Did you know that there are more than 35,000 laundromats in the United States alone? This equates to an industry that nears $5 billion in revenue every year and each laundromat sees sales ranging from $35,000 to $1 million every year. So, how do you maximize profit at your laundromat? There are a number of factors like rent, equipment, and location that affect your bottom line, but with a few tweaks and calculated decisions, you can increase your bottom line and profitability.
Sell additional products
While most customers will come to the laundromat with their own laundry detergent and dryer sheets, having these readily available for a small fee could help you add an additional revenue stream. People are on the go, and we all know the feeling of walking out of the house without something we really needed, so having an easy way to quickly purchase what you need (like fabric softener at the laundromat) can be a game changer.
Customers will love the flexibility and ease of access and may even begin to rely on these additional products rather than bringing their own every time. Take out the need to run to the store by having the products they need readily available for purchase, and you may be surprised to see your profits rise. If your facility often has people hanging out waiting for their laundry to be done, you may even consider adding vending machines. By adding snacks and drinks and other things your customers may want while waiting, you can capture even more revenue.
Take advantage of strategic marketing
Thousands of businesses are utilizing marketing promotions and loyalty programs to keep customers engaged and happy and laundromats are no exception. Try offering discounted pricing during your slower hours or loyalty bonuses for customers that keep coming back to maximize revenues while keeping your business top of mind for consumers that use your services.
At ESD® we have multiple options for you to add unique and catchy marketing techniques. Our SmartCard’s are able to be customized so every time your customers open their wallet, they see your name and are reminded to go do their laundry. Additionally, our mobile app, CyclePay, is a customer favorite and has some eye-catching marketing collateral you can use.
Upgrade your machines and equipment
While upgrading machines and equipment might require an initial investment, the results over time can be incredibly profitable and quickly add up. Efficient machines use much less energy and can help you cut down on your energy bills. They also help your customers do laundry quickly so you can service more people each day. Having outdated equipment can cost more in repairs and loss of revenue than they are worth, so investing in new and efficient equipment could be a great way to both increase profits and keep customers happy.
ESD® can help
At ESD® we are proud to be experts in creating high-quality and efficient products and we pride ourselves in offering solutions that make your business run seamlessly. With fully engineered and manufactured products in-house, we are meticulous about testing every product before it hits the market and have created systems like a mobile app and customizable SmartCards that make your job easier and more profitable. If you are looking to add an advanced payment system to your business or are curious about how ESD® can help you run your laundromat with ease, give us a call today at 800-523-1510!