneurs and fledgling business owners. It is often a smart investment, and it can be a fun, rewarding experience. Even so, starting your own laundry business isn’t a decision you can make rashly. You have to know you are ready for the task at hand – a lot goes into running your own company.
Here are five signs that you are ready to start your own laundry business:
1. You’ve got the desire
The first sign is that you want to become part of the laundry industry. You can’t “kind of” want to own a business. You have to be fully committed to the process, from the beginning all the way through to the end. Truly great entrepreneurs love their job, and they love the challenge of branching out and building something on their own. This passion is the best way to survive as a business owner. Once you’ve got that, you can move on to actually starting your own venture.
2. You’ve got the idea
After the passion comes the idea. You can’t build a business without a plan, and that starts here. Figure out:
- What type of laundry business you want – There is the self-service laundromat, the wash/dry/fold laundromat, the dry cleaner, the commercial laundry service and more.
- Where you want to own and operate – Location matters. Check out our list of the elements that impact a laundry’s value for more information. Location can mean lower costs and more customers – or the exact opposite.
- What your brand is – Decide what you want to call your business, how you want to be marketed and other vital brand information.
Know as much as possible before moving forward with laundry business ownership.
3. You’ve got the finances
Of course, money matters when it comes to business ownership. You can’t buy or build without sound personal finances first. Make sure your new venture won’t negatively impact your own savings. Look into affordable business financing first, and figure out how much collateral you’ll have to put up. If you’ve got the money to invest – and risk – then you’re ready to take your first step.
4. You’re happy with your own job
This is an important sign – personal happiness with your current job. While you obviously want to branch out and try something new, this doesn’t always mean you actively hate your job. Becoming an entrepreneur because you’re angry at your boss is a bad place to start from. In this scenario, you would be motivated by anger and unhappiness – not passion and desire. The former are more likely to fade quicker than the latter, and that could leave you right back where you started.
5. You’ve got the team
The final sign that you are ready is that you’ve already built your team. A business owner, especially a first-time entrepreneur, can’t do it alone. They need to work with:
- Real estate agents
You should also pair up with a fellow business owner, preferably one in the laundry industry. This person will serve as your mentor, offering advice and guidance on how the business works and what you need to do to be successful. By having the right team in place, you’ll be more likely to succeed – and you won’t be trying to find your way in the dark.
Once you’ve seen these signs, you’ll be that much closer to owning your own laundry business.