Preparation is the Key to Success
This week, I'm back to break the steps to prepare your laundromat to sell into two categories. The first category is preparing the business. The second category is preparing the aesthetics.
1. Preparing Your Laundromat Business to Sell
As a seller, your laundromat is most valuable when you can maximize your net income. There are two sides to net income and as you prepare your laundromat to sell you should look at both sides.
Obviously, increasing the income of your laundromat will help increase its value. There are a few different ways you can do this, especially if you have a little bit of runway before you sell. Let's talk about a few options.
- Raise Prices
Usually, the quickest and easiest way to increase your income is through raising prices.
Invest in advertising efforts to draw in new customers. This can be paid advertising (faster) through platforms like Google and Facebook, or organic advertising (slower) through search engine optimization (SEO) or social platforms.
Usually coupled with advertising, promotions designed to attract new customers or to retain existing customers will help you increase your laundromat's income when properly applied.
- New Services
Another option to increase income is to offer new services, such as alterations, a drop-off laundry service, or a laundry pick-up and delivery service.
- Add Income Streams
Obviously, adding more avenues to bring in income will increase your income. Selling soaps, snacks, and sodas, adding an ATM machine, or adding any other additional income streams can help you boost your income.
The other side of net income is the expense side. Here are a few categories to consider that could decrease your expenses on your way to maximizing your net income.
As one of your largest expenses, an examination of wages is warranted.
While you likely already have a lease, it is most likely one of your largest expenses. It may be worth a conversation with the landlord or property manager to see if there can be any renegotiation in the lease.
Besides replacing equipment, you can ensure there are no water leaks or drips (or gas for that matter!) and make sure your boiler is set to the proper temperature. If you have a hot water tank, insulate it.
- Unnecessary Services
Cancel any unnecessary services or subscriptions to save on those expenses.
Saving money on your insurance or getting more coverage for your money will both make your laundromat more valuable.
2. Preparing Your Laundromat Aesthetics to Sell
When I talk about preparing the aesthetics, what I am really saying is that we need to evoke a positive feeling in buyers when they encounter our laundromat. There are a few things we can do to help make that happen.
- Keep It Clean
Not only will it give a potential buyer a better impression of your business, but it will also make your customers happy. Win-win. Be meticulous.
- Keep It Fresh
Make your laundromat feel fresh. Paint the walls. Add some plants. Consider updating your flooring. Look for ways to freshen up the place. If your laundromat is feeling dated, consider updating small touches, like the signage.
- Maintain the Outside
Make sure the parking lot and sidewalks are clean. Keep the windows washed. Make sure your signage is in good condition. And, of course, paint the outside if it needs it.
- Appeal to All of the Senses
Make sure your laundromat smells fresh and clean. And consider what potential buyers and customers are hearing, as well.
- Pay Attention to the Details
Make minor repairs, ensure the bathroom is in great shape, and add subtle touches like trim pieces. Keeping your laundromat coordinated, both in color and in material, will go a long way to provide that wow factor.
- Represent Your Laundromat Well Online
A bonus! Many of your customers will experience your laundromat for the first time online, not in person. So make sure your listings are complete, high-quality photos are used, and descriptions are clear. Make sure your laundromat’s online presence represents it in an appealing way.
- List it For Sale on Laundromat Marketplace
It's free. There are a LOT of potential buyers checking there. And you'll sell it fast! Why wouldn't you?
Selling your laundromat can be a big deal, but following these principles outlined above, you'll be well on your way to selling your laundromat for the most money.
Book a free demo to see how Cents can help you grow laundry business and better streamline your overall processes.