On the surface, starting a laundry business seems like a simple, lucrative operation. Self-serve machines allow you to cut down on employment costs, and a well-chosen location can result in many repeat customers. However, the costs involved in maintaining a laundry facility are often overlooked and can lead to catastrophe down the road.
Prepare for Disaster
A good insurance policy is key to protecting business owners against disaster. The risks your facility will see on a daily basis can lead to a variety of problems:
- Dryer fires
- Equipment failure
- Plumbing issues
- Damage and/or theft of customer property
- Customer injury
Other ways you can protect yourself against costly scenarios is to be present during day-to-day operation, so you can see what’s really going on in your business. Even though customers serve themselves, having yourself or an employee on the premises at all times allows you to keep an eye on these risks and prevent them from resulting in major damage.
Prepare for Excess Costs
Because of the equipment involved, owning a laundry facility can be an expensive operation. Keeping up with water, electricity and gas bills can take its toll on a laundry facility’s bottom line. Make sure you have the cashflow, so you don’t fall behind.
Stay ahead of disaster and plan for the unexpected with active involvement and solid insurance coverage. If you’re prepared for the challenges involved in starting a laundry business, then success is sure to follow.