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Laundry is an important part of life for most people. As long as clean clothes are in demand, the laundry business will be as well. After all, not everyone has their own washer and dryer, or time (or desire) to wash their own clothes. This makes starting a business in the laundry industry a great choice for budding entrepreneurs.
How To Start Up A Laundry Business
Of course, this is all good in theory, but what does it take to launch your own business? If you are wondering how to start a laundry business, this guide is here to help.
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We’re going to cover all the important steps you need to take to start a laundry business. You may be eager to open your doors as soon as possible, but taking the time to plan and set up your business through the proper channels can help ensure a successful start.
If you’ve been thinking about starting a laundry business, you may already know what type you want to open. But if you’re still exploring your options, we’ll go over some laundry business formats that you should consider before deciding.
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Laundry businesses are most popular in areas with a lot of apartment buildings or where people don’t necessarily have their own washing machine. You can choose to open a laundry business that allows customers to come in and do laundry using your machine, or you can also offer a wash and fold service, where customers can drop off their laundry, then leave when they’re done (some laundry businesses also offer pickup and delivery.)
How To Start A Laundry Pickup & Delivery Service Business
You can also decide to offer all these services to your customers. Whatever you choose, you’ll need a washer and dryer and a location for the business. You will want to keep all of this in mind, therefore, before you proceed to learn how to start a laundry business.
You also have the option of buying into a laundromat franchise, rather than building a new business from scratch. There are pros and cons to this type of business model, but if this is your first business venture, it can help to work in an existing framework – and successfully – that the franchise provides.
Ultimately, with all of these options, you’ll want to spend some time doing research before you decide which idea to move forward with. See what other types of laundry businesses are in the area, conduct a local community survey, or see what type of demand your business has.
This information will help you decide whether there is a need for a laundry business in the first place, as well as what type of laundry will best serve your area.
Self Service Laundry
One of the most fun 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 think of – but make sure they also describe your business and are memorable and easy to pronounce.
Once you have some ideas, you can find out if your business name is available online in most countries. The secretary of state’s website is likely to be the best source for checking business name availability, although some states have different agencies that handle this business process, such as the chamber of commerce department.
If your business name is available, you will likely have options to spend your time. Although this step is not required, you may choose to do so if you are not yet ready to register your business but want to ensure that no other business takes your name.
Another decision about your laundry business that you need to make early on is the business entity you choose to legally build your business. Choosing the right business entity is very important, because it affects how you pay taxes, how much risk you will be exposed to, how you manage your business, and more.
How Much Money Do You Need To Start A Laundry Business?
For example, if you decide to start your laundry business as a limited liability company, you will have liability protection for yourself and other members of the business. 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 have to register your business with the state.
There are several factors to consider in this step, so we recommend consulting a business attorney or tax professional to walk you through the process and help you choose the best entity for your unique business needs.
Now that you have your business entity, business name and business idea, you can write your business plan. Your business plan will be longer, think 30 to 50 pages, and it will provide a comprehensive overview and actionable plan to take your laundry business to a profitable endeavour.
You can write your own business plan or you can use a business plan template to help with the process, but either way, there are some key pieces of information that you should make sure to include in the plan.
Why Put Up A Laundromat Business?
Your business plan should include a summary and information about the type of business you want to start, 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 in your area for a laundry business, as well as outline any competitors, who your target customers are, and more.
Your plan should also include financial information, detailing where you will get your start-up capital, whether or not you will be looking for additional funding, and a projection of when you think you will start making money with your new laundry business.
The next step in learning how to start a laundry business? While not all businesses need to register with the state (sole proprietorships and general partnerships probably don’t), most must take this step in order to operate legally. Some states allow businesses to register online, typically 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 track down the documents and registrations you need to file.
One thing to note is that if you choose a business entity that does not require you to register with the state, you may still want to file a DBA or “do business as” to operate your business under a name other than your legal name. (which is standard).
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In addition, it is also a good idea for most businesses to apply for an employer identification number or an EIN. This number is helpful for businesses when applying for bank accounts, filing taxes, and more. This is sometimes referred to as a business tax ID number.
If you’re planning to hire employees, this is a necessary step, but even if you’re not at that stage yet, getting an EIN has several business benefits. You can apply for your EIN through the IRS website.
The licenses and permits you need to run your laundry business will vary depending on the state in which you plan to operate. You may need to obtain a more general business license in addition to a more specific license, such as a health department license or water pollution control permit.
Some states and cities even have special laws surrounding laundry facilities and businesses that provide laundry services. If you intend to do pickup and delivery services as well, there are other licenses you will need, regarding your business vehicle.
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Overall, this is another step that would benefit you to consult a business attorney, as licensing rules largely depend on the state, city, or county.
At this point, you have completed most of the behind-the-scenes work required to learn how to start a laundry business. And, in doing so, you’ve probably done some preliminary work on this next step, especially when it comes to your market analysis.
That being said, however, now is the time to get serious about finding a location for your laundry business. Although some smaller operations can be run from home (if you only do drop-off/pickup services, for example), you’ll probably want to look for commercial space.
Remember, a laundry business requires special plumbing and drainage – or structural bones to add to this – which will come at a cost. Just how much it costs to start a laundry business will vary depending on several factors, but knowing that your physical space will likely be a big investment.
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