There’s a saying, “if you succeed with luck, you will eventually pay back for it.”.

In your life, you probably know someone who owns a business that generates a good income. However, they can’t tell you anything useful when you seek their advice. It’s not entirely because he doesn’t want to share, but sometimes people don’t understand how he got there.

Therefore, educating yourself about the business you want to start is crucial. It gives you a better position before starting. Best of all, it saves you money and time.

Start researching related topics online. You can find many info in the laundry Facebook groups, internet forums, laundry association websites, etc. Or directly ask the operator of the laundry business for advice.

Educate yourself about the types of laundry businesses, companies operating in this space, pros & cons, financing options, and more. Such things will prepare you to make the best decisions.

There are several types of laundry businesses:

• Self-service laundry/ coin-laundry
• Laundry locker
• Full laundry service
• Commercial laundry for linen and uniforms
• Laundry pickup and delivery

Depending on the type, you may need different levels of laundry and dry cleaning skills.

To start a self-service laundry business, learn about the machines. There are some people who have developed the skill to repair broken machinery by themselves. As such, they can avoid paying the service fee from the technicians.

If you want to offer a dry cleaning service, the best way is to enroll yourself in a laundry training program run by a professional with years of experience. That way, you can save time and avoid costly mistakes. Or, you can collaborate with dry cleaners to set up a collection point at your shop.

Buying an existing business provides several cost-saving advantages. Among them is a solid customer base. In addition, you can know the cost of water, utilities, power, and others in advance.

On the other hand, you may have to spend on replacing old equipment, old infrastructure and inheriting the reputation of the previous business.

So, do your due diligence. And consider asking questions like:

• Is the business profitable?
• Does the machine still work well?
• Why did the person leave the business?

Also, if you can access the water meter, you can check usage and get a rough idea of ​​how the business is doing.

Building a laundry business from scratch may be more suitable for some people. You will enjoy the flexibility to customize the store and features based on your ideas.

But, the problem is you need more time and effort to build everything. Imagine finding a location, getting a machine, modifying, applying for all kinds of licenses, and the list goes on. All this requires your time and effort to do so.

Finding a location is difficult in the downtown area as it is more competitive. The best way is to set up a coin laundry business near universities/colleges, tourist areas, condos/apartments, and hotels.

More about: How to find the best coin laundry business location?

However, note that many new residential developments provide washers and dryers in every unit these days. So you will have lesser customers from there.

Once you have a location, you will purchase the equipment and supplies needed to run the business. And if you want to lower your initial investment, you can get used equipment from the market. It’s cheaper and probably still works like new.

To get additional revenue for coin laundries, you can add laundry locker, massage chairs, vending machines, pickup & delivery services, and dry cleaning services to your store.

When operating a coin laundry business, you will find that the biggest expenses are usually salaries and utilities (like the water and electricity). If you have multiple coin laundry stores to manage, you can use a laundry application to streamline your operation.

If you hire a good employee, make sure you pay fair compensation. You can set the base salary according to the national minimum wage standard and adjust increments based on their experience. Remember to register new employees with SOCSO and pay their EPF and SOSCO.

You should consider investing and placing a smart laundry locker in your shop to earn extra income. It offers additional services like dry cleaning, shoe cleaning, etc, to your customers. Moreover, a laundry management system enables cashless payments, loyalty programs, customer data collection, etc. You may consider purchasing fire insurance, which will insure you in the event of a fire that damages expensive machinery, customer clothing, etc. It can protect you from losing hundreds of thousands of valuable assets.

Also, put some effort into marketing to promote your new business. If you are familiar with online marketing, run some paid ads on Google or Facebook. You should also register a Profile in Google Business. That way, you can make sure customers can find you online. Alternatively, you can try printing some materials such as flyers and banners to promote your business.

Finally, set a price that offers a reasonable profit margin. Don’t fall into the vicious cycle of competing on price. It is because you will find yourself too much to do with little profit generated. Therefore, focus on service quality.