Running a successful laundry business takes more than just a great location and high-quality commercial laundry equipment. Oftentimes, success starts with you — the laundromat owner. We recently had a discussion with a potential laundromat investor and he asked us what it actually takes to be successful in the laundry industry today. If you’re considering opening a laundromat of your own, you may have the same question. Well, throughout more than 100 years in the industry, we’ve seen our fair share of successful laundromats. Along the way we’ve noticed that the most successful owners tend to share a few key skills and qualities…
Communication
Communication is a key skill every business owner or entrepreneur needs to master. As a laundromat owner, you’re going to have to effectively communicate with employees, customers, laundry equipment distributors, and more.
From writing emails to training employees to having one-on-one conversations with customers, you’ll be constantly communicating both verbally and through the written word, so it’s imperative that you work to hone these skills. After all, nothing makes you look more unprofessional faster than bad grammar.
Expert communicators also hone their use of non-verbal communication — such as facial expressions, body language, eye contact, posture, etc. — to project an air of confidence and professionalism.
Life-long learner
Good business owners never stop learning. They’re constantly trying to grow personally and professionally. As a laundromat owner, not only do you have to understand the basics of running a business (such as marketing, leadership, and customer service), but you also need to have at least some knowledge of the laundry industry and laundry equipment (such as plumbing, electrical, and engineering).
While it’s impossible to be an “expert” in all these things, a savvy laundromat owner will take the time to expand his or her skills and knowledge as much as possible in order to increase business success. Pursuing higher education, reading books, watching webinars, listening to podcasts, taking an online course, or even attending a laundry service training session are all great options.
Goal-oriented
To be a successful business owner, you have to be goal-oriented. This is a trait we see over and over with successful laundromat owners that we work with. They’re constantly setting and exceeding SMART (Specific, Measurable, Attainable, Relevant, and Timely) goals for themselves, their employees, and their coin laundry business overall. Without setting goals, you have no way to judge your success or business performance. Plus, having both personal and professional goals to strive for helps prevent your business from growing stagnant and keeps you motivated.
If you’re looking for a way to easily track your laundry equipment performance and see whether or not you’re reaching your goals, Speed Queen Insights is a great tool. Features such as cloud-based revenue reports and remote machine monitoring and programming will help keep you on track.
Understands weaknesses and skills gaps
As noted above, there’s a lot that goes into running a business. It’s impossible to understand and do everything at your laundromat, and even more impossible to do it well and still keep your sanity. Successful laundromat owners — and business owners in general — understand their weaknesses and where they’re lacking in certain skills. By understanding those weaknesses and gaps in necessary skills, they’re able to assemble the right team with the right skills and expertise to get the job done.
Once the right team is in place, laundromat owners can then delegate tasks, which helps them focus on the big picture without getting too tied down in the small details. Amazing things happen when managers and business owners assemble a strong team of employees and business partners that are using their unique skills and strengths to help their laundromat thrive.
Dedicated
Any laundry investor will tell you that owning a laundromat is hard work. As with any business, laundromat owners deal with their fair share of difficult customers, long hours, and business challenges. It’s easy to get frustrated and want to throw in the towel on those hard days. That’s why dedication is such an important trait for laundromat owners.
Dedicated entrepreneurs take the ups and downs in stride and go above and beyond to make sure their laundromat is successful. They’re in it for the long-haul. We’ve seen plenty of savvy investors turn a failing laundromat into one of prosperity and grow their business beyond personal and customer expectations. Without their dedication, that never would’ve been possible.
Think you have what it takes to be a laundromat owner?
Speed Queen has been helping investors make their mark on the laundry industry since 1908. If you’re ready to take the plunge, our laundry experts are here to help you every step of the way.
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