As long as clean clothes are in demand, a laundry business will be too. After all, not everyone has their washer and dryer, or the time (or desire) to wash their clothes themselves. This makes starting a laundry business a great option for entrepreneurs.
If you’re wondering how to start a laundry business, this guide below should help you.
- DECIDE WHAT TYPE OF LAUNDRY BUSINESS YOU WANT TO GO INTO
If you’re already thinking about starting a laundry business, you might know exactly what kind you want to open. But if you’re still exploring your options, we’ll go through a few of the laundry business formats you should consider before deciding.
Laundry businesses are most popular in areas with lots of apartment buildings or where people don’t necessarily have their washing machines. You may choose to open a laundry business that allows customers to come in and do their laundry using your machines, or you can also offer wash and fold services, where customers can drop off their laundry, and then pick it up once it’s done (some laundry businesses also offer pickup and delivery.)
You might also decide to offer all of these services to your customers. Whichever you choose, you’ll need washing and drying machines and a location for the business. You’ll want to keep all of this in mind, therefore, before you continue learning how to start a laundry business.
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 other types of laundry businesses are in the area, conduct a survey of local people, or see what type of demand there is for your possible business.
- CHOOSE A BUSINESS NAME
One of the most fun parts of learning how to start a laundry business is choosing the business name. Think of all the clever, catchy, and memorable names you can come up with — but make sure it’s also describing your business and is memorable and easy to pronounce.
- WRITE OUT A BUSINESS PLAN
Your business will provide a comprehensive overview and actionable plan for taking your laundry business to a profitable endeavor.
You can either write your business plan on your own or you can use a business plan template to help streamline the process, but either way, there is some key information you should make sure to include in the plan.
Your plan should also include financial information, details of where you’re getting your startup capital, whether or not you’ll be seeking any extra funding, and projections for when you think you’ll start making money with your new laundry business.
Your business plan should include a summary and information about the type of business you want to start, including your structure and any other key employees (besides yourself).
- REGISTER YOUR BUSINESS AND GET THE REQUIRED LICENSE
It’s also a good idea for most businesses to register with the CAC (Corporate Affairs Commission). This registration is helpful for businesses when applying for a bank account, filing taxes, and more. It’s sometimes referred to as a business tax ID number.
Although not all businesses have to register with the state, most will need to take this step to legally operate. It’s not cumbersome as business registration in Nigeria can be done online.
- GET A LOCATION
It’s now time to get serious about finding the location for your laundry business. It’s okay if you want to operate from home but if you are running pickup and drop-off services you should invest in a commercial space for your laundry business.
- GET EQUIPMENT
For a mini laundry business, you will need about two washing machines and two dryers, and other necessary equipment like laundry carts, vending machines, soap dispensers, etc.
- CREATE A BANK ACCOUNT FOR YOUR BUSINESS
This is one important step you need to take when setting up your laundry business.
You will need to open a business bank account so you can separate your business and personal finances. This is important for many reasons, including simplifying your taxes and helping to protect your assets if your business is the recipient of legal action.
- MARKET YOUR LAUNDRY BUSINESS
Congratulations you have gotten this far. The final step is marketing your business. Let people know that you are the latest business in the neighborhood and do not forget to create a user-friendly website and list out your business information in clear terms.
Good luck to you.