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Laundry is an essential part of life for most people. As long as there is a demand for clean clothes, so will the laundry business. After all, not everyone has their own washer and dryer, or the time (or desire) to do their own laundry. This makes starting a business in the laundry industry a great option for budding entrepreneurs.
How To Start A Laundry Service Business
Sure, this all sounds good in theory, but what does it take to start your own business? If you’re wondering how to start a laundry business, this guide is here to help.
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We are going to cover all the important steps you need to take to start your laundry business. You may be eager to open your doors as soon as possible, but taking the time to plan and organize your business through the proper channels can help ensure a successful launch.
If you are already thinking about starting a laundry business, you may already know what type of business you want to open. But if you’re still exploring your options, we’ll look at a few laundry business formats you should consider before making a decision.
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Laundry businesses are most popular in areas where there are many apartment buildings or where people do not necessarily have their own washing machines. You can choose to open a laundry business that allows customers to come in and do their laundry through your machines, or you can offer wash and fold services, where customers can drop off their laundry. , and then pick it up when it’s done (some laundry businesses also offer pickup and delivery.)
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You can also decide to offer all these services to your customers. Whatever you choose, you’ll need washers and dryers and space for business. You’ll want to keep all of these in mind, therefore, before you start learning how to start a laundry business.
You also have the option of buying into a laundromat franchise, rather than building a new business from the ground up. There are pros and cons to this type of business model, but if this is your first business endeavor, it can be helpful to work within the already existing — and successful — framework that a franchise provides.
Ultimately, with all of these options, you’ll want to take the time to do your research before you decide which idea to move forward with. See what types of laundry businesses are in the area, survey locals, or see what kind of demand there is for your potential business.
This information will help you decide if a laundry business is needed in the first place, as well as what type of laundry mat would work best in your area.
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One of the most exciting parts of learning how to start a laundry business is choosing a business name. Think of all the clever, catchy and memorable names you can come up with — but make sure it also describes your business and is memorable and easy to pronounce.
Once you have some ideas, you can see if your business name is available online in most states. The Secretary of State website is likely the best source for checking business name availability, although some states have a different agency handling the business process, such as the Chamber of Commerce Department.
If your business name is available, you will likely have the option to reserve it for a limited period of time. Although this step is not required, you may choose to do so if you are not ready to register your business but want to ensure that no other business takes your name.
Another decision you will have to make early on with your laundry business is which business entity you will choose to legally structure your business. Choosing the right business entity is very important, as it affects how you pay taxes, how much risk you will be exposed to, how you will manage your business, and so on.
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For example, if you decide to start your laundry business as a limited liability company, you will have liability protection for yourself and other business members. On the other hand, if you choose something like a general partnership or sole proprietorship, you won’t have liability protection, but you also won’t need to register your business with the state.
There are many factors to consider at this stage, so we recommend that you consult with a business attorney or tax professional to walk you through the process and help you choose the best entity for your unique business needs. Help.
Now that you have your business entity, business name, and business idea in mind, you can get down to writing your business plan. Your business plan will be long, consider 30 to 50 pages, and will provide a comprehensive overview and actionable plan to grow your laundry business into a profitable endeavor.
You can either write your own business plan or you can use a business plan template to help streamline the process, but either way, there are some important pieces of information that you should be sure to include in the plan.
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Your business plan should include a summary and information about the nature of your business, including your structure and other key employees (besides yourself). It should also include market analysis. This analysis should show that there is a high demand for a laundry business in your area, as well as outline any competitors, who your target customers are, etc.
Your plan should include financial information, detailing where you’re getting your initial capital, whether or not you’ll be getting any additional funding, and estimates of when you’ll need it. That’s when you’ll really start making money with your new laundry business.
The next step in learning how to start a laundry business? While not all businesses have to register with the state (sole proprietorships and general partnerships likely won’t), most will need to take this step in order to operate legally. Some states allow businesses to register online, usually through the Secretary of State or Chamber of Commerce website, but other states require businesses to register in person with paper documents. It is always wise to consult a business attorney who can help you keep track of the documents and registrations your business needs to file.
One thing to keep in mind is that if you choose a business entity that doesn’t require you to register with the state, you may still need to operate your business under a name other than your legal name. DBA or “Doing Business” would like to file. (which is the default).
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Also, it’s a good idea for most businesses to apply for an Employer Identification Number, or EIN. This number is helpful for businesses to apply for a bank account, file taxes and more. This is sometimes called a business tax ID number.
If you plan to hire employees, this is a necessary step, but if you’re not at that stage yet, obtaining an EIN has several business benefits. You can apply for your EIN through the IRS website.
The licenses and permits you need to operate your laundry business will vary depending on the state in which you will be operating. You may need to obtain a general business license in addition to more specific licenses, such as a health department license or a water pollution control permit.
Some states and cities even have specific laws surrounding laundry facilities and businesses that provide laundry services. If you also plan to offer pick-up and delivery services, there are other business vehicle licenses you’ll need.
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Overall, this is another step where consulting a business attorney would benefit you greatly, as licensing laws vary greatly by state, city or county.
At this point, you’ve completed most of the behind-the-scenes work required to learn how to start a laundry business. And, in doing so, you’ll likely have done some preliminary work on this next step, especially during your market analysis.
That being said, however, now is the time to get serious about finding a location for your laundry business. While some small operations may be able to be out of home (for example if you’re just doing a drop-off/pick-up service), you’ll probably want to look for commercial space.
Keep in mind, a laundry business will need specific plumbing and waterline hookups — or add structural bones for them — which will come at a cost. How much it costs to start a laundry business will vary depending on a number of factors, but know that your physical space will likely be a big investment.
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